The benefits of a part time FD
A part time or interim Finance Director can offer all the benefits with a fraction of the cost
Imagine the benefits to your SME of having a fully qualified, experienced Finance Director on hand a few days a month, at a fraction of the cost of a full-time employee.
- Early access to highly experienced skills Benefit from the experience of someone who’s handled transactions, regulations and reporting cycles of higher value and complexity much earlier than if you wait until you can afford to employ someone full time.
- Building from experience Develop your finance and infrastructure team and processes (including perhaps IT, HR and premises functions) with the benefit of an experienced partner to advise on key decisions.
- High calibre exposure Interim and part-time FDs have often trained with global accountancy firms and can share the benefit of their exposure to the very best business practice with you and your team.
- Flexibility to provide expertise on a project basis Growing businesses often need specialist support in a number of areas such as funding, exit planning, cash flow forecasts and financial modelling. Support in these areas is likely to be required for a limited period of time so it makes sense to use a specialist on an interim basis rather than hire a permanent member of staff.
- Scalability, flexing commitment up and down as your needs develop Many of our candidates are looking for greater work life balance and are happy to provide support on a very flexible basis, scaling up and down their hours depending on our clients’ demands.
- Act as a sounding board and critical friend It is much easier for an interim or part time person to provide unbiased, honest feedback in a way that an employee, no matter how senior, can often struggle with. They can challenge your ideas and hold you to account in a constructive manner that is likely to be much more objective and effective than coming from someone more emotionally attached to the business.
Signs that you may need some part time or interim resource
As a business grows, the finance department can often get over-loaded with additional tasks that naturally arise. This can result in some of the following signs that you may need to look out for:
- Lack of management information to make informed business decisions
This is probably the sign that you will notice first – as the business grows it will become critical for senior management to keep track of important KPIs, cash flow etc. Often, in an overstretched finance department such information is not provided on a timely basis (if at all) and therefore is of little value when produced.
- Finance staff continually working late
It is quite usual for finance teams to work long hours over month end, however if your team is consistently working excessive hours then this could be a sign that resourcing is out of balance.
- Low staff morale
Probably as a consequence of working long hours and not achieving what they want to achieve, staff may well become demoralized.
If you suspect your finance department needs some support why not download our guide that will help you ask the right questions: