How to recruit a Finance Director
In our previous article, we examined the role of a Finance Director, looking at their key responsibilities and helping you decide whether your business needs one. If you’ve already decided that a finance director is for you, there are two distinct ways you can go about recruiting one.
It should go without saying that recruiting a Finance Director is a significant step for any business to take. Hiring someone to oversee your entire organisation’s financial activities means letting go of some of that responsibility yourself, which can be hard – you need to know for certain you can trust your new employee.
Ultimately, the financial future of your business will be predominantly in their hands, so ensuring they’re experienced and qualified enough to take on the role is of course a must.
Option one: Part-time or full-time employee
Depending on the size of your business, taking on a full-time finance director may be overkill – you don’t want to end up in a situation where having recruited someone to take on the role full-time, you then have to make them redundant as they don’t have enough work to keep them busy.
The solution for many small to medium-sized businesses is to take somebody on part-time to fill the role, but even that has its own set of challenges. The recruitment process for a finance director has to be exhaustive; as touched on previously, anybody taking on this role has to be trusted to steer the business forward in the right direction financially.
There is, however, a second route companies can take, which is extremely low-risk, more affordable and less stressful…
Option two: Outsourcing the role
At Ratiobox, we can help you fill the shoes of a finance director without having to go through the lengthy and risky process of hiring one. Our Virtual FD services allow you to remain in full control of your company’s finances, while we work away in the background to ensure that they remain in full health.
Our highly-skilled, experienced team of financial professionals work with businesses of all sectors and sizes, and can liaise with you to provide a service that offers exceptional value and meets the precise needs of your company.
We can work closely with you, providing board-level support to your business without the associated salary costs and risk associated with hiring an additional director.
Importantly, our services are fully scalable; as your business grows, so too can the level of support we provide. Our team will always be on hand to provide support when you need it.
We can even attend your board meetings if required, providing you with a complete, all-encompassing Virtual FD package.