Most businesses don’t need a full time finance director.
But if this is true then what can a small or medium-sized business do when it needs some experienced, practical financial input? A part time Finance Director (FD) might be the answer.
And, if you’re business is based in Fulham, Putney, Hammersmith or elsewhere in South West London then the part time finance director solution is right on your doorstep.
How do I know I need a part time Finance Director?
The challenge is to recognise that you have some business problems that can’t be dealt with by your existing finance team or as a business owner without a finance background.
This may be tough to do because you don’t know what you don’t know.
However, some common indicators that all is not well with your business financials may include:
- difficulties with cashflow
- late / inaccurate financial information
- low margins
- slow-paying customers
- outdated systems and processes
- frustrated staff
If you’re concerned about some or all of these indicators, then a part time FD may well be the answer you’re looking for.
What are the advantages of a part time Finance Director?
Someone who knows what they’re doing who can very quickly diagnose the financial issues in your business. Once identified, these issues need to be prioritised and resolved.
What you see next will probably include:
- monthly management accounts shared across your business
- improved cashflow
- improved margins
- better relationships with customers and suppliers
- improved skills across your finance team
All of this can be done quickly, some of it may need to be!
The race is on to get the business working more profitably in a systematic way. Once this is in sight, then the work of the part time Finance Director can scale down.
The ongoing role of a part time FD
Once the financial side of your business is ticking over properly why not continue the relationship?
After all, you now have an experienced financial expert who knows your business and your people and still has a lot to offer
Over the years, we’ve found companies that use our part time FD services hugely benefit from having us as a sounding board for impartial advice on their business, whether to update accountancy software or plans on growing the business. Not to mention ongoing accounting advice and the ever changing HMRC rules and regulations! Creating long lasting and trusted business relationships.
Businesses evolve, the path is not always easy, but having a trusted, experienced FD alongside you can help you get where you want to go.
Blue Dot Consulting as your part time Finance Director
“How would I run the financial side of this business if I were the Finance Director?”
That’s the first question we ask after we’ve met an MD and look at their business.
Working collaboratively to get down to the bones of the business can be a relief if the business owner or MD has felt lost struggling on their own.
We know the answers.
And we know how to implement the answers.
So, if you’re in Fulham, Putney, Hammersmith or elsewhere in South West London and wondering whether your business needs a part time Finance Director, give Michael Austin a call on 020 7125 0270 email info@bluedotconsulting.co.uk
