Hiring a Part-Time FD: What Are The Advantages?
During the early stages of your company’s growth, you’ll have to make an important decision about bringing on someone with high-level financial expertise who can help you scale and achieve your long-term business objectives. Without this level of financial expertise, your business will be at risk of stagnating, falling behind, or even failing. A part-time FD provides companies with the option to bring that senior-level experience and strategic expertise in-house, without having to worry about the long and risky hiring process or the full-time costs.
In this article, we’ll take a look at some of the key reasons why hiring a part-time FD could be a shrewd move for your business during the key early-growth phase.
What is a part-time FD and what are their responsibilities?
A part-time FD is responsible for the financial management of a business and provides advice on financial planning. They work closely with the senior management team to develop and implement strategies to improve the financial performance of the business.
A part-time FD is usually brought in when a business is facing financial difficulties or is undergoing a period of growth. They are responsible for preparing financial reports, overseeing budgets, and providing advice on money management. In some cases, they may also be responsible for raising finance for the business.
If you are thinking of bringing in a part-time FD to help manage your finances, then it is important to choose someone who has experience in your industry and who you feel you can trust. A good place to start your search is by asking for recommendations from other businesses or contacting a professional body such as the Institute of Financial Directors. Once you have found a few potential candidates, be sure to interview them and ask about their experience and qualifications. Only then will you be able to make an informed decision about who is right for your business.
How can a part-time FD help your small business
A part-time FD can help a business in a number of ways. They can provide financial advice and support, helping the business to make sound financial decisions. They can also help with strategic planning, providing advice on how to grow the business and achieve its goals. In addition, a part-time FD can help to build strong financial systems and controls, ensuring that the business is run efficiently and effectively. Ultimately, a part-time FD can be a valuable asset to any business that is looking to grow and succeed.
The benefits of having a part-time FD
They bring senior experience.
One of the best things about having a part-time FD on board is the wealth of experience they can bring to your business. At Leadership Services, we only bring on FDs who have at least 10 years’ of experience in a senior role and with a track record of success.
Not only do they have a deep understanding of financial management, but modern-day FDs also have extensive experience in other areas such as operations, HR, and marketing. This means that they can provide valuable insights and perspectives on a wide range of issues that impact your business.
A part-time FD will free up time.
This goes without saying. A part-time FD can free you up from the day-to-day hassle of running your finances and give you back time to focus on other important areas, whether that’s innovation, driving new business, or focusing on retaining customers. This can be particularly helpful if you’re running a small business or startup, where every minute counts.
They bring an outside perspective.
It’s easy to get stuck in a rut or struggling to take a step back and look at your business objectively when you’ve been so involved. Bringing on a top level Director with a wealth of financial experience, who has worked in many different industries over many (usually 20+) years, means they’ve seen it all before. You’ll be able to lean on that experience to provide innovative financial solutions to some of your companies’ most pressing challenges.
They provide a strategic roadmap.
A part-time FD isn’t only there to manage your team or pick up some of the financial slack. They will start by doing a SWOT analysis of your financial capabilities and infrastructure in order to identify areas of weakness, and then offer a variety of short, medium- and long-term solutions that will ultimately help you meet your business objectives faster than without an FD. A Finance Director will be able to lead your finance strategy, not just contribute towards it.
A part-time FD will help you scale.
It’s clear that technology plays a central role in the modern-day economy. The implementation of new systems and processes should be at the forefront for any business looking to increase scale – and this is where a Finance Director can play an integral role. A part-time FD can help manage your company’s digital transformation by working closely alongside you on everything related: budgeting techniques; data analysis tools, transitioning to an EPS if and when the time is right.
They’re a cost-effective solution.
Hiring a full-time Finance Director in today’s marketplace costs, on average, £99k per annum, according to Glassdoor. That’s not including equity shares, bonuses, and any other financial benefits that are incurred on an annual basis and typically demanded by senior Directors coming into a business. Hiring a part-time FD on the other hand cuts out all these additional costs. You can access the expertise and experience of a senior and successful Director without breaking the bank.
They have a track record of success.
One of the key things we look for when bringing on Finance Directors to Leadership Services is making sure they have a track record of success in various projects and roles throughout their career. You can check out our case studies here.
They are flexible to your needs.
Whether you need to bring on a Finance Director for half a day a week, for a specific short- or long-term project, or to function as an interim FD while you look for a full-time replacement, an FD can work to your specific business needs. At Leadership Services, you can choose whether you’ll like our FDs to operate remotely or on-site. Typically, we have a mixture.
A part-time FD can be mentors for your team.
An FD is a senior professional who will be brought on, not only to lead in various financial and strategic functions, but also to lead, motivate, and mentor team members so they can perform their very best. The role of a Finance Director – in fact, of any Director or leader across any function – is as much about leading people as it is in leading in their function.
You won’t get left behind.
Still hesitating? Consider the tale of Blockbuster – once one of the biggest companies in the world that employed 84,000 people worldwide and had 65 million registered customers.
But in 2014 Blockbuster filed for bankruptcy with over $900 million in debt and now ceases to exist.
They were too invested in making money from their video stores and late video fees to adapt to the changing times as emerging technology companies like Netflix began reimagining video rental in the digital age, first as a DVD-by-mail rental service, then as a revolutionary streaming service. Blockbuster reacted to the market far too late as stores around the world plunged rapidly into administration.
Having a part-time FD on board with a wealth of experience will help you recognise in advance any potential threats and opportunities to seize. That way, you’ll never get left behind.
How Hiring a Part-Time FD Works at Leadership Services
We have a broad selection of highly experienced part-time FDs to choose from, ensuring we can select the right Director for your business. Here’s how it works.
- We listen to your business challenges and goals.
- We send you a proposal.
- We match your needs with an experienced part-time FD.
- Our FD helps transform your business.
Contact us today to find out how we can help take your financial strategy to new heights with an experienced FD.