Flexible FD solutions for your small business
Imagine for a minute the idea of having someone right by your side in your business. Picture for a moment your having a financial expert that you can confide in, a person who will be there to help you with your business finances.
What I have described above is the service I offer as either an interim FD or a part-time finance director in your business. You can have the skills of an expert FD, but at the fraction of the cost of a full time finance director. This is because a small business usually only needs a few days input per month, which is usually enough support required from a part-time FD role.
But always knowing that your part-time FD is on hand at the end of the telephone when you need them.
You as a business owner know that it’s lonely at the top, because there are many things you simply cannot confide in with your staff. Also, you sometimes don’t want to trouble your partner of wife with the financial wows or ups and downs of your business (if you have one that is!).
What is included in part time FD services?
The role of an part-time FD or an interim FD is to support the finance function of the business.
This support role can sometimes mean the FD needs to roll their sleeves up to get stuck in. But it can also mean standing back and helping with cash flow, help with identifying cost savings, help with raising of finance and much more.
Imagine what you could do with the extra time you gain by having an extra person on board who knows all about finance. Picture having a person on board with you that understands finance and someone who is able to oversea your accounts process.
Here’s a short list of just some of the skills a part-time FD can fulfill
Free-up your valuable time as owner/MD because the FD takes care of the finances
Imagine gaining extra time to work on your business doing what you should be doing, rather than having to worry about the finance side of your company. Your time is much better spent on other areas of the business. If you have an interim FD or a part time finance director, the finances are taken care of for you.
Up to date monthly management accounts
Imagine having each month a set of management accounts prepared to an audit standard, which have been properly checked and balanced. Think about how good it would be to have someone to not only be in charge of making sure your accounts are prepared on a timely basis, but also accurately too.
If you intend to raise finance for your business growth, having up to date figures is vital. Both banks and investors like to see a business run well and with someone in charge of the finances who knows what they are doing. It’s vitally important to keep abreast of your business numbers so that any funding requirements are spotted early. Banks are much more receptive to businesses that plan and are in control of their finances.
Additionally, if at some point the business is to be sold, it’s crucial that the business is able to provide up to date and accurate figures, as this breeds confidence.
Improve your business performance and profits
Used properly, your accounts can help you to improve your company. This is especially true if proper management accounts are produced on a timely and on a monthly basis. Imagine having an experienced FD working in your business with you who is able to analyse your numbers, to spot trends, identify any anomalies and to help focus the growth of your business.
Imagine having having someone working with you to help identify costs savings. Also, to have an experienced FD knowing how to analyse gross profit margins to look at ways to improve profitability.
Identifying key PERFORMANCE indicators
Identifying key performance indicators or KPIs in a business is one of the keys to growing a business. Also, by monitoring KPIs important to cash flow will help the business to avoid cash flow difficulties.
Cash flow MANAGEMENT
It’s not just about improving business profitability, because if you don’t collect your profits your cash flow will struggle. Cash flow is the life blood of all businesses, so it’s vital to make sure all receivables collected on time and are properly monitored. Plus payables are stretched as far as suppliers will go.
Picture the ideal situation where instead of you as owner MD having to have those difficult conversations with suppliers or banks, instead you have an FD on hand who will do this for you. Also, FDs are fully aware of the tricks and delaying tactics used by customers to slow down payment. You will be able to rely on your part-time FD to ensure this is dealt with promptly and on time.
Streamlining your accounts and processes
If your business doesn’t have an integrated CRM system and accounts system, time and money will be wasted. This is because by having more than one system duplication is necessary. Any system or process that requires duplicated entries means there are more chances of error and more man-hours (i.e. cost) is needed to process the data.
Most modern accounting software have an interface which allows data to transfer between other programs via a link known as an API. This avoids the need for additional data entry. This saves time, but also allows for monthly management accounts to be prepared much quicker and at the same time saving money.
This is an area of the business that an experienced FD will always review.
A sounding board to help with making important decisions
When a business is growing, especially if it’s growing fast, there are many decisions to be made. Imagine having someone at your side or at the end of the phone who will be that sounding board. Picture the ideal situation where you have someone else to help you make those important financial decisions. That someone will have their finger on the pulse of your business.
An FD will be able to help you with looking at the best way in which to finance the growth of your business. This could include bank finance in the form of loans or overdrafts. It could be looking at options such as invoice financing. Other options like venture capital and business angels could also be considered to raise equity for the business growth.
Additionally, an FD can help with pricing decisions. They can review supplier and customer payments terms with you. An FD can also be that sounding board to help you to review the resources you may need to support a new venture, which may include new equipment, larger premises or more staff.
Planning for the future of the business
Imagine having an experienced FD on hand to help you prepare those all important business plans and cash flow forecasts. Picture the next time you go to the bank having an experience finance director by your side to help with your business funding requirements.
To find out more or to make contact either phone using the number below, or complete the contact form below.