How to Know When to Hire a CFO
More than the usual trouble sleeping at night is just one indicator that it's time to bring in an experienced executive to bring order to your firm's finances.
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A: You could probably invoke all sorts of business-school metrics to answer this one, although a better measure might be your chronic insomnia.
Plenty of entrepreneurs battle anxiety, says Ken Kaufman, founder and CEO of Utah-based CFOwise, which provides part-time CFOs to small and midsize businesses. It's a common symptom among business owners who don't have a solid grasp of their firm's financial picture. "Anxiety turns into fear, which causes lots of bad decisions to be made," Kaufman says. If you're not sleeping well, he believes a CFO might be just what you need to help bring order to your firm's finances--and to help you get some shut-eye.
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