A part-time finance director (FD) can be a great asset to your business. They can provide you with the financial expertise and support you need to grow your business and help you to achieve your financial goals.
However, to get the most out of your part-time FD, you need to be clear about your expectations and communicate effectively with them.
Here are 5 simple tips on how to get the most out of your part-time FD:
- Be clear about your expectations.
Before you hire a part-time FD, take some time to think about what you need from them.
What are your financial goals? What tasks do you need help with? Once you have a good understanding of your needs, you can start to look for a part-time FD who can meet them.
Be specific about your expectations. For example, do you need them to prepare financial statements? Oversee the company’s accounting system? Or provide strategic financial advice?
- Communicate effectively.
Communication is key to any successful relationship, and it’s especially important when working with a part-time FD. Make sure you keep them updated on your business’s financial situation and any planned changes that may affect it. You should also be clear about your expectations and what you need from them.
It is important to communicate regularly with your part-time FD. This will help to ensure that they are aware of your needs and that they are able to provide you with the support you need when you need it
Remember, they are probably working with a few other clients too so give them as much notice as possible if something big is coming up.
- Trust your part-time FD.
Once you’ve hired a part-time FD, it’s important to trust them to do their job. Don’t micromanage them or constantly second-guess their decisions. Give them the freedom to do their job and trust that they will do it well.
This will help to create a positive work environment and will allow them to do their job effectively.
At Tectona, we also have account managers who will check in with from time to time to make sure that you are getting what you expected and to see if there are any other areas we can help with.
- Be supportive.
A part-time FD can be a great asset to your business, but they can’t do their job without your support. Be there for them when they need you and help them to help you to succeed.
This includes providing them with the resources they need to do their job, such as access to financial data and software. It also includes you being available to answer questions and provide guidance when needed.
- Be grateful.
A part-time FD is a valuable asset to your business, so be sure to show them your appreciation. Thank them for their hard work and dedication.
This will help to create a positive work environment and will encourage them to continue to provide you with their valuable services.
By following these 5 simple tips, you will get the most out of your part-time FD and let them help you to grow your business.
About Tectona
Tectona Partnership helps business owners sleep at night by embedding one of our 16 commercially minded finance directors in your management team.
Very often, a part time solution is the most effective solution.
We make sure you have the necessary management information and strategic insight to make informed decisions and reduce risk; and we will absolutely tell you what you need to know, when you need to know it.