Janine Popick, CEO and Founder of Dasheroo, wrote in Huff Post Small Business about her experience with financial staffing as her previous business, VerticalResponse, grew. These experiences weren’t all positive! Read the article here…
Janine found, like many others, that she was slow in upgrading her financial staff as her business grew and she built her infrastructure. She was late bringing on increasing levels of experience and expertise, all the way up to the CFO, and this caused serious problems. In my 30+ years of experience, I’ve found that the finance function is usually the next-to-last function to get built-out was companies “grow up,” followed only by the HR function. While often damaging, this is understandable, as most entrepreneurs view their accounting staffs as pure costs, and not adding any value to their businesses.
What Janine didn’t recognize is that she could have upgraded her finance function earlier and more cost effectively by bringing in outside resources instead of or in addition to full-time W-2 employees. Like anything in business, you should match your resources to your needs. In my introductory meeting with one of my favorite clients, he told me forcefully, “I know what I do best and what I don’t do well. I want to bring in guys like yourself to fill the gaps and allow me to do the things I do well to grow the business.” If only more business owners were this self-aware!
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