Why Cryptocurrency and Blockchain Businesses Need a CFO

May 5, 2022

Cryptocurrency and blockchain are proving to be the fortune-makers of the 2020s. Competition is heating up within every level of the industry as start-ups fight it out to win VC funding and publicity to become the next Tesla, Apple, or Netflix. Becoming a success story doesn’t happen overnight.

It takes a team to build and scale your success. The right team starts at the top. Whether you’re a CEO working with a small team or are already building your leadership team, a CFO is crucial to your success. With the cryptocurrency and blockchain industry evolving, you need a CFO who can keep up with the pace.

We’re sharing why your business should hire a CFO to help you stand out against the competition and scale to the next level. FD Capital Recruitment is a boutique recruitment agency that specializes in connecting start-ups with financial professionals with a focus on CFO positions.

What is a CFO?

A Chief Financial Officer (CFO) is a senior figure within the leadership team of any start-up or company. Their responsibility primarily revolves around overseeing the company’s financial activities. The role of the CFO has evolved with time to take a key role in the forecasting and strategy of the company’s future.

Your CFO will oversee more than managing your company’s expenses or forecasting profit margins. Alongside the company’s financial activities, the CFO serves as a strategic advisor to the CEO. Their data analysis and forecasting help to ground the strategy and ensure that the CEO is ahead of industry trends.

Their strategy insight provides the CEO with the information they need to determine the right time for product launches, fundraising incentives, and further recruitment. By overseeing the financial situation of the business, a CFO enables the CEO to make the right decisions in almost every aspect of the business.

A CFO’s day-to-day responsibility will differ depending on the company. Most play a role in ensuring that the business is utilizing the latest technological advancements for their forecasting, analysis, and intelligence.

The role of a CFO in your business

As your business grows, your CFO will play a vital role in helping you to grow your team. They’ll typically oversee recruitment for your financial team and provide support when expanding your team elsewhere.

With cryptocurrency and blockchain becoming key areas of interest for venture capitalists, you need a CFO on your team to win them over. Depending on the size of your business, you could hire an interim CFO whose sole purpose is to prepare your business for VC fundraising.

Before most venture capitalists will consider your business as being eligible for their funding, they’ll want your leadership team to include a CFO. You’ll be expected to provide the VC capitalists or PE firms with detailed information about the company’s past, present, and future financial position.

As a cryptocurrency and blockchain business, your CFO will ensure that your company has a strong return on investment for your PE firms and venture capitalists. The responsibility of a CFO allows them to provide content for your KPIs, including that of your ROI to help you determine which aspects of your business are proving successful.

One of the key roles of a CFO is forecasting – both internally and externally. They’ll provide forecasting for internal issues, such as employee costs and sales trends. Their external forecasting will focus on the position of the industry, changing demand, competitors, and technological advancements.

What to look for in your company CFO

Every CFO has their own skillset. You’ll find no shortage of skilled CFOs with experience in the blockchain and cryptocurrency industry. You need to know what skills and other attributes to look out for during the recruitment process.

You want a CFO with the right leadership skills who can help you build a winning team. They should act as a mentor and guide the expansion of your business. Your CFO should have the industry knowledge to allow them to create a framework of metrics and KPIs that will allow sustainable growth.

Depending on where your business is, you may want a CFO with experience in mergers and acquisitions (M&A) or overseeing fundraising programs.

How to recruit the right CFO for your business

Hiring a CFO will bring invaluable insight and a fresh perspective to your business. With the world of cryptocurrency and blockchain breaking into the mainstream, the right CFO could give you an edge over the competition.

You can hire a CFO in a manner that suits the position of your business. Recruitment agencies like FD Capital can help you find the right CFO to work on a full-time, part-time, or interim basis. A CFO could also be hired to work in your office or remotely, offering you even more flexibility with the recruitment process.

As a specialist industry, you want to work with a CFO who is an expert in cryptocurrency and blockchain. If they tick these boxes, they’ll be keeping your company ahead of the curves by predicting trends and having their finger on the industry pulse.

Finding the right CFO isn’t always easy. Every business is different, and every CFO comes with a unique CV that reflects their skills and experience. Hiring a recruitment agency is the best way to streamline the process. They’ll work with you to determine your needs and tailor the recruitment process to find the right candidate.

You’ll get a shortlist of candidates who have the skills and experience you need to meet your goals. Whether it’s securing VC fundraising, restructuring your business, or providing strategic insight, an agency will help you find the right CFO for you.

When you have your shortlist of candidates, don’t get distracted by what’s on their CV. You want a candidate who will be at home in your business and fit in with the company culture. A winning CFO will hit the ground running and take your business to the next level.

Are you a cryptocurrency and blockchain business in search of a CFO? Contact FD Capital today to start the recruitment process at www.fdcapital.co.uk


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