As businesses grow, so do the roles within that business and that’s never more than with senior financial positions.
Businesses with a turnover of more than £1m should always consider having a Chief Financial Officer (CFO) who’s responsible for all financial aspects of the business. The only issue is that the starting salary for an internal CFO is around the £60k mark which invariably makes them one of the most expensive ‘hires’ within the business.
At Mountain Top we can help these decent sized businesses navigate their way round the issue by offering what’s called an External CFO. It’s a bespoke package that’s designed to deliver businesses of a certain size (between £2m and £4m) genuine value because it works out significantly less than a £60k salary.
Our External CFO’s fulfil exactly the same role as a traditional CFO but they’ re often more effective because they’re not internal, which means they’re not burdened with the nuances of the day-to-day operation and can remain completely objective. Yes, they’re based off site, but an amount of on-site time is factored into every arrangement which makes everything more effective. Why pay someone £60k a year to spend some of their time doing very little?
So, if your business is reaching a certain, sizeable level and you think you need to appoint an CFO, it might be time to consider an External CFO package with Mountain Top. If you are interested, then please call us on 01752 914214.
