Hiring your first Finance Director will no doubt be a big decision. You’ll agonise over the cost, and weigh up whether you can really afford or even warrant it. For many SMEs, finding the budget to hire a full-time FD can seem like a step too far. Fortunately, there is another way.
There’s a relatively untapped market out there of highly experienced Finance Directors that are looking for reduced hours or increased flexibility. Imagine having a fully qualified and experienced FD on hand when you need them, without having to pay the cost of a full-time Finance Director. That’s what you get when you hire a part-time Finance Director.
What are the qualities of a good Finance Director?
When SME founders or owners come to us, they normally have a list of wants and needs: profit and loss reports, proper management accounts, cash flow projections, and market analysis to know whether they’re costing and charging appropriately. Fortunately, a good FD can provide all this, and more.
A good Finance Director will have a relentless focus on future cash flow and ultimately your company’s valuation. They’ll be able to bring rigour and structure to your plans for growth, giving you the confidence to strive forward with expansion.
Equally, if your goal is to move towards the sale of your SME within the coming years, a good finance director will have the experience to steer you through this process, optimising the quality of your SME’s cash flow and increasing its valuation.
The most valuable FDs will be more forward than backward looking, spending more than half of their time focused on your company’s future. Importantly, they won’t do this on their own. They’ll have a collaborative approach, working closely with your team to get to know the business inside and out.
A good FD will be confident, with a willingness to challenge and influence your ideas, whilst having the tact to communicate in plain English and inspire the outcome that’s best for your business.
Above all, they’ll have the experience and qualifications to prove they can manage the finance function and add value to your fast growing business.
Approximately 25% of our candidate pool has a finance background or qualification, and many have gained their experience in larger organisations. A large proportion have cut their teeth in blue chip corporates or one of the Big 4 accounting firms.
Some have then moved on to gain skills and experience elsewhere, which can be of huge benefit to a fast growing company, especially one that needs systems structure and process refinement.
Benefits of hiring a part-time FD for your SME
Having a skilled Finance Director on-hand two or three days a week can make a huge difference to your growing business – much more so than someone with lesser skills who can work five days a week.
By making the wise choice to hire part-time, not only will you be able to get the skills you need within the confines of your budget, you’ll also be able to access a relatively untapped market. SMEs often find it impossible to compete for top-tier talent as they don’t have the employer brand or deep pockets that larger employers have. By offering a part-time FD position at the point of hire, you’ll be in the enviable position of being able to attract the attention of previously unattainable candidates.
We have access to many highly experienced professionals that have taken an extended career break due to maternity leave, caring for a loved one, or any number of other reasons, and part-time working offers them employment that fits around their needs.
We pride ourselves on finding high calibre candidates, with big brand experience and stellar credentials. Matching highly experienced people with organisations that will value their skills and experience is one of the most rewarding aspects of our role.
We can find you the right finance professional to make an impact on your business, helping you grow faster, control costs and increase profitability. Need to talk to our finance professional recruitment experts? We’re happy to discuss your requirements.
CJ. Talent specialise in sourcing part-time professionals for SMEs. If you’re looking to expand your team, contact us to find out how we could support your business.
Author: Caroline Doherty, Managing Director, carolinedoherty@cjtalent.com
