Moving from being a regular CFO to becoming a fractional CFO is a major change in one's career. It requires a new set of skills and knowledge to develop, as well as the ability to become one's own business. Chris shares some valuable tips for those who are considering this transition.
Firstly, he suggests easing into it by experimenting with part-time work alongside a full-time job. This approach can help test the market, find the niche of clients to work with, and understand one's true intentions behind the decision. It can also provide a safety net to fall back on if things don't go as planned.
Chris emphasizes the importance of knowing one's value, the skills they bring to the table, and their intentions behind the transition. He believes that knowing one's niche, values, and what kind of clients and regions they want to serve can be crucial in building a successful fractional CFO business.
Another critical factor is building infrastructure around the business to support it. As a fractional CFO, one has to wear all hats, from CEO to payroll manager. Hence, having a solid foundation of technology, business development, and marketing is crucial in scaling the business and providing clients with value.
Finally, Chris stresses that success as a fractional CFO is not just about making money but making an impact. He wants his team to empower and enable clients to achieve greatness, which is the goal of Fresh FP&A.
In summary, Chris suggests easing into becoming a fractional CFO, knowing one's value, niche, and intentions, building infrastructure to support the business, and focusing on making an impact. With these tips, those considering the transition can set themselves up for success.