A fractional CFO explains what separates good onboarding from ongoing work. Start by assessing historical financials and understanding the business model, then clarify the owner's personal goals around income, lifestyle, and family. The real work is building trust fast and establishing clear communication so everything after works.
When I think about scope of work, I think about it in two parts. First, there's the onboarding scope of work, and then there's the ongoing scope of work. So what onboarding scope of work makes you look like the bearded Diet Coke drinking McDreamy? Well, it starts with understanding the financial health of the client's business. This involves diving into the client's historical financials to assess their current position. Next, you have to dive into the client's business model. So beyond the financials, you need to grasp how the business operates. Third, you've got to understand the business owner's personal and business goals. What are they trying to accomplish through their business? What income, lifestyle, family or community goals do they have, and what are their priorities? At the end of the day, the onboarding process is really about understanding their goals, understanding their business, and whatever specific needs were identified during the sales process. But onboarding, it's also about getting to know the client, building trust and rapport, and getting a great communication flow in place as quickly as humanly possible.
