How Do You Select The Right Shared CFO Services Provider?

Posted On 2023-12-27

Author Ramnarayan V

Shared CFO services, virtual CFO services, or outsourced CFO services are services offered by seasoned chief financial officers on a part-time, on-demand basis. These services are popular and widely chosen by small and medium-sized business founders, CEOs, and financial leaders to streamline and improve their ROI. Shared CFO services have become a game changer for companies seeking expert financial guidance on a budget.

The shared CFO services especially provide high-level financial expertise to SMEs or medium-sized companies. The founders and the top management of the SMEs can outsource the financial leadership to expert CFOs and focus on their core competencies while also gaining a competitive advantage through improved financial management capabilities. 

Why do SMEs need Shared CFO Services? 

SMEs are considered to be the backbone of the Indian economy. Small and medium-sized businesses need help in medium to long-term financial planning and management, funding guidance, regulatory compliance, and technology adoption. They have inadequate resources to hire the top financial talent. SMEs need access to a clear strategic roadmap and expert implementation to excel and produce a positive ROI. Shared CFO Services can play a pioneering role in the growth of SME businesses. 

Shared CFO Services are services delivered by experienced chief financial officers on a shared or on-demand basis or as a retainer to small and medium-sized companies that may not need a full-time in-house CFO or do not have resources to employ full-time CFOs. These services aim to achieve a mandated business objective and target a higher ROI on their financial investments. 

Shared CFOSs can customize the scope of their services to meet the SMEs' specific needs. The shared CFO services allow SMEs to benefit from the vast experience of the CFOs across many industries. The CFOs share their financial leadership, advisory, strategy, supervisory skills, planning, and management expertise. 

Key Offerings of Shared CFO Services

As described by CFO Bridge, the key offerings of a shared CFO service include, but are not limited to, the following financial services:

  • Financial Planning and Analysis
  • Working Capital Management
  • Financial Reporting
  • Risk Management
  • Fundraising
  • M&A
  • Taxation
  • Digital Innovation

By leveraging the expertise of seasoned financial professionals, shared CFO services help SMEs to navigate uncertainties. However, finding the right fit becomes essential to succeed and chart a path toward sustainable growth and success.

Steps for Selecting the Right Shared CFO Services Provider

1. Determine your requirements

Finding the right shared CFO service provider starts with identifying your business's financial goals and needs. From the variety of services offered by external CFOs, such as financial planning, budgeting, working capital management, cash flow management, taxation, financial risk management, long-term planning, and so on, assess your current needs. 

2. Use LinkedIn/Google/WhatsApp and friends referrals to generate options

Do a quick research on LinkedIn or Google and post your requirements in the relevant WhatsApp and LinkedIn groups. All these platforms offer free services to small and medium-sized businesses to float an RFP or a request for proposal highlighting your business requirements. Also, talk to your friends from various industries; they might refer you to the CFO who helped them meet their financial goals. 

3. Select after careful evaluation

Evaluate the proposals received using filters such as - services offered, pricing, track record, industry experience of the CFO Team, data security and confidentiality guarantee, flexibility to scale up the services, and accessibility of the CFO team.


The Shared CFO services alleviate the expense of hiring a full-time CFO while bridging the gap between financial expertise and business needs, ultimately fostering growth and profitability. Effective financial management is pivotal for SME business growth and shared CFO services present an effective and affordable solution to navigating complex financial landscapes and attaining financial success. 

Among the array of shared CFO services, CFO Bridge emerges as an exemplary solution that harmonizes financial expertise with the specific needs of SMEs. By making available the expertise of thirty-five plus chief financial officer partners, on-demand or on a retainer basis, within the budgetary constraints of medium-sized businesses or start-ups, CFO Bridge alleviates the cost burden of a full-time CFO and still ensures access to top-tier financial guidance.

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