Recruiting a part-time Financial Director (FD) is a cost-effective and effective solution for start-ups and SMEs, but what is a part-time FD and how will it work for your business? In this blog we will cover how the part-time FD model works and the benefits of flexible financial recruitment.
Understanding the Part-Time FD Model
A part-time FD is an experienced finance professional who will work for your business on a flexible part-time basis, the perfect solution for businesses without the budget or requirement for a full time FD. The responsibilities of a part-time FD are the same as a full-time FD, the only difference will be the hours worked but the tasks completed remain the same.
Many businesses do not need the assistance of an FD full-time which is why The Finance People offer a part-time model, allowing smaller business or those with limited budget to still have access to the expertise required to succeed and scale. This efficient approach to financial recruitment is simple and effective, filling in the gaps in expertise within your existing team.
Benefits of the Part-Time FD Model
There are countless benefits to our part-time FD model, including:
Cost savings - Hiring a part-time FD is more affordable than a full-time employee, allowing more businesses to access the support of a FD.
Access to expertise - Due to the flexible and affordable nature of the part-time model, businesses that don't need full-time support, or can't afford it, can still have access to the guidance of an experienced financial director.
Flexibility - The flexible options with The Finance People are perfectly suited to businesses who are unsure how much support is required as adjustments can easily be made. Plus, you'll have access to an alternative FD if your assigned expert is absent due to sickness, maternity etc.
Improved financial management and strategy - With expert help on hand, your business can thrive with the processes and strategy you can get support with.
How the Part-Time FD Model Works
Our highly experienced and knowledgeable Finance Directors may work for multiple businesses like yours, but rest assured you will have their full attention on their time with you. This model works well as our experts get experience across a range of businesses that allows them to continue to gain knowledge, and your business can access a FD that you might not otherwise have access to.
The Finance People's finance experts can work remotely, on-site or a mix of both, depending on your requirements. All of our flexible experts are able to start straight away, ensuring you have access to fantastic guidance almost immediately.
What Do Our Finance Directors Specialise In?
Our expert financial experts are experienced with a variety of financial management tasks, including:
Raising finance and scaling - our experts can help you to raise finance for the business, from traditional routes to other methods you may not have considered yet such as crowdfunding or looking for investors.
Cash flow management - the majority of businesses that fail, do so because they ran out of money. Our finance experts can help you to implement a cash flow management system.
Profit management - with the help of our experts, you can implement a financial strategy to grow your profits.
Mentoring and training - a finance director will not only complete the financial tasks required, but they will coach and mentor your finance department to ensure the development of the entire team and to guarantee everyone is working to the same processes.
Crisis management - in the event of a crisis, our finance directors are on hand to plan a strategy to aid recovery.
Management information - our experienced team of finance directors are all familiar with gathering the information required and providing a monthly report of financial statements.
Risk analysis - Our experts will identify and help to mediate any potential risks within your business.
Financial modelling - your finance director will ensure the correct models are implemented so that information remains consistent.
Exit planning - regardless of whether you intend to leave your business in the near or distant future, our finance directors will support you with creating an exit plan in preparation.
Hiring a Part-Time FD
The first step is to get in touch with us to discuss your business requirements. During this consultation we are able to determine the scope of the work and your business objectives. Our aim for this consultation is to fully understand the type of financial support you need.
Following this call, we will deep dive into your business to learn more, from the culture to your current processes in place. We will use this information to hand-select the right finance expert for your business from our list of trusted finance experts.
Schedule a consultation to get one step closer to flexible financial guidance.