HomeHelping youStrategic Advisory ServicesFD servicesDoes my business need a finance director (FD)?

Does my business need a finance director (FD)?

“I think it’s time we got an FD.”

This simple statement of need is often wrapped up in a complex web of wider business issues, but fundamentally this request is often driven by the desire for good quality business information and the steer of an experienced head. Sometimes however it’s a good idea to take a step back and ask why.

In our experience, for an SME business to grow it needs a joined-up approach that crosses the business’ vision, strategy, systems and even its people. To do this though required accurate financial information that is not only looking at the here and now, but can also model the future.


Is my business ready for an FD?

Whether your business has an in-house finance team or you’re using an external resource, it’s important to ask yourself some key questions before pursuing an FD recruitment strategy.

  • Do you have robust and timely information to which you can base key decisions on?
  • Have you developed a suite of financial and non-financial Key Performance Indicators to measure business performance?
  • Do you get strong commentary and insight to any financial data from your finance team?
  • Do the individuals in you finance understand the information you need, and why?
  • Do you have a constructive challenge or ‘critical friend’ that can challenge the status quo and give commercial and financial insight?
  • Do your financials give both a historic and future facing visibility of your business?
  • Do you have a profit and loss account, balance sheet and cash flow forecast – which can be stress tested for varying business scenarios?

 

If you’re not sure of the answer to any of the above then perhaps it’s time to read on.


So, does my business need an FD?

tax advisory mapBeing realistic with yourself, your business and your aspirations is the first step to answering this question. By challenging yourself to tackle the issues you’re facing, improve communication with the finance team and push harder for what you need can encourage some brighter thinking and fresh ideas. Sometimes however, getting a fresh perspective on your business circumstances can be extremely beneficial; so what are your options?

Outsourced FD services

If your need is project based or a short-term assignment, then why not consider Menzies FD services which offer a flexible approach to ensure we’re there when you need us.

Engaging with us also gives you access not only to an experience financial professional, but a business advisory network that stretches across our south of England office network and even further afield to HLB International network.

More about our outsourced FD services.

Part time/full time FD or something else?

The recruitment process for any new position can be labour intensive and costly. If you’re keen to hire a full or even part time finance director, trusting a recruitment agency to find the right individual for your business can be a gamble. We’ve worked alongside our People Solutions team to help numerous clients to transition from outsourced FD services to inhouse team members and so understand the person profiles, responsibilities and criteria to hire the right FD to ensure your business flourishes.

More about our People Solutions services.


Just a chat

Phil Wright - Menzies AccountantBefore you commit to appointing an FD, consider all the tasks and responsibilities you would expect a finance team to deliver, allocate with your team who can undertake each role, and look to fill the gaps in a targeted manner. If you need any help with a Finance Function Review, we’re happy to chat through your business issues so please get in touch.

Phil Wright
PWright@menzies.co.uk // +44 (0)1489 566732

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ESSENTIALS

  • “Menzies provided, audit, tax and company secretarial services to SFW. Their work was always to a  very high standard and we found them easy to work with. When we sold the business Menzies provided significant help during due diligence and completion activities. They were highly responsive, particularly, when we had last minute requests for assistance and were thoroughly professional. I have no hesitation in recommending them.”
    Steve Elliott – SFW Ltd Director

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    SFW Ltd, SFW Ltd August 17, 2016

  • “We Menzies over the past year and we continue to be impressed with their knowledge, efficiency and the high calibre of support they provide. The Menzies team look after our year end accounts in a timely and efficient manner, and continue to provide proactive advice in many areas of our business, from keeping track of our product margins and fixed costs to providing us with beneficial forecasting advice. We are also liaising with other teams within Menzies, for example they are assisting us with crowdfunding options and have advised us on building a strong business plan.”

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  • “Menzies LLP have acted as our auditor and advisors for a number of years. The company has a holistic range of services to offer, from the compliance aspects of our business and consultancy services which are undertaken by specialist teams. The firm have recently undertaken a business valuation for a successful acquisition of an overseas subsidiary that our group acquired as it continues to grow and branches out into the overseas markets. We have found Menzies to be reliable, honest advisors and would not hesitate to recommend them.”

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    Contechs Holdings Limited, Contechs Holdings Limited August 17, 2016

  • “We have known Menzies for a very long time. The firm acts as our auditors and advisors for the company and our family’s own personal matters. The team fully understand our affairs and come up with pro-active solutions that are in our best interest and tax efficient for the business and family. We also utilise the services of Menzies Wealth Management so the teams work closely together to ensure our affairs dove tail in their advice. The team are trustworthy and reliable and we would not hesitate to recommend them for your personal or company affairs.”

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    Down Street Electrics Limited, Down Street Electrics Limited August 17, 2016

  • “We are a very long standing client of Menzies and they deal with all our financial requirements from day to day bookkeeping through to higher level advisory support.  They are always courteous, professional and considered – and relevant to our sector – providing us with solutions that are prompt and accurate and help us to run the business as efficiently as possible.  We would have no hesitation in recommending their services.”
    Takashi Kamimura – Mary Quant Limited

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    Mary Quant Limited, Mary Quant Limited August 17, 2016

  • “What really pleases me is that I’m now, for the first time, proud of my business, seeing it grow and spending less time at work! I’m learning how to have fun and relax again. My hard work is starting to pay off, thanks to Menzies”

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    FTI, FTI May 25, 2016