The role of a CFO or Finance director is varied and far reaching. Some businesses, especially smaller firms or start ups, might make the mistake of thinking that they don’t need (or can’t afford) to hire someone to take on this role. This is where so many go wrong. If you want to scale it is imperative to have someone specifically looking after the numbers. The right financial support has a distinct strategic benefit and can create long term financial success for the company and its stakeholders.
So when should you think about taking on a CFO? There are a number of business junctures that mean it is time to consider getting CFO support. They include:
- During times of rapid business growth
- New product or service launch
- To increase profitability
- To support more complex tax planning
- To support cash planning, including the raising of finance
Initially, many businesses will go from having an accountant to support with taxes to a bookkeeper and might feel that the jump to an FD or CFO is too big. That is where a part time FD can be the answer. The benefits of outsourcing this function are many, including:
• More bang for your buck: An outsourced, part-time FD is a cost effective way to get board level financial and strategic advice for your business. There are no hidden extras, you just pay for the days you need.
• Allows you to do what you do best: With a CIMA, ACA or ACCA qualified Finance Director as part of your team, you can concentrate on your core competencies and drive your business forward.
• Enable better & more informed decision making: Our financial insight and strategic expertise will give you confidence to make informed business decisions.
• Enhance relationships: Let the FD do the negotiating for you and strengthen relationships with stakeholders such as your bank manager, auditors, insurance brokers and lawyers.
• Flexibility: A personal and flexible service. Available in bite-sized portions depending on your changing needs.
WrightCFO understands that a full time Finance Director is not always possible, or indeed preferable, for every business. We have the solution- an experienced part time Finance Director, tailored to suit the specific requirements of your business. With a particular passion to support start-ups and SMEs, we work in partnership with you and your team to consider the business as a whole, and provide the financial insight to help you manage it better.
Whether you want support to achieve long term goals, plan your business growth, build your cashflows or provide strategic and operational financial advice, WrightCFO equip you with the tools to take back financial control of your business and increase your chance of business success. Whether you need a little or a lot, we offer rolling Part Time Finance Director contracts from one day a month to two days a week, depending on the size and needs of the business. Turn it up when you need more support, or take a break if you need less or cannot afford it.
All WrightCFO Finance Directors are experienced, hands-on, commercial Finance Directors who have worked across industries. We will match you with someone who gets your business and will get results from day one. To discuss how we can help your business grow, get in touch with Sophie today. sophie@wrightcfo.co.uk
