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 You may not feel that employing a full time finance director is justified. However, an interim step might be to use the services of a virtual finance director (VFD). A nuOrder VFD would focus on financial control and strategy for your business, providing you with the most appropriate combination from the support elements described here:
- Ensure that you have the right management information to run the business efficiently, and to make decisions regarding new opportunities
- Act as your peer in discussing business decisions (and mentor by virtue of the experience they bring to such discussions)
- Provide introduction to finance providers and ensure that you have the information that allows finance providers to offer the best rates.
- Ensure that any external options you chose do not impinge on the flexibility you are likely to require in the future
- Ensure the business is using it’s resources and assets to borrow in the most cost effective manner
- Ensure that your business is generating a good return for the investment in finance and energy you have committed to it
- Maximising the benefits of technology
- Be affordable, because you only buy the time you need
Cash is often a key area to tackle. Either in the case of a turnaround situation or business improvement situation it is essential to reduce costs, reduce debtors and focus on improving cashflow, or in the case of expansion where cashflow must be carefully managed to ensure continued success. Clients typically are growing and have an accounts department, but are not large enough to justify employing a full time Finance Director. The client gains all the benefits of having an experienced FD on call, but avoids the associated costs with a full time FD. Clients would normally pay a retainer fee in order to guarantee a minimum number of consulting days per month.
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