Investing in a Finance Director will help increase the decisions to improve a company’s financial implication and ensure the best decision is being made on behalf of your business. But why would you justify the extra cost? Why pay someone when you can do it yourself?
Well consider this, if you had a Finance Director (FD) in a board meeting someone who focuses on financial related business decisions and they achieve an opportunity whereby you could have potentially missed out if they weren’t there. How would you feel?
If you have a Financial Controller, then you are okay right? Whilst they do play a crucial part in your business finances, they will not have the same duties as a FD would or potentially see crucial financial opportunities.
Businesses should not just want to tackle everyday tasks as this leads to a lack of focus on helping the business find new prospects to grow. A lack of focus on the right direction could be detrimental to your business.
For any business, whether you work in Insurance, Supply Chain or even Recruitment, the ultimate goal is success. Everyone has their own duties and having the right people is what makes a business grow. In these hard times, the FD will be the one who will make those hard decisions protecting the business.
What does a Financial Director do?
A finance director is the middleman of any run business, they contribute to the accomplishments of a business objective and finds opportunities for growth. They have a keen eye on the finances and are constantly working on both the inner business and their future. The role of an FD is challenging, with an oversight of a company’s financial health and the responsibility of their statutory will allow a forward-thinking member of any businesses team.
Allowing someone to primarily focus on forward thinking opportunities and a drive for profit will place you in the best place to succeed. A great FD not only brings knowledge of financial processes however, a greater understanding legal and HR protocol which allows them the ability to build relationships with both external shareholders and internally with operational managers and most importantly the CEO. With this all-round knowledge helps the business run smoothly and adds strength to every aspect of your business.
With an ability to integrate all necessary data to an advantage, ensuring continuous success of the business, they are more than just managing the company’s finances as they go further in their duties to uncover information. They work close with the CEO and can challenge them on any concerns that may need solving whilst supporting them on any path they believe is necessary. Having the ability to confront one another on any concerns present a united front.
Looking into analytics and intuition guides them to do the right thing. The advantage of having a FD will be their honesty no matter how unpleasant the answer may be. With them contributing to the achievement with their advice and guidance again will place you in a better decision.
The last thing a company wants to be worrying about is their finances with an FD they will provide guidance to ensure the company’s financial commitments are met.
In regard to a FD’s working to ensure cash flow is maintained their ability to work with the CEO’s to look ahead and advise where to go and allow an understanding to where money can be made. With them constantly looking ahead this allows one to challenge the company and the CEO’s to what they believe is crucial, and gain understanding for both parties. They recognise the balance they have in their position between working as a partnership with the CEO and supporting them.
They do have the best interest for the business and endure the difficulties to drive change in today’s business environment.
No matter what the size of your business, a finance director is someone you should consider as a vital person in a successful organisation. The added value will allow a focus on other aspects of your business.
An FD is at the heart of every business decision from sales, marketing, new staff, IT, analytics, stationary, you name it they are involved. As such, the FD is amongst the most trusted member of your business and someone who will give you an honest representation of that facts and figures and tell you when the time is to invest and grow.
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