How to Find and Hire a Good CFO for a Startup in the UAE?

CFO executive search is an important aspect for UAE-based startups that have high-risk operations, planning investments in multiple countries, or planning capital-intensive moves. Do you need a virtual CFO or hire for a full-time, permanent role? Here are insights shared by expert CFO headhunters to go about CFO hiring.

A Chief Financial Officer is a senior executive who looks after all the matters in relation to the finances of the company. From planning financial investments, assessing financial risks, managing financial needs to mitigating liquidity risks.

Hiring a CFO becomes a necessity because UAE-based companies deal with international clients, and therefore international financial aspects are to be looked into with apt expertise. Here are information and insights shared by expert CFO headhunters and senior executive recruitment consultants.

You will find the key details to find answers to the key questions about CFO hiring.

Chief Financial Officer – How Can A CFO Help You

A Chief Financial Officer can help your company grow by looking after all the financial activities. From the following points, you will be able to understand how a CFO will make your company big.

1) Frame and Implement Financial Strategies For Operations Cost Reduction

A CFO has the knowledge to implement strategies that can manage the costs for operations. The right call saves not only money but also time. The efficient way gives the best result.

Therefore, the right CFO has to be hired after rounds of screening, interview, and verification. Exploration of different alternative financial paths and reorganizing the structure of the work are carried out by the CFO.

CFO executive search experts find that most companies indicate financial investment planning and risk management as key factors behind CFO hiring.

2) Identify And Control Business Process Cost Increase

Business process costs such as input costs, labor costs, and other miscellaneous costs make up for a huge list of expenditures to provide services and products to the customer. It is the job of the CFO to see to it that unnecessary costs can be eliminated to make the overall business process viable.

An experienced CFO has the skills to identify where the company is spending more. With the regular revision of the business expenditure, there can be well-understood areas of improvement.

Expert senior executive recruitment consultants mention that one of the key factors that lead to considering CFO recruitment is increasing operations costs and related liquidity risks.

3) Assess and Manage Financial Risk For New Projects

A financial risk assessment can help your company recognize the risk level specific to your business, specific projects, prioritize those risks, find ways to avoid them and plan out steps to manage them.

Every company aims to start new ventures or expand with time. The CFO is consulted by the management while making such plans. He or she makes estimates by studying the market scenario, and on the basis of their reports, the company decides whether it is worth it to go that path.

4) Ensure Financial, Tax, and Regulatory Compliance

Companies in the UAE have to keep up with the strictest of regulations to ensure their working status. Not only government regulations but also the rules of various business organizations and bodies are to be followed by these companies.

There are rules about taxes that are to be paid every financial year, funds for carrying out international business, and many more. It is the responsibility of the CFO of a company that takes care of these matters.

5) Implement Action Plans To Increase Cash Flow and Liquidity

Liquidity is needed for a company to convert an asset into cash conveniently and without losing money against the market price. It is easier for an asset to be converted into cash the more liquid it is.

Liquidity is vital for learning how easily a company can pay off its short-term liabilities and debts. Cash flow is also looked after by the CFO of the company. Especially in the case of a startup, cash flow and liquidity of funds are important aspects as an emergency may strike anytime. It is the duty of the CFO to anticipate such emergencies and hence keep appropriate liquidity levels.

Different CFO Hiring Options

There exist different Chief Financial Officer hiring options for your UAE-based startup. Depending upon the stage of your startup, you can decide if you need a consultant CFO, Virtual CFO, part-time CFO, or full-time CFO. CFO executive search experts help you make the right hiring decisions.

1) Consultant CFO

A CFO consultant is a professional CFO who provides interim, fractional, and project-based CFO Consulting services to businesses. Such Consultant CFOs are highly qualified with MBA, Ph.D., and other academic qualifications as well as practical experience.

In a startup that is based in the UAE, specifically in Dubai, consultant CFOs can be great for overseeing international business deals. It is to be noted that the compensation for consultant CFOs varies from industry to industry and the reach of the company. Specialized CFO services may also be availed from them. Such CFOs may be contacted with the help of an efficient recruitment agency.

2) Virtual CFO

The concept of a virtual CFO is a comparatively new and unconventional one. Hiring a virtual CFO allows businesses, irrespective of any size, to benefit from the services. Without having to hire a full-time employee, it becomes a good option for an emerging startup. The role of a Virtual CFO is to be a forward-thinking strategist whose primary purpose is to provide strategic insight to help move forward in matters of financial development.

3) Part-Time CFO

Startups based in the UAE should consider hiring a part-time CFO. The companies can then always switch from having a part-time CFO to employing a full-time CFO.

If your financial assessments and planning are restricted to a few projects and initiatives, then hiring a part-time CFO could be beneficial. The searching, hiring, and recruitment costs are significantly reduced. You do not have to worry about full-time interim positions that would

4) Full-Time CFO

When you think your startup has started to work at a stable pace, then hiring a full-time CFO is a necessity. A full-time CFO will not only help you whenever you are in need but also lead a team throughout the year for the optimized financial management of resources, projects, and initiatives. It is needless to say that a full-time CFO works for higher compensation than virtual, part-time, and consultant CFOs.

Hire CFO Headhunters And Ensure Optimized Outcomes

Hiring a Chief Financial Officer can never go wrong when you avail yourself of hiring services from headhunters. It ensures quality CFO candidates and optimized outcomes. It can be well-understood in the following manner.

1) Consultancy To Optimize Best Match CFO Candidate Identification and Search Outcomes:

For your startup, you could find the best CFO candidates with the help of reputed headhunters. It can be hectic for startups to find CFO candidates and shortlist them while working at the same time.

Therefore, a headhunter ensures you get the best consultancy services by having a handful of talented CFO-worthy individuals. Searching with the help of headhunters does not disappoint you as the search outcome is professional as well as verified by the headhunter agency. As per your needs, the headhunters match the profiles of the candidates with your startup. This way, only suitable candidates are called for further processes.

2) Expert CFO Headhunting Leading to Finding Outstanding CFO Candidates:

Headhunters who are experts at urgent high-level recruitment connect you with only the individuals who are the best. CFO candidates with decades of experience and association with big names are provided to startups.

In comparatively less time, you could get CFOs without having to think about the quality of the candidates. These CFO potential individuals have the expertise as they have the financial knowledge and are thorough with the norms of the government when it comes to following regulations.

3) Superior CFO Candidate Engagement and Interview Management:

Headhunters only are connected to the manpower that is only the best. This is why headhunting services are preferred by most of the startups in the UAE.

CFO candidates are engaged in a strategic way of engagement where it can be deduced where their talent lies. No recruitment is complete without a systematic interview, and it is managed by the headhunters and looked upon perfectly by them that the candidates are made to go through the interview process. Questions based on their subject matter, finance knowledge, everyday work, and many more are asked.

Alliance Recruitment Agency

Alliance Recruitment Agency is your go-to senior executive recruitment agency in the UAE. Startups of various cities of the UAE have been happily served by us with their CFO recruitment needs.

We fall into the category of the top CFO recruiters in Dubai and the whole of the UAE. So, worry no more and contact us right away. We also offer CFO headhunting services to our clients for their urgent needs.