The current economic situation might be preventing you from picking up the newspaper first thing in the morning – well, at least not until after you have had your second cup of coffee. With headlines about the worsening Euro debt crisis and news stories revealing job cuts from popular companies like Nokia, you’d prefer not have such troubling facts bouncing about your mind while you get ready for a day of running your own company. There is a better way to manage your mornings without beginning to feel defeated and distressed about the global economy. Do as big business enterprises do, endure and take charge of the situation by employing an interim finance director.
A finance director’s function in your business is as indespensible as your own. Because of this , high quality finance directors can command premium salaries, as superior as the package received by Lloyds Banking Group’s new director who reportedly got up to £6 million in salary and perks. Your business might not have enough resources to aim such an astounding number for only one person, but you can still have gain access to and make use of the knowledge and qualifications of a finance director without having to pay him a huge sum frequently. A short term finance director can carry out the same functions of a permanent director and render the same type of expertise needed to improve your net profit.
Regardless of what size your business tends to be in – small-scale or large-scale – having a part time finance director many providers offer will enable you to resolve any financial issues or identify any troubling holes in your business. An accountant and a bookkeeper wouldn’t normally have the adequate credentials and training that a finance director would possess. His training and expertise will arm your business with a more encompassing knowledge that exceeds managing your accounts.
A certified finance director will make certain that all your legal obligations are accomplished promptly like processing returns and data security registration. A good finance director will not just point out issues where remedies are necessary but he will also give you pointers that yield optimistic outcomes, regardless if that is boosting your quarterly profits or reducing your expenses by identifying cost-cutting measures. The ideal finance director will also allow your company to develop and build on connections with essential institutions like banks so that when your business needs it, you’ll be able to borrow money with as little problem as possible.
A regular finance director may be out of your budget for now. However this doesn’t mean that your business should run without proper direction from a top cat of the financial world. Safeguard your business now from the current problems of the economy and get invaluable business advice from a part-time finance director. Indeed, this will accumulate a momentary spending, but it’s one that will provide long lasting alternatives.
