An FD is necessary when moving your business forward. They will impact on the future financial health of your business through strategic planning, commercial decision making and tighter financial controls.
If you already have an FD then that’s great. I’m sure they understand the importance of proper planning and strategy. However, it’s worth checking that your FD provides you
with relevant and insightful reports that give you what you need to run your business.
If you think you need to review your strategic finance input, then you should consider what FD you need.
Sometimes two FD’s are better than one, there’s so many different types and skill sets an FD could have:
– An FD who restructures the balance sheet, builds up M&A deals, reports and closes the books, and understands the inner workings of the business
– An FD that has the strength, poise, and experience to make the difficult decisions on staffing, lenders, and suppliers
– An FD who acts as an expert of the business and can achieve increased productivity and efficiency throughout the company’s operations as a whole.
For example, if a crisis occurs resulting in a shortage of cash flow, your current FD may lack the necessary abilities and need assistance to kick start the turnaround. This requires a different FD who can provide the right perspective needed to spur the turnaround involving precise negotiations and proper management of the workforce.
It’s essential to have FD’s who have different skill sets that can collaborate and ensure the success of your business.
If you need an FD tailored to your needs, get in touch with our team right away email@example.com