The positive reaction in the marketplace to our new Part Time CFO division has exceeded our expectations—and it’s little wonder.
Gould+Partners launched the division because we see a huge void in the marketplace among PR firm owners to hire a CFO and get a better grip on their financial operations.
Checklist for CFO Effectiveness and Client Transparency
Our motto is complete transparency and the Part Time CFO division is no exception. We have developed a comprehensive checklist of what is needed to effectively manage the financial operations of a PR firm, maximize profitability and build value for the long-term.
It’s important to note that PR firm owners may not need each specific item on the checklist at all times, so we have created an “annual” program. It’s based on a listing of priorities enabling PR firm owners and C-suite executives to boost the profitability of their firm, demonstrate the value of their services to clients and support requests for fee increases.
We’ll bill the CFOs we provide to PR firms based on size, location and needs. Typically, these CFOs—if on a consulting project generated by Gould+Partners—will bill at $400 per hour. We decided to substantially reduce this for both the CFO and the firm. The CFOs will report to me. I will work directly with both the CFO and the firm the CFO is working for to ensure that all bases are covered.
We understand that price is not necessarily the main factor for most entrepreneurial-driven PR firms. Making sure there is chemistry between the firm and the CFO; the CFO is a good fit and the relationship is grounded in trust and transparency should determine which individual you tap.
What is more, agency owners need to look at the education, experience and expertise of any M&A/profitability/Value Building Consulting firm providing CFO services.
Your ROI (return on Investment) is key to retaining a part time CFO for your firm.
You should look at the person’s strategic insight, advisory capabilities, sector experience and ability to benchmark against industry best practices. The part-time CFO, in our opinion, will pay for herself in multiples.
An important condition of our accepting any firms as clients is that they invest—if they have not already—in a quality time management system.
The system should be designed to easily point out to the CFO and Gould+Partners whether the firm is suffering from overservicing, or scope creep, which has been getting worse throughout the industry. We’re confident having such a system will have a significant impact on your firm’s profitability and serve to increase the value of the firm.
We will customize an annual program and determine what we need to do on a monthly basis. Some months of course will require additional hours. We will estimate a monthly retainer and apply it against time charges.
We’ll send invoice at the start of each month for the following month, which can be paid by check, wiring or credit card.
What do you think about our Part Time CFO model? We’re eager to hear from you. We’re also excited to work with PR firms on this crucial and growing need for the profession.
Sign up for our email newsletter, Inside Edge…Business Strategy for PR, Media & Creative Service Agencies