Are you an early stage or medium sized business with HIGH growth ambitions?
· 50% of start-ups fail within the first two years
Getting the higest level of financial management advice will help lead to increased sales, profit and cash. The business will be more sustainable and have a higher capital valuation. You will also benefit from having greater peace of mind and fewer sleepless nights.
The need for a senior finance professional actually arises well before it can be justified as a full time position...and many businesses leave it too late.
This is to stress it is a part-time role (somewhere between 1 and 4 days a month) and the CFO will operate outside of the business’s day-to-day management structure as much as possible. For example, the CFO will want to build a solid finance function which is an integral part of your business and one which you can manage day-to-day without you needing them to be there. All these things will allow the CFO to give better impartial advice, the ability to constructively challenge others, and become your “Trusted Advisor”. However, none of this means they will not roll their sleeves up and fix things when they need to, particularly in the early days of an assignment.
There is nothing wrong with having a Finance Director, in fact, larger businesses may have both an FD and a CFO. It is just that a CFO is much more highly experienced in finance and, importantly, business generally. A CFO will be able to add much more value and in all areas of the business, not just finance. A CFO will be able to speak to you in language you understand and be better at operating at both a strategic and a tactical level. For all these reasons, a CFO will have much more credibility with investors, banks, customers and suppliers.