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Episode 1479:
When building a business, deciding when to hire a Chief Financial Officer (CFO) can be challenging. While many entrepreneurs believe they need a CFO early on, Dr. Jeff Cornwall argues that it's often unnecessary unless your business reaches significant complexity or growth. Instead, most companies can function well with basic accounting and outsourced financial expertise until they face substantial expansion.
Read along with the original article(s) here: https://drjeffcornwall.com/2020/09/28/do-you-really-need-a-cfo/
Quotes to ponder:
"Many entrepreneurs believe they need to hire a CFO early, but in most cases, this isn't necessary."
"Instead of a CFO, most businesses can manage with basic accounting and a part-time financial consultant."
"Until your business is significantly complex, a CFO is often an unnecessary expense."
Episode references:
The Lean Startup: https://www.amazon.com/Lean-Startup-Entrepreneurs-Continuous-Innovation/dp/0307887898
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