If you’re planning on growing your SME, it’s likely you’re aware of the cost involved in doing so - hiring new heads, investing in new spaces and upgrading your software/technology to enable operations to run smoothly. But where should you invest first? Do you need to raise funds, and if so, where from?
If you’re asking these questions and you’re not sure on the right step for your business, ultimately your first port of call should be to invest in an experienced Finance Director to help you. A Finance Director works alongside your board of directors to help make financial decisions that’ll benefit your company long term.
But of course, hiring a full-time experienced Finance Director comes with its own serious investment and is therefore a difficult step for many SMEs to take. The solution? Hiring a part-time Finance Director with The Finance People. Still not convinced? Here are the top 5 advantages of hiring a part-time FD.
1. You’ll get access to expert FDs at a much lower annual cost
The most important advantage of hiring a part-time FD is the fact you’ll gain access to a finance expert for a fraction of the cost. Gone are the days where you need to find the capital to invest in a full-time finance director – instead, you can still be guided by the expertise of an FD and only pay for their time 1-3 days per week, should you wish to.
Working efficiently throughout their allocated time for your business, you’ll get the same level of expertise as you would from a full-time Finance Director, but simply within a part-time timeframe, at a lower cost.
2. They’ll plan and strategise in alignment with your business objectives
Hiring a part-time Finance Director is not too dissimilar to hiring a full-time Finance Director, in that despite working part-time they will be able to plan and build a Finance strategy in alignment with your overall business objectives. A part-time Finance Director would help you to expand on your business plan and guide you with long-term decisions for the benefit of your business.
3. They’ll build relationships and help raise funding
Having a part-time Finance Director within your business helps to provide connections and networking opportunities. They’ll have pre-built relationships with banks, and expert understanding of the five main fundraising options for your business. Ultimately, they’ll be able to provide their opinion on which options will be the best for your SME, as well as help you create those connections and begin the fundraising journey.
4. They’ll provide advanced level financial reporting and forecast
Not only will your part-time Finance Director help to provide insight and expertise that’ll drive your business forward, they will also help you to build forecasts and provide advanced financial reporting. Having the right financial data on your business will not only assist you in decision-making now, but for years to come. By hiring a part-time Finance Director for your business, you’re setting the foundation and laying the groundwork for years of data-driven decision making.
5. Ultimately, they will drive increased revenue for your business
Most importantly of all, hiring a part-time Finance Director will drive increased revenue for your business. Whether they’re helping you to make smarter decisions with your money, encouraging investment externally, building relationships with banks, improving your cash flow or guiding you on budgeting – a Finance Director will enable you to gain a better understanding of your SMEs finances and make decisions that’ll benefit your business long term. The overall impact of this is increased revenue and growth.
Ready to make that all-important part-time hire?
At The Finance People, we help SMEs gain access to financial experts to help their business thrive. Whether you need a part-time Finance Director or Finance Controller, or a full-time CFO, or even just a few outsourced tasks - at The Finance People, we'll find the right fit for you. Get in touch today.