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The principle role and responsibility of a Managing Director is to make the decisions on how the business deploys its assets and resources to achieve the business’ aims and objectives.
To make decisions, an MD/CEO needs to understand the implications of prospective and past decisions on the deployment of resources – in other words, they need a good scenario plan which is created by a Finance Director based on good management information. The process converts information into decisions, planning, business prospects, and strategic outcomes. FDs/CFOs are trained to provide scenario plans as well as having the experience to provide commercial guidance on the scenarios.
The better the information and experience available to the MD the better the decisions they make, which in turn have a significant impact on the future success of the business. Every decision in a business has financial implications and the Finance Director has the specialist skills, training and experience to provide insight and guidance for the Managing Director to make the right decision.
A good Finance Director is a part of the senior decision-making team providing context of the business in order for the best decisions to be made on the deployment of resource.
Hiring an experienced Finance Director at the right moment in the business cycle adds significant benefits to the business. The earlier you bring in a senior finance expert in your business, the earlier you can see accelerated growth. However, not all businesses can afford such senior expertise.
Instead, businesses now have the option of engaging with a Finance Director on a part-time engagement. Making the decision of engaging with a part-time Finance Director can drastically increase the business potential and help to reach the required growth in a shorter period of time compared to businesses that recruit a less experienced full-time FD. One of the biggest advantages of engaging with a part-time FD is that they have many years of experience, sector knowledge, networks and a background of experience that they can apply immediately and for a long term to a younger business at any stage of their lifecycle with various challenges. The flexibility in the part time role is such that it can expand as the business grows. It doesn’t matter what new challenges a business faces, an experienced FD will be resilient to scale and complexity which gives a greater probability of success.
You pay only for the time you need securing a very senior resource and all their capability for a manageable and controllable cost.
The best businesses make the best decisions and an FD plays a significant part in helping the business make the best decisions.
If you would like more information on engaging a finance professional to help your business, contact us on 020 7717 5254, or email info@numitas.com.
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