What is a Finance Director? Perhaps the best analogy is that of a Coxswain in charge of the Oxford Eight in the annual Oxford/Cambridge boat race. While each man in the team has a specific role to play, it is up to the Coxswain to steer the boat and execute the strategy that the coach has devised to get to the winning line first.The Coxswain needs to understand the function, strengths and weaknesses of each member of his team, he does not need to physically fulfill each role but needs to know how to adjust the strategy should it be required and get the best out of his team to win the race.
To be successful takes a lot of hard work and experience. A Part Time Financial Director’s role is very similar.It is the Part Time Financial Director’s responsibility to surround themselves with the right team and systems to get the job done – and then devise a financial strategy that dovetails with the company’s overall business strategy to create a winning formula for success. To get this right a Part Time Financial Director needs a sound knowledge of the day-to-day operational areas that are critical in all business – such as working capital management, margin improvement, controls, systems and reporting quality – but their involvement is more one of overseeing than a “hands-on” interaction.
The Part Time Financial Director’s role is essentially strategic in nature and should focus on the FUTURE of the business and how to maximize the return on the most important scarce resource of them all… YOUR CASH!
A Part Time Financial Director will add value in the following critical areas of your business’s operational efficiencies:
- Working Capital Management
- Margin Improvement
- Reporting Quality