Think your dealership group is too small to have a CFO but have accounting needs that are beyond your role as CEO? You may be surprised to learn that the value of having an interim CFO can increase value and reduce cost overall.
The right CFO can help you formulate and validate strategies for growth and viability. More than a controller, a CFO provides a financially oriented voice to the owner, CEO, or executive director. They understand the factors that drive the business, risks, and how to create value. The CFO is not just focused on numbers, but rather they partner with the CEO to carefully navigate the opportunities and the risks of taking your business to the next level.
Your dealership group is no different, and that’s why you may need a CFO. You need someone on your team who can strategically manage risk and organizational changes, in addition to expenses, growth, cash flow, and profitability. Most dealership groups have someone who can take advantage of anything the road throws at them.
Why is your dealership group is not too small to have a CFO
Some dealership groups shy away from hiring a CFO. They think that their company is either too small, or the team isn’t quite ready for the open road. We’ll wait until we hit that identified goal in profitability, they say. Or when we have 100+ employees, we’ll think about adding a CFO to our organizational chart.
Without the CFO, however, you may never reach those lofty goals.
If you wait until the time is right, you may miss out on an opportunity to hire for the one position that could significantly impact your business. The CFO will do more than help you manage money. The CFO will help you strategize your dealership group’s approach by providing financial reports and creating an economic forecast for your future.
And any dealership, regardless of size, could benefit from a little strategic thinking, even if you contract someone for several months or a year.
How to hire for the best fit
Many of the automotive CFOs have earned an MBA. You can count on them to have strong accounting skills, including budgeting, compliance, and risk management. Those skills, however, are just the beginning.
Other skills they bring for the journey include:
- Exceptional communication skills. CFOs must build working relationships across departments and with customers.
- Deep knowledge of the automotive industry.
- Software fluency enables them to gather, project, and predict data trends.
Look for someone who recognizes business drivers and understands how they’ll affect your bottom line. You need someone who does more than count your money and allocate spending amounts. You need a partner.
To find the right CFO for your organization, turn to a professional automotive recruiter who knows where to find your next financial road trip companion.
So when you’re ready to have the recruitment team at Autopeople in your corner, give us a call at 1-800-659-9501, visit our website at www.autopeople.com or email us to discuss what Autopeople can do for you.