Recruiting the right Finance Director for your business
May 13th 2013 | Posted by phil scott
When recruiting a new Finance Director, it’s important to look beyond the numbers. The modern FD has to carry a wide range of responsibilities and opportunities, extending far beyond traditional finance functions.
Having a background in accounting is a given, overseeing management accounts, annual budgets and cash flow expected; but where an FD really adds value is when it becomes a proactive role, advising on financial performance, advising on tax and audits, monitoring financial legislation and identifying growth opportunities.
Finance Directors are pivotal to any plans for increasing profits, growth strategies, flotation or raising funds. Banks and investors will trust your business more if there’s an experienced hand on the purse strings.
The FD’s focus on ensuring the finances are compatible with growth means their insight and input when making strategic decisions will be invaluable.
An FD needs softer skills too — to be an effective strategist, relationship manager, coach and communicator as well as intuitively understand risk.
Even in small organisations, the right FD for the job is crucial, and because the role is so critical, even if you don’t have the budget for a Full-Time FD you should consider a part-time or interim appointment.
SMEs will benefit from having someone extremely experienced working in the business, while avoiding the significant costs of employing a Full-Time Finance Director.
Many smaller businesses are finding they require strategic finance direction but do not necessarily have the workload — or budget — to accommodate a full time member of staff.
FD Recruit launched a dedicated brand, ‘The Part-Time FD Hub‘, for SME businesses wanting FD support and it has quickly become the UK’s largest network of independent Part-Time FDs.
A Part-Time FD can work on a consultancy basis or become part of the team working on either an interim or permanent basis.
A seasoned FD full or part-time can give a fresh perspective and can be useful to get hold of finances, improve cash flow, raise funds, inject motivation and leadership into teams or to provide much needed strategic support to directors.