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5 key questions you need to ask your FD
As businesses grow, their needs increase. The person steering the finances needs to be someone who can take on a broad commercial role. Forecasting, IT, tax issues, insurance and back office functions – all these need to run smoothly. But a fast-growth business needs someone who can anticipate both future opportunities and potential problems.
A good financial director will help owner-managers understand which aspects of the business are the most profitable, as well as forecasting ways to exploit other opportunities. (Santander)
So what key questions should you regularly ask your FD…..
- What is our cash cycle and how can we improve it – Cash Cycle Blog
- What Key Performance Indicators should we use and what are they telling us – KPI Blog
- How can we improve profitability – 15 ways to improve profitability Blog
- What is our Business Plan and is it the right plan – Business Plan Blog
- Can we reduce Overheads – 10 creative ways to reduce overheads Blog
steve@bicknells.net
10 things your Finance Director should be doing….
SME’s often mis-understand the purpose of a Finance Director and the value they can bring to a business.
The job of a finance director is not just about producing regular accounts: they can help your company with strategy and development. If you want a small, stable business, then you can settle for a risk-averse book-keeper. But a good FD is key if you are growing your business because FDs develop future financial forecasts and push business growth. [Smarta]
So what should your Finance Director be doing for your business…..
- The FD should be able to look into to future to see what the future financial needs of the business will be
- He/She should negotiate funding facilities to ensure the business can manage its cash flow needs
- The FD should be able to foresee the future tax consequences and risks of decisions
- He/She should help the business to achieve the best possible credit scores
- Identify ways to reduce costs and improve profitability
- Understand the business owners objective and focus the business on achieving those objectives
- Ensure financial and regulatory compliance
- Ensure accurate and timely reporting of management information
- Evaluate growth opportunities
- Apply corporate governance
steve@bicknells.net
Business Accountant 