Any successful business owner will tell you that as the company grows, you must start to delegate key tasks to various individuals. It is inefficient to leave one person with a range of responsibilities without delegating to other members of the team. If you wish to expand effectively, you will need help from experienced professionals outside the company. Here are the benefits of in-house and outsourced help.
Is a Financial Director Necessary?
Financial specialists like Mark Lumsdon-Taylor can completely transform a business and bring it back from the brink. You may think your company is doing well with an accountant who looks after tax, reporting and annual accounts, that you don’t really need assistance from a financial expert.
There is a big difference between both roles, as one is there to keep your company compliant and file reports, whereas the other is there to focus on the future of your business. A progressive FD (Financial Director) is there to address the company’s future financial performance, they also help to:
- Establish cost models
- Create spending strategies
- Define the business model
- Create sustainable business models
Pros of an In-house FD
If you want a professional who is there throughout the working week, you are better off hiring a full-time recruit. They will provide a detailed overview of your financial management and you will have access to them whenever you need. You can reassure that they will have an eye on the future of your company. Having an in-house expert in the business means you will have invaluable experience at every meeting. As a manager or owner, you also have someone to share the burden of leadership.
Pros of Outsourcing a FD
If you decide that you don’t want or need a full-time financial expert in the office, you can always avail of a virtual FD. You will enjoy all the benefits of an in-house hire without the added cost. A part-time financial advisor won’t need a permanent salary, benefits, or anything else that comes with a full-time employee. You will have strategic support from someone who provides knowledge and industry expertise.
There are pros and cons of hiring a full-time financial director or outsourcing to a professional outside the company. There are times when you need help from an experienced financial expert to get you out of a difficult situation or to assist with expansion. Whether you hire internally or externally, a knowledgeable advisor will bring lots of benefits.