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Investing In Gurus

Chantay B.: Should small businesses invest in CFO’s, financial planners or guru’s? Is it worth it when you are a start up?

 
 
 
Clyde A. Lettsome, PhD, PE, MEM
 
 
 
 
 
 
 
 
 
 
Answer: Because small businesses typically have small budgets and a variety of positions to be filled, I would say no in most cases. For many small businesses, it is more important to have employees that are capable and willing to assume multiple roles than to have a specialist (experienced CFOs, gurus, experienced CTO, etc…) that focuses on one role and could bust the budget of a small company. Usually the founders serve as the CFO, CTO, guru and others at the beginning.

When your small business has matured however, and is stable, growing, and in need of the expertise of a guru, then it is time to seek their services. This is true especially if their expertise is directly linked to the product or service your small company provides. The same is true for experienced CEO, CFO, CTO and others. It is time to bring them on when the business is stable, growing, and if their connections can get you access to the right people to help your business grow.

Good luck!

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