CFO Case Study: Hiring the Right Finance Leadership at a £30m SaaS Business

CFO Case Study: Hiring the Right Finance Leadership at a £30m SaaS Business

Introduction

Harper May supported a £30m SaaS business in assessing its finance leadership requirements during a key growth stage.

With strong revenue growth and increasing operational complexity, the business initially considered hiring a CFO.

A common question at this stage is whether a CFO is required, or whether the business needs to strengthen its finance function first.

Through benchmarking and detailed assessment, it became clear that the immediate need was not CFO-level leadership, but the right structure to support future growth.

This case study highlights how appointing a Head of Finance at the right stage created the foundation for a successful transition to CFO.

Challenges in Finance Leadership at the £30m SaaS Growth Stage

At this stage of growth, SaaS businesses often face increasing pressure on financial reporting, forecasting, and decision-making.

In this case, the business had:

• Strong revenue growth but limited financial structure
• Inconsistent forecasting and reporting processes
• A lack of clear ownership across finance operations
• Increasing demands from stakeholders for greater financial visibility

While these challenges are often associated with CFO-level hiring, they can also indicate a need for stronger financial foundations rather than immediate executive leadership.

How Harper May Benchmarked the Finance Leadership Requirement

Harper May was engaged to support a finance leadership hire for a SaaS business, with the initial brief focused on CFO recruitment.

Rather than proceeding directly to market, we benchmarked the business against similar SaaS companies at comparable growth stages.

This assessment focused on:

• The maturity of financial reporting and forecasting
• The structure of the existing finance function
• The level of operational and commercial complexity
• The business’s readiness for CFO-level leadership

This identified a key insight:

👉 The business was not yet ready for a CFO
👉 It required a stronger operational finance layer first

How Harper May Delivered the Head of Finance Appointment

Following this assessment, Harper May led a targeted search for a Head of Finance with the capability to build structure and scale with the business.

The process included:

• Targeted outreach to senior finance professionals within SaaS and technology businesses
• Benchmarking candidates against both technical capability and scalability
• Assessing experience in building reporting, forecasting, and finance processes from mid-stage growth
• Aligning candidates to the business’s growth trajectory and future CFO requirements

This ensured the successful candidate could operate at a high level while establishing the necessary financial foundations.

Impact: Building the Foundations for Scalable Growth

Following the appointment:

• Financial reporting and forecasting became more structured and consistent
• Clear ownership was established across finance processes
• Visibility improved across commercial and operational performance
• The business gained greater control over decision-making

This created a stronger platform for continued growth and strategic development.

The Turning Point: Right Level of Leadership at the Right Time

This appointment represented a key turning point.

Rather than hiring a CFO prematurely, the business put in place the right level of leadership to support its current stage.

This aligns with a common pattern in SaaS growth businesses:

👉 Growth requires structure before executive leadership
👉 Strong foundations enable effective CFO impact

Progression to CFO: Timing Matters

With the finance function now structured and scalable, the business was able to transition to CFO-level leadership at the appropriate time.

This ensured:

• The CFO could focus on strategic leadership rather than operational setup
• The business gained maximum value from executive-level finance leadership
• The transition was built on a stable and well-defined financial foundation

Rethinking CFO Recruitment in SaaS Businesses

This case highlights a key insight:

Hiring a CFO too early can limit effectiveness if the underlying finance function is not yet mature.

In many SaaS businesses, appointing a Head of Finance first provides the structure needed to support sustainable growth and future leadership progression.

If your SaaS business is considering when to hire a CFO or assessing its finance leadership structure in London, Harper May supports organisations at every stage of growth.

Explore our Finance Recruitment services for SaaS businesses, including CFO recruitment and Finance Director recruitment, and how we support companies in building finance functions that scale effectively across London and the UK.