A part-time FD, or part-time Finance Director, can provide several advantages to businesses, including:
Hiring a full-time Finance Director can be costly for small and medium-sized businesses with top notch ones often demanding six figure salaries – not to mention pensions, sick day, holidays, software licenses, laptops and phones. Before you know you could be spending £150-200k on such a person. However, by hiring a part-time FD, businesses can access the expertise of an experienced financial professional without incurring the same level of costs.
Part-time FDs typically work on a flexible basis, which means businesses can access their expertise when they need it. This can be particularly useful for businesses with fluctuating financial needs, as they can scale up or down their engagement with the FD as required. I have some people who I work with on regular days each month. For others a quarterly check up against the forecast and a plan for the next quarter is more appropriate.
Part-time FDs are typically highly experienced financial professionals who can bring a wealth of expertise to a business. I can provide guidance on financial strategy, planning, and decision-making, helping businesses to make better-informed financial decisions. I have been advising law firms for nearly 20 years and I’ve seen hundreds of them in that time. So it’s unlikely I’ve not seen your issue before.
Part-time FDs are often able to provide an objective viewpoint on a business’s financial situation, which can be valuable in helping business owners to make important financial decisions. I can also provide an independent assessment of the business’s financial performance, which can be useful for identifying areas of improvement. By not being in the business everyday, there is less emotion around certain people, offices, departments etc and I can help you make the objectivity right decision, even if it is a hard one.
Access to a wider network
I have a broad network of contacts in the legal industry, which can be valuable for businesses looking to access funding, make acquisitions, or expand into new markets. I have worked alongside a variety of software providers, risk and compliance experts, banks and insurers. Which means I can help make a connection for you whatever your Firm needs.
Overall, hiring a part-time FD can provide a cost-effective way for businesses to access the expertise of an experienced financial professional, while also providing flexibility, objectivity, and access to a wider network.