There is an estimate of one hundred million bottles of wine consumed every day. This makes any wine business to be a profitable venture. Any company must maintain the right financial management to achieve its goals and maintain steady growth. Business owners cannot accomplish this without a partnership with a competent chief financial officer. Continue reading this article to acquaint with various considerations for selecting a reliable wine business CFO.
Before you proceed with the selection criteria, you must be clear with the expectations of your company. Therefore, provide relevant information such as financial strategies, organization complexity, growth strategy, and the capital structure. Such information enables potential experts to compare their level of experience against the information to confirm their suitability.
Understand the benefit of choosing a CFO. There is an array of benefits that one can enjoy through a Chief Financial Officer. One can summarize their benefits into ensuring quality compliance in financial management to influence the overall strategy of an establishment. So, the expert must partner with the company owner to ensure that everything runs efficiently.
Acknowledge the responsibilities of this expert. A professional CFO has several duties in an establishment. The duties vary according to the size of the business that one has. Some of the common responsibilities include negotiating financial agreements, focus on the working capital, ensuring excellent establishment decisions and reducing costs. Identify the duties of a CFO in your company to avoid confusion in the delivery of services.
Consider someone more of a pragmatic than a thinker. Your establishment requires a financial strategy that will guarantee at least a fifty percent success rate to any start-up that you make. So, you need someone who can practically engage in implementing the strategy rather than creating it and leaving others to implement it. You can quickly identify a pragmatic based on interventions that one has made in previous jobs.
Take note of aspects that makes a poor candidate. If you have a thorough evaluation checklist, you can manage to determine whether a particular expert is ideal or not. Factors that make a poor candidate include inexperience and failure to fit into the culture of your company. Also, failure to understand the typology of the customers defines a poor candidate.
Acquaint with the risks associated with a poor choice. A financial director plays a significant role in a company. So, getting the wrong expert might bring a lot of risks to your company. For instance, there might be a loss of confidentiality, impact your reputation and leave your company in a poor financial state. Also, the expert might bring a lot of complexes in both numerical and legal factors, making it hard to replace him or her.
Narrowing down to someone who matches your expectations can prove to be daunting. However, you had better spend quite a long period and end up with the right person rather than spend less time only to get an unreliable expert. One way to identify someone fits the role is by tabling a quick fix to an urgent issue once he or she assumes the position of a CFO.