Do I need a Finance Director?
This is one of the most common questions we know our clients asked themselves before committing to working with The FD Service, but see if you have ever asked yourself any of the below and how a Finance Director can answer them:
|
You |
Finance Director |
|---|---|
|
“Where do I want to be with this business?” |
Work closely with the CEO/Owner to advise and guide the financial strategy of the business. |
|
“Worrying about cash is keeping me up at night” |
Cash flow management to ensure the business’ financial commitments are met |
|
“I need my business to be more efficient” |
Work with management and staff to streamline operations and finance function, including automation and paperless environments |
|
“I don’t trust anyone else to do it” |
Develop policies and procedures to ensure sound financial management and sufficient controls are in place |
|
“I’m tired of doing most of the work myself” |
Take control of the entire finance function of your business as well as operational assistance |
|
“I should be making better margins” |
Ensure pricing strategies are in place and that purchasing power is being maximised |
|
“I want to control costs better and not let them get out of control” |
Develop, implement and monitor budgets |
|
“I want to see where I’m doing things right and where I’m doing things wrong” |
Prepare monthly management accounts and key performance indicators to help monitor the business |
|
“What if….” |
Develop financial models with ‘what if’ sensitivities to see the financial impact of decisions or scenarios |
|
“My accountant/auditor keeps moaning at me” |
Prepare annual accounts and control the entire audit process |
|
“I want to be bigger” |
Develop plans for the future, prepare the business for fundraising and deployment |
|
“I’m growing fast, I’m struggling to keep up” |
Create an efficient and effective finance function with standardised processes to cater for any level of scale |
|
“I’ve taken on private equity and now they’re asking for more info” |
Work directly with PE and stakeholders, satisfying all reporting requirements |
|
“I’ve managed to raise debt, now I want to deploy it” |
Work with CEO/Owner to develop investment programmes and calculate likely return on investments |
|
“It’s time to accelerate growth” |
Identify, assess and assist in mergers and acquisitions of targets |
|
“It’s time to call it a day” |
Establish exit routes for the business, sell, pass on, liquidate. |
In summary, an FD’s role transcends across both operational and strategic roles within a business, helping manage the accounting and financial control functions, as well as establishing a financial strategy for long-term growth and profitability of the business.
No doubt you got into business because you have a skill, a product or knowledge that others can benefit from, not because you love sleepless nights, admin or ‘doing the books’. Free yourself with an FD and get back to why you went into business in the first place.
The FD Service provides all those benefits without the high salary burden that comes with a full-time member of staff.