Why a part-time FD makes sense
The advantages of employing a part-time FD are to do with sharing the risk, efficiency of investment and making significant improvements to profits.
A full-time FD is likely to cost around £8,000 to £10,000 per month in salary, car, benefits, bonus, NI and other costs of employment. They may also have equity.
But how many business owners evaluate their performance on profit contribution or seek a step change in business performance?
Every FD in small and medium size business will tell you that their effective time each week gets eroded with dozens of tasks that have cost implications but need not end up on their desk. Everything from problems with the cleaners to leaky gutters somehow end up needing half an hour here, an hour there.
A part-time FD is completely focused on making best use of their time and adding value by concentrating on making changes that justify their contract, whether that is renegotiating significant contracts, analysing where cost and value efficiencies can be made or working with the business owner on strategic changes.
Our finance business partners all have one thing in common – they have a proven background in high performing and blue chip organisations and have gone on to work successfully for smaller businesses because they get satisfaction from getting stuck in and making a visible difference.
Above all, they buy in to our approach of sharing the risk with our clients. It is our way of demonstrating that we understand how business owners think and behave. We don’t want equity but we have ‘skin in the game’ because if you are not happy you can walk away and until that business partner is assigned to a new client, we are losing out.
Efficient, focused, and motivated by risk – is that a good enough reason to explore further the profiles of our finance business partners?