5 BENEFITS OF A PORTFOLIO FD
Does this sound like where your BUSINESS IS at?
You have a bookkeeper or small accounts team making sure that your customers pay you, and that supplier and payroll payments are made on time.
At the end of each accounting year, an accountancy firm prepares your annual financial statements and files your tax returns.
On a day-to-day basis, however, you have little financial visibility, and its stifling your business and keeping you awake at night.
Your SME may not yet be large enough to support the need (and cost) of a full time Finance Director, but…
Is it time to find a Part-Time Finance Director?
A Part-Time or Portfolio FD could be just what you need to help you get the clarity, direction, and financial credibility you need.
And, if you’re worried about affordability, because a part-time resource will be sufficient, you’ll be surprised how cost-effective a solution this can be.
You get the senior-level financial expertise you need without the commitment or cost of hiring a full time employee.
5 valuable benefits to you and your SME
Bringing real financial acumen into your business will bring countless benefits, but here are what I consider to be the Top 5.
1) Financial Clarity
You’ve got ambitions. Whether that’s to grow, raise finance, sell, or just become more profitable, you need insightful financial information to inform your strategy.
If you don’t have this, how do you know which of your customers or products make you the most money, and therefore which services or sectors to aim for growth in?
How do you set a realistic but stretching budget which is based on so much more than just a ‘finger in the air’ 10% increase, and so gets the buy-in of your team (allowing you to hold them accountable for delivering it)?
And what about cash?
Do you know how the bank balance will fluctuate over the next 3-6 months? How do you rest assured it won’t run out, and there will be enough in the bank when the VAT payment is due?
A Part-Time Finance Director can set up budgets, cash flow forecasts, client profitability and management accounts reports for you (to name but a few), and couple that with intelligent commentary to bring the numbers to life.
Then they can articulately present the findings to you and your Board or management team.
2) You do You
With a qualified and commercial Part-Time Finance Director on your team, you can concentrate on your core skills and driving your business forward – all the things you thought you’d be doing when you set up your business. (And now you’ll be even better informed too).
3) Better decision making
The financial expertise and commercially-savvy insight a Part-Time Finance Director will bring to the party will enable you to confidently make more informed decisions.
Acting as your ‘Right-Hand (Wo)man’, your Part-Time FD will act as a sounding board for your plans and challenges, provide constructive challenge, and will always be independent and have your best interests in mind.
4) Enhanced relationships
Having a financial expert with a reputable background in your business will bring you financial credibility with banks, funders, auditors and insurers, and may open doors.
Let your FD do the negotiating for you and strengthen relationships with your stakeholders.
5) Flexibility and cost-effectiveness
Get Board-level financial expertise and strategic advice for your business, without the cost and commitment of taking on a full time FD.
You simply pay a day-rate for the days you need.
A Part-Time Finance Director is also likely to be able to offer some flexibility too – able to dial up time spent with you during key projects, as required.
Wainwright Consulting Limited provides Portfolio Finance Directors to growing and ambitious small and medium businesses (SMEs) in the North of England, typically with turnover in the range of £750k to £5m.
A part-time Finance Director can give your business the insight and commercial experience to take it to the next level, whether that’s via organic growth, acquisition, raising funding or Private Equity interest, or planning for exit.
You don’t need to hire a full time Finance Director to get the benefits of one.
Jargon free, and straight-talking, our refreshing and dynamic approach is what sets us apart
If you’d like to see how we can help your SME thrive, please email me at firstname.lastname@example.org, or message me on LinkedIn, and we can arrange a chat.
Daniella Wainwright FCA