In these challenging economic times, it is even more critical for SMEs to keep a tight rein on the finances and to plan accurately for the future. Employing a part time FD will make a real difference to your business
A finance director oversees and implements the financial strategy for a business.
The core focus of the Finance Director is to ensure that the finances are healthy, organised and communicated effectively to other members of the company. Finance Directors (FDs) tend to come from a background in accounting, so are well versed at understanding and managing the books. However, there is a real difference between accounting and financial management. Unlike an accountant that has a backward looking function, an FD is forward thinking, providing a strategic focus and setting realistic financial objectives.
FDs deal with issues like long term financial planning, budgeting and operational efficiencies. Their main aim is to help a business run more successfully. Most FDs sit on the companys board of directors and are involved in the strategic decisions of all aspects of the business.
Unfortunately many SMEs (small and medium sized enterprises) cant necessarily afford to employ an FD on a full time basis (although many SMEs could certainly benefit from an FDs expertise). Due to this there has recently been an increase in demand for FD services on a flexible, part time basis. This gives SMEs the opportunity to obtain the services of an experienced, professional FD at a fraction of the cost of employing an expert full time.
Part time FDs can support businesses throughout any stage.
- Formation: Setting up a financial infrastructure in order to fulfil growth expectations
- Growth: Developing an enhanced financial resource, providing strategic focus and enhanced efficiencies
- Maturity: Ensuring business stability, assessing performance and looking for new opportunities
Top 3 reasons every business needs an FD:
1. Ensures that your financial function is as cost effective as possible, increasing the profitability of your business
2. Frees you from the hassle of routine financial admin so you can focus on the productive side of your business
3. Provides strategic focus and assists with your growth and development plans
In these challenging economic times, it is even more critical for SMEs to keep a tight rein on the finances and to plan accurately for the future. Employing a part time FD will make a real difference to your business. Before investing in an FD for your business however, do meet up with them beforehand to ensure they offer a bespoke and friendly service. Ensure they aim to work closely with you to help achieve your business goals.
Ascent FD provides financial direction for business success in the South East. Why not take advantage of our free financial health check and let us show you how we could improve your business.
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