Main article content

Do I need an outsourced Financial Director?

Date: May 04, 2022

Do I need an outsourced Financial Director?

You’ve built a great business, you’re good at what you do, and you’ve established a great reputation.  Yes, life’s hectic and there’s never enough time, but you love your job and you’re living your best life…aren’t you?

I’m willing to bet there are questions running through the back of your mind, that you just don’t have the time or inclination to find answers for yourself.  The kind of questions you think about late at night, but in the morning get swept away by the next meeting, order or hurdle to be overcome.  Questions like, ‘Which products have the best margins?’  ‘Is Customer X worth the hassle?’  ‘Does he cost me more than he spends?’ Right now, one of those questions is probably about how rising costs are going to impact your business.

If this sounds familiar, it’s probably time to think about taking on a Finance Director.  You throw your hands up in horror; after all, that’s a big salary to take on with no guarantee of generating the extra income to cover it.  Even if the extra orders came rolling in, do you have enough capacity to fulfil them?  Ironically, a Finance Director would know how to answer that question!  Luckily, there is a middle ground – an outsourced Finance Director.  Someone who works with you as much or as little as necessary as circumstances and your business change.

You already have an accountant, they’re good at what they do and might even have people in their support network to tap into funding sources when you need capital to expand but an outsourced Finance Director goes so much further.  At Troy, when we start working with you. We take time to really get to know you and your business - it’s strengths and challenges.  We see our role as an OFD as one which empowers you with strategic, financial information such as cash-flows, fully integrated budgets and monthly management reports. This allows you to make better-informed decisions, giving you the confidence to see opportunities, make changes and enabling your business to reach its full potential.

A good OFD (and we are good) communicates with you regularly and clearly.  We can prepare and stress-test business plans and financial forecasts, ensuring you and your business are ready for any scenario.  We offer unbiased, independent opinion and ask challenging questions, pushing your business to maximum performance and profitability.  Hiring an OFD is an investment in your business’s future growth, not just an unavoidable expense (which is how you see your current accountant, isn’t it?). We help you with questions about the long-term future of your business, succession-planning, other business ideas you’d like to get off the ground and how to fund the retirement of your dreams. 

We stay on top of all the latest legislation and compliance issues, which can be a minefield for any business owner.  Because the time spent on these benefits all our clients, it’s far more cost-effective to delegate this to us, rather than wading through the complexities yourself.  We boil it down to what you really need to know and advise you on adapting your systems and reporting accordingly.

Hiring an OFD isn’t just good for your business, it’s good for you too.  Ultimately, we answer those financial questions that run through your head at night, allowing you to get a better night’s sleep...and when you sleep, well, you really CAN live your best life.