Growing businesses with less than £10m turnover, usually won’t have an FD or CFO.
The most likely reason for this is that they think that they cannot afford one.
However, a part-time FD can be an effective and affordable hire.
Here’s why you should bring in an FD to your business:
You will get a hands-on experienced professional who’s been around the block.
Your accountant is most likely doing a great job looking after your Accounts & Tax reporting, but they probably do not have the time, skills or experience of running a business to really get under the skin of the burning issues in your business.
- A good part-time FD will bring a broad range of experience from all sorts of companies, large and small.
- They will have seen businesses booming in the good times and also surviving tougher times.
- They will support you and your team by bringing the benefit of their knowledge, assisting in growing your business.
They will get you the facts. Instinct is important but in an increasingly complex business environment, it is vital that you are able to support your decision-making with reliable and relevant commercial information. This is where your FD comes into their own by ensuring that you get robust & regular management information with relevant KPI’s as well as providing useful ad hoc analysis tailored to any particular challenge that you are facing.
This factual information will help you and your team make more informed decisions leading to improved business performance.
Importantly, you will be working with someone who can be a critical friend, challenge your thinking (in a good way) & hold you accountable for the improvements you need in your business.
Expert advice combined with facts & information provided from someone who has become a member of your team, albeit on a part-time basis, not only gives you a partner you can talk to but who will sense-check your thinking & strategy in an informed way.
