In many respects a business is like a circulatory system and it needs a constant renewal of funds in order to keep the entire thing healthy. Ensuring that this takes place requires some expert advice that can plot the way forward minimising threats to this system which could very quickly halt, particularly for those small businesses looking to forge a niche for themselves. A part time financial director from a specialist outsourced company could offer all of this advice and more. Business planning is a key stage that if incorrect or badly implemented could result in an unclear path at best, and catastrophe at worst. The part time finance director should be able to offer advice that can create both long term goals including profit projects and annual sales figures, as well as short term goals that includes weekly targets that must be adhered to.
A structure like this can greatly improve the ability of a business to thrive and deal with unexpected problems that arise as a result of continued growth. When a business is growing, maintaining a knowledge of it can be very difficult, especially since it could take as little as a few months for a business to change beyond all recognition. Understanding cash flow will be an important part of ascertaining what the best paths forward are going to be and a part time finance director should be able to provide an accurate reconstruction of the businesses’ cash flow. An entire budget could become dependent on what the part time financial director has to say about the cash flow, but what this could yield is a great wealth of knowledge that could include the development of longer range forecasts that can ultimately be trusted. It is also worthwhile remembering that it is in the FD’s best interests that the business is a success.
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