A Chief Financial Officer (CFO) plays a critical role in shaping a company’s financial strategy, securing funding, and driving growth. But for many small and mid-sized businesses (SMBs), hiring a full-time CFO is financially out of reach.
The good news? You can develop your Financial Controller to think—and act—like a CFO.
With structured training, mentorship, and the right support (such as a Fractional CFO), your Controller can evolve beyond day-to-day accounting into a strategic financial leader.
In this guide, we’ll cover:
✅ Key Differences Between a Controller & CFO
✅ How to Train Your Controller to Think Strategically
✅ The Role of a Fractional CFO in Accelerating Growth
✅ Actionable Steps to Upskill Your Finance Team
Before training your Controller, it’s essential to recognize the core differences between the two roles:
| Financial Controller | CFO |
|---|---|
| Focuses on historical data (bookkeeping, compliance, reporting) | Focuses on future growth (fundraising, M&A, financial strategy) |
| Ensures accuracy in financial statements | Ensures profitability & scalability |
| Manages accounting team & audits | Manages investor relations & capital structure |
| Reactive (follows processes) | Proactive (shapes business direction) |
The goal? Help your Controller shift from a "number-cruncher" to a strategic advisor.
Involve them in board meetings (even as an observer).
Ask for their input on pricing, margins, and cost-cutting strategies.
Assign them to analyze competitors’ financials (10-Ks, investor presentations).
Example: A tech startup might have its Controller review SaaS metrics like Customer Lifetime Value (LTV) vs. Customer Acquisition Cost (CAC)—helping them transition into a strategic role.
A CFO doesn’t just report numbers—they predict and shape them.
Train your Controller in 3-statement modeling (Income Statement, Balance Sheet, Cash Flow).
Require quarterly rolling forecasts (not just annual budgets).
Use software tools for dynamic forecasting.
Example: A manufacturing firm could train its Controller in scenario analysis, enabling them to advise on expansion risks.
Teach them about fundraising options (debt vs. equity, venture capital, grants).
Have them prepare investor decks (even if just for practice).
Simulate a pitch meeting where they defend financial projections.
A CFO must be able to explain financials to non-financial stakeholders.
Have them present financial reports to department heads.
Encourage them to simplify complex data (e.g., "What does this mean for marketing?").
Enroll them in financial leadership courses.
Discuss cybersecurity risks (especially if outsourcing accounting).
Train them on tax optimization strategies (R&D credits, international tax laws).
Have them assess insurance needs (D&O, E&O coverage).
A Fractional CFO (a part-time, outsourced CFO) can be a game-changer for companies that can’t yet afford a full-time hire.
✔ Mentorship & Shadowing – The Controller observes how the Fractional CFO handles investor talks, financial modeling, and strategic decisions.
✔ Structured Training Plans – The Fractional CFO assigns real-world tasks (e.g., "Prepare a cash flow forecast for a potential acquisition").
✔ Feedback on Strategic Decisions – The Controller presents financial strategies, and the Fractional CFO critiques them.
✔ Access to CFO-Level Tools – They introduce the Controller to FP&A software , investor relations platforms, and advanced Excel techniques.
| Step | Action Item | Timeline |
|---|---|---|
| 1 | Assess your Controller’s strengths/gaps (e.g., weak in forecasting?) | Week 1 |
| 2 | Enroll them in CFO-level courses | Month 1 |
| 3 | Introduce a Fractional CFO for mentorship | Month 2 |
| 4 | Assign strategic projects (e.g., "Analyze a potential merger") | Month 3 |
| 5 | Have them lead investor/finance meetings | Month 4-6 |
| 6 | Evaluate readiness for promotion | Month 6+ |
🔹 Controllers focus on compliance; CFOs drive growth. Training yours to think strategically bridges this gap.
🔹 Fractional CFOs provide affordable mentorship, accelerating the Controller’s development.
🔹 Real-world projects (forecasting, fundraising prep) are the best training.
Need help finding a Fractional CFO? Preferred CFO is your best bet!
You may not afford a full-time CFO today—but with the right training, your Controller can become one.
Need help training your Controller? Contact Preferred CFO!