CFO turnover this year has been a major hurdle for companies navigating an unpredictable COVID-19 world. Some companies are promoting from within to fill the finance chief seat but outsourcing a CFO instead of an internal hire is more than a stopgap measure—it is a strategic solution.
Many assume that promoting from within to fill the CFO seat will save precious time on onboarding and building trust within the company. Time spent in the fold is valuable, no doubt, but thinking this way puts a premium on how things have been done at your company versus how business needs to be done in the future.
Your next CFO should be an outsourced CFO because it is better for your business.