Fractional CFO work offers flexibility and autonomy, but breaking into the field can be challenging. Should you go solo or join a network?
For finance professionals considering the leap into fractional CFO work, the path isnât always clear. Some choose to build their own client base independently, while others opt for the structure and support of an established team. But what are the real benefits of joining a network, and how does it compare to going solo?
In this series, weâll be exploring both paths. Joe Newbold and Ryan Pearcy will share their experiences of building a fractional CFO career independently, while Andy Collier, Head of Brand Experience at The CFO Centre, will provide insight into the advantages of working within a network. With over 14 years of experience and having worked as fractional CFO himself, Andy breaks down how a network, like The CFO Centre, can help finance leaders successfully transition into fractional work.
1. Overcoming the #1 hurdle: Finding clients
One of the biggest hurdles fractional CFOs face is client acquisition. Many finance professionals make the jump only to find themselves struggling to secure steady work. Andy explains that networks help address this challenge by providing multiple routes to market.
âWe have a tried and tested approach that helps CFOs find clients through marketing, business partnerships, and referrals with the support of Regional Directors, peer support and a central team of marketing, HR, legal and financeâ Andy says, âUnlike independent fractional CFOs, who must handle their own sales and marketing, CFOs at networks receive tailored support. Everyone has a role to play, but you are not on your own.â
2. A team-based approach
Rather than assigning CFOs randomly to businesses, Networks, like The CFO Centre, can focus on carefully matching professionals with clients.
âWe donât just hand out clients to the next person in line. We work together as a team to find the best matchâboth in terms of skills and personality fit,â says Andy.
This approach allows fractional CFOs to:
- Work with clients they genuinely connect with.
- Have access to a team of experts for any areas outside of their area of expertise.
- Focus on delivering value rather than constantly hunting for clients.
3. A balance of independence and structure
Many CFOs hesitate to go fractional because they fear losing the stability and support of a structured organisation. Andy highlights how networks can provide a middle ground, offering resources and a strong community while allowing CFOs to maintain independence.
âPeople donât want to feel like theyâre jumping off a cliff,â Andy notes. âWe provide a tried and tested approach, training, and peer support so our CFOs can focus on what they do bestâhelping businesses grow.â
This support includes:
- Continuous learning â Networks offer ongoing training and professional development opportunities.
- A peer network â CFOs work independently but have access to a community of like-minded, high-calibre finance professionals.
- A buddy system â New CFOs are paired with experienced members for guidance.
4. Serving the right clients
Networks can focus on working with high growth startups, scaleups, and ambitious businessesâcompanies that need high-level financial expertise but donât have the need for a full-time CFO.
âWe focus on matching the right skill set for their particular issues. We often work with ambitious, growth-driven companies that benefit from strategic financial leadership," Andy explains.
This approach allows CFOs to:
- Work with businesses that are financially ready for fractional leadership.
- Be involved in long-term growth journeys, not just short-term fixes.
- Bring a strategic focus to each business whilst overseeing their operational finance.
5. The âCFOâs CFOâ Model
Andy also shared that an emerging trend within the fractional CFO space is supporting existing full-time CFOs in larger businesses.
âSometimes, full-time CFOs donât need an interim or another full-time hire. They just need an extra CFO level support for key projects or general help,â says Andy.
This âCFOâs CFOâ (or Fractional Twin) model provides flexible, high-impact support, making it an appealing new avenue for overwhelmed, fractional finance professionals.
Final Thoughts
The world of fractional CFOs is growing rapidly, but the transition isnât always straightforward. Whether youâre considering going independent or looking for a structured entry into the field, Andy Collierâs advice is simple:
âUnderstand your why, prepare for the transition, and find the right support.. Thatâs the key to building a thriving fractional CFO career that you really enjoy.â |
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