A fractional CFO is like a traditional chief operating officer who helps a business in their finances, the only difference is that he/she only works for a particular business as a part-timer, retainer, or through a contractual agreement. In short, a fractional CFO is the same as an outsourced CFO.
Fractional CFOs are in demand in the business industry. Working as a fractional CFO will give you a lot of career opportunities, which can lead to you becoming an in-house CFO of a company in the future.
If you plan to make a career out of fractional CFO, here is a list of opportunities that you can take advantage of.
A finance manager analyzes financial data that accountants prepare to track the business' financial status to prepare and carry out financial plans. A financial manager's key responsibilities include financial planning, where they prepare a financial plan that encompasses the expenses, project revenue, and financial needs.
Another task a financial manager handles is the investment, where they invest the business' money to projects that will gain high profit for the company.The third role of a financial manager is financing. They raise money to fund the company's operation and investments.
Financial management is not an easy task. It is the art and science of managing a company's finances to achieve their goals.
An operation managers role is to supervise high-level HR tasks, such as hiring, training, and attracting talents. Their role is a key part of a company's management team. In addition to overseeing HR tasks, they also analyze work and processes to improve efficiency, quality, and productivity.
Another term for an operations manager is COO or chief operating officer. They are the people who make sure that the company performs its best by keeping an eye on multiple areas in the business.
They also manage other leaders from different departments to ensure that these individuals provide quality service to the company. By doing so, operations managers can assure that the company will achieve its company-wide goals. For a business to be able to succeed and grow, managers from all departments should work together.
GMs or General Managers have wide responsibility in a company. These people serve as the top executives in an organization who oversee the budget, people, structure, and many more. The most common tasks of a general manager include managing daily operations and ensuring the implementation of strategies to help the business grow.
General Managers also provide direct management over department managers and executives in the company. As the position name suggests, they are responsible for the overall operations of a company.
Financial Advisors share their knowledge and expertise with entrepreneurs to help them construct financial plans and achieve their goals. These plans include investments, budgets, savings, and even tax strategies and insurance.
Fractional CFOs at Wolcott-Consulting, for example, have the experience and expertise that they can share with you in running and achieving your business' highest potential. These professionals can serve as a financial advisor to keep your financial flow stable and help your business grow.
A financial advisor's role covers a wide area in the financial aspect of your business. Hiring these professionals are the best option for small businesses as they can consult with them at a low cost. Various small businesses favor fractional CFOs for their quality service at affordable rates .
Another managerial position a fractional CFO can handle is being a Business Manager. Like all the other managerial positions mentioned, a Business Manager makes sure that a particular business functions correctly and makes steady growth.
It’s the business manager’s responsibility to make sure that the company has enough resources necessary for its operation and growth. Business Managers also implement business plans and strategies to make the business successful.
A Business Manager also organizes or coordinates and supervises employees to ensure the team's highest productivity. This professional also maintains relationships with customers, partners, and suppliers to create a friendly environment.
Director of Operations
A Director of Operation handles and manages the company's daily operations. He/she is in charge of creating and implementing operational plans that ensure proper execution of the procedures.
Moreover, the Director of Operations regularly monitors the company's efficiency and carries out necessary changes to maximize productivity. He/she constantly assesses the needs of the business and looks for a way to contribute to the big picture by ensuring the company's daily operations run smoothly and efficiently.
A Fractional CFO's job is to handle a company's finances, which makes a Finance Director an obvious career path for you. This is a position that belongs to the senior executive team of a company.
You will work closely with other executives to develop and execute strategies that benefit the company. A Finance Director needs to have talent and versatility to cope with continually changing circumstances.
A Finance Director is expected to have excellent analytical and financial management expertise. One should have the ability to communicate with complicated financial information professionals and non-professional individuals. Being familiar with the technology used for financial strategy nowadays is also a must if you want to acquire this job position.
A fractional CFO can execute all tasks an in-house CFO can. The only difference is that a fractional CFO is not tied to the company, while an in-house CFO directly works under it. However, just because you’re not in-house doesn’t mean you’ll be stuck in the same position forever. The career opportunities mentioned above are available for any fractional CFO who wish to leverage his/her career in the future
Lauren Cordell is a freelance writer who focuses on topics regarding business and finance. She’s always interested to learn new things in the industry, sharing it with the world through her writing. When she’s not working, Lauren enjoys meditating and doing yoga.