Your workload is growing, your company is growing, the pressure you’re under is growing…
You need to hire a Financial Director.
There comes a point in the lifetime of any ambitious business where short term or plan-as-you-go methods just no longer cut it.
If you want to grow, you need the right advice, the right team and, perhaps unfortunately, you usually need more specialist knowledge than was previously required. If you’re serious about growth, implementing the right systems and strategy is crucial.
Financial Directors (FDs) are just glorified accountants, right?
No, they are so much more than that – but it’s a common question. What does an FD actually do, and how can hiring one make your life easier and help your business?
Sure they do often hold the purse strings and are there to advise on spending but it’s actually more of a strategy and planning role.
Any business owner will know that with a start-up or really early stage company there is a certain skill set (usually absolutely unrelenting hard work and determination) that you need to get by. Yet as you grow, team members and company founders in particular get stretched more and more thinly. When you’re starting out it’s natural (and necessary!) to accommodate and manage almost all aspects of the business but you can’t continue to do it all. The entrepreneurial and adrenalin driven skillset that got your company to where it is, isn’t necessarily the same as the tools you’ll need to scale up and manage a larger company.
This is where the advice of an FD can be invaluable.
So you may ask, what are the main indicators that it’s time to get an FD on board?
Of course, it will vary based on individual company needs and can be very dependent on your sector. However in the list below we’ve outlined six key points that are signs that you need an FD pronto!
– You want to find out exactly how your business is performing
– Plans to scale up with a view to implementing more strategic systems
– Looking to invest money in acquiring new assets
– Planning to expand into a new market, or become a major player in the market you already
– Planning a merger or acquisition
– Developing an exit strategy
Hiring in professional financial advice is never going to be a bad decision, but understanding what they can manage for you and what their key objectives are is important.
The stress an FD can relieve or the expertise they can provide is of course amazing, but if you look at an outline of what they can actually do for your business the list is extensive. As your business grows procedures can quickly become out dated. Having an objective, expert source of advice is crucial.
Want to find out exactly what an FD can do for you and your business…