Tim Goulding
What an experienced interim FD can bring to small and medium sized businesses.
As a business owner myself, I understand the challenges that small and medium-sized businesses (SMBs) face in today's competitive landscape. It can be a struggle to stay afloat, let alone grow and expand. That's why I am a strong believer in engaging experienced financial support on a short-term advisory basis or as an interim.
In my experience, working with an experienced finance director (FD) can be a game-changer for SMBs. They bring a wealth of expertise and knowledge that can help businesses to develop and implement a robust financial strategy, manage cash flow, improve financial reporting and analysis, mitigate risks, and secure funding and investment.
Some of the key advantages of engaging an experienced finance director are:
strategic financial planning - having a clear financial plan in place can make all the difference in terms of making better-informed decisions and allocating resources effectively. It's a bit like having a GPS system for your business – it helps you to navigate the twists and turns of the economy and market and stay on track.
As they say, 'cash is king', and a key challenge for a business is managing cash flow, especially during times of uncertainty. An experienced FD can help to identify potential cash flow issues and develop strategies to address them. They can also help to develop a cash flow forecast and management plan to ensure that your business has adequate cash reserves to meet its obligations.
effective financial reporting and analysis - an experienced FD will help to ensure that financial statements are accurate, timely, and comply with accounting standards. They can also provide meaningful financial analysis to help SMBs understand their financial performance, identify trends, and make informed decisions.
risk management - SMBs face a wide range of risks, and effective risk management can help to mitigate these risks and reduce the likelihood of costly disruptions. An experienced FD can help to identify potential risks and develop strategies to address them. They can also develop a risk management plan to ensure that your business is prepared to deal with unexpected events.
funding and investment - a crucial area for SMBs looking to grow and expand. An experienced FD can help to identify potential sources of funding and investment, prepare business plans, and develop investment proposals. They can also provide guidance on how to structure deals and negotiate with investors.
While engaging an experienced FD will require some investment it doesn't have to be expensive and should be tailored to fit with the requirements of your organisation. For example, engaging on an initial short term advisory capacity, or as an interim for a set number of days a week/month, means that the benefits that they bring to the table far outweigh the cost.
Having worked with managing commercial and charitable businesses over the past 20 years, I know how costly and disruptive poor financial decisions can be. Engaging an experienced finance director can help to avoid these mistakes and save time and resources.
So, if you want to explore opportunities for how I can support you and your business, please get in touch via the contact form on this website.
I look forward to having an initial conversation over an obligatory coffee on me!