Have you read our article on Finance Directors? They are a valuable addition to any growing business. Their abilities stretch far beyond simply treating your books and accounts. An FD can lead the transition from a business that’s ‘getting by’ into one that hits all of its targets, before exceeding them.
To illustrate this, RJF Accounting & Business Support want to list five key ways an outsourced FD can join the ranks of your brand and have a lasting effect.
Trends Are Measured and Monitored
Accountants are very good at making everything accurate and compliant when it comes to your money. Yet their skills (or your contract with them) may not include proactive support, such as searching back through records to isolate trends. A Financial Director will have a macro view of your business. As such, gains and losses can be contextualised, which adds further weight in a board meeting for a performance review.
Financial Strategies Are Far More Robust
With all of their specialist training, an FD won’t settle for just steering your day-to-day audits. They will, in fact, place themselves alongside other stakeholders at the heart of any major decisions you’re making. Whether that’s advising on the best point at which to expand, consolidate debts, look into foreign markets, or anything else – their expertise will strengthen your strategies as you work towards your goals.
They Offer Another Opinion on Your Technologies
Growth is, of course, the sustained ambition of any business. Yet the systems you put in place – at any stage in the company’s lifespan – determine how well it can adapt to more clients and revenue channels. By bringing in an outsourced FD, you’ll come to realise whether existing digital architecture is enough. If it isn’t, then you can work together to invest in new software that can scale with you.
Person-To-Person Guidance for All
Who could stand to benefit from close financial support? From sales teams to marketing experts, chances are that you’ll have a department that could benefit from some additional guidance. Financial Directors can give it to them. They’ll spread their wisdom throughout your organisation, keeping everyone to a budget or teaching them how to reduce their associated costs.
You’ll Get Cheaper Supply Deals
Aside from everything else, FDs are very savvy at making deals and sticking to them. This is also true of your supply chain. If you’ve been with the same services or manufacturers for a while, inertia may have set in. A Financial Director can make renegotiations on your behalf, or seek more favourable contracts, allowing you to get the most from every investment.
We’ve still only scratched the surface of an FD’s abilities. RJF can offer this role in an outsourced capacity, whenever and however you need us. Take your brand further than it’s ever dared to go – speak to our team today for a thorough examination of why a Financial Director may be suited to your business.