After you raise capital, hire a CFO first
You pitched, you refined, you pitched again, you refined yet again, you heard “no” A LOT. Then it happened. You found someone to invest.
What do you do now? Begin hiring engineers, marketing and sales, right? Maybe.
Have you considered hiring someone to manage your money, your planning and your analytics? You should.
You say, “I’ll hire a CFO when I get big enough.” Wrong. Hire a CFO now!
You must always know how much time your money will buy. Every hire, every investment decision, should be modeled for cash impact. As a CEO, you should know this number by heart. A great CFO is your partner in this endeavor.
Successful leaders run the business with numbers, simple as that. There are hundreds of ways to slice the business, however, your CFO will distill it down to a few that are a must to track. The CFO does the hard work, simplifies, then allows you as a leader to make smart, quick and informed decisions.
You absolutely must convey a complete command of the business to your Board. The Board will want to see numbers, no question. I’ve made a career of preparing executives to present to senior executives, and, without fail, once we had mastery of the data, and what the data told us, we succeeded where others failed.
Don’t let the word “chief” in CFO deter you, I work on a part-time basis with all sorts of clients from start-ups to established businesses customizing my services to the client’s needs. You will not regret having a steady and informed hand at your side.