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The senior leadership team in any organisation is responsible for making decisions about the future of the business.
As a business grows, the experience of its current leadership team may no longer correlate to the changes in scale and complexity and so performance can suffer. In large businesses, the leadership team is surrounded by advisors and shareholders that will drop hints or take action if necessary. But what about small owner-managed businesses? How can they tell? Owners may find themselves without the right team around them and that will have an impact on growth, performance, and the lifecycle of the business.
Since the finance director in any business is crucial to the planning and decision making, how can the lag be avoided in this the most important of roles?
One option would be to have a highly experienced, senior part time FD. Most small businesses need good management information and systems, and a relatively small amount of strategic and commercial support. The combination of an experienced, commercially focused, strategic part time finance director and a bookkeeper, financial controller or accounts manager, combines all the skills needed into more focused roles. The part time finance director has demonstrably more experience and scale than may exist in small growing businesses and thus takes care of these issues. The number of days they work can start off small and is scalable as the business grows.
Ultimately as their role grows, so will the cost and so, quite naturally, a full time person will be needed. By this time the owner-manager will have a far better idea of what is needed in the role and will be more likely to make a successful hire. The part time finance director will also assist in the hiring process to ensure success.
For more information on what a finance director does and the value they provide, click here: https://www.numitas.com or call us on 01223 581 237.
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