Why Hire an FD or CFO?

If you’ve landed on this guide, the chances are that you’re a business owner, CEO, or MD that is looking for help with hiring a CFO or Finance Director that works for your business needs.

Hiring an FD or CFO means that you can have a dedicated person on your team to deal with the financial side of your business. Not everyone who starts a business comes from within the industry or has the knowledge to do things like forecasting or troubleshooting. With an FD, you get to take advantage of their skills and experience to get your business back on track or smash your growth goals. Read our guide to find our more.

The role of FD or CFO is as much about strategy and planning as it is about monitoring the company’s cash flow. For any company to implement a new strategy, you need to have someone on your team with the specialist skills and knowledge to access your current systems and implement alternatives.

Bringing an FD on board is a major decision that you want to get right. Our guide is designed to help you make the right decision for you and your business.

Why Recruit an FD or CFO?

The position of CFO or FD is one of the most versatile in any company. Their role is to help you meet your financial goals and scale up your business, whether it’s through fundraising or company expansion.

You might decide it’s time to recruit a CFO or FD if you want help with fundraising through government programmes or private investors. If you have a merger or acquisition on the horizon, a CFO can ensure the transition is streamlined and runs smoothly. One reason companies choose to recruit an FD is that they are planning to enter a new niche or want to expand their market share in an existing one.

Some of the key benefits provided by a CFO or FD include:

Insights into company performance to improve profits.
Introduces better controls and systems.
Improves cash forecasting and management.
Utilises forecasting, modelling, and planning.
Increases the company’s credibility with external parties, including banks and PE houses.
Brings experience and expertise in a niche field.
Allows your company to plan for the future and formalise business strategy.
Recruit skilled employees to up-scale your business.

What Can an FD or CFO Do for Me?

You might be wondering what a CFO or FD could do for you as a business owner or MD. Adding an FD to your team can be a gamechanger for your company and how you operate day-to-day.

Having an FD on board can free up your time, as they’ll oversee all the financial aspects of your business that might otherwise distract you from other important elements. When an FD can analyse your performance, they can implement systems that will boost your company’s performance and potentially save you money long-term. Read our guide to find our more.

Most SMEs choose to bring an FD on board as they don’t have a finance department. In this scenario, having a CFO or FD can streamline the processes within your business. Whether it’s making the accounting process easier or implementing systems, your FD can help you save time or money daily.

The manner of their job means that CFO or FDs can have difficult conversations on your behalf, whether it’s a contractor failing to pay on time or a difficult customer. One of their primary responsibilities is to help you manage your cash flow.

When you have a CFO or FD, they should be one of the most senior employees within your company. As they oversee your finances, you can involve them in the everyday decision-making process to help you manage your funds while hitting your goals. If you have ambitious goals for your company’s future, having an FD on board can help you implement the strategies you need to achieve them.

What Skills Should I Look for in a CFO or FD?

Our goal at FD Capital is to match you with a CFO or FD who is the perfect fit for your company and long-term goals. Whatever way you’ve come across a candidate, there’s a few abilities and skills that you want to be looking for.

Interpersonal skills: Your FD will deal with everyone from investors to clients and employees. They need to have the diplomatic skills to present the company in the best light.
Data analytical skill: The key role of an FD is to analyse the data around your business to facilitate forecasting and performance analysis.
Innovative creativity: Your FD needs to be able to come up with innovative solutions to resolve problems within your company and create growth opportunities.
Relationship with CEO: A CFO or FD often steps into the shoes of the CEO, working directly alongside time. You want to make sure you have a good rapport and connection with the candidate.
Professional network: Your CFO or FD should have a network of professionals across the industry that they can call upon to help with everything from forecasting to fundraising.

What is a Typical Salary of an FD or CFO in London and the West Midlands?

The typical salary for a CFO or FD in London is near £125,000 with a 20% bonus expectation. In the West Midlands, the average salary is £90,000 with a 15% bonus expectation. Read our guide to find our more.

Is Every FD a Chartered Accountant?

Most FDs are ACA/FCA qualified, while some are CIMA qualified. Our team will work to match the skill set of our FDs to match your needs. We’ll always put forward the best CFO or FD for your company.

Should I Recruit My FD on a Full-Time or Part-Time Basis?

Hiring a part-time FD means that you can take advantage of the same expert knowledge and the individual’s experience within the industry without the extra financial cost of hiring someone full-time. Choosing a part-time or full-time FD will depend on the needs of your business. Read our guide to find our more.