As a growing business, financial complexity increases quickly. Decisions that once felt straightforward – hiring new staff, pricing your services, or exploring investment opportunities – begin to carry more weight and risk. Amidst this evolution, many business leaders begin to ask:
“Is it time to bring in a Finance Director or CFO?”
The short answer? Possibly. The long answer requires a closer look.
What Does a Finance Director (FD) Actually Do?
A Finance Director or Chief Financial Officer (CFO) plays a far more strategic role than simply overseeing bookkeeping or closing the monthly accounts. They help shape the direction of your business by aligning financial planning with commercial goals.
A capable FD will:
- Provide greater clarity around your financial position
- Build and manage budgets and forecasts that support decision-making
- Support strategic initiatives, including investment planning and business growth
- Help set more profitable pricing strategies
- Improve cost management and support margin growth
- Ensure compliance with HMRC requirements and prepare your business for audits
- Act as a sounding board for complex or high-stakes decisions
In short, a good FD ensures your numbers are not just accurate, but meaningful, helping you use data to make better strategic decisions.
Do You Need One Full Time?
Bringing in a full-time Finance Director can be a significant investment, with costs easily exceeding £100,000+ per year when including salary, National Insurance, pension contributions, and recruitment fees.
For businesses in a growth phase or at a strategic crossroads, this level of commitment may be more than is presently required. That’s where an outsourced or part-time FD can be a valuable solution.
The Outsourced FD: Strategic Expertise Without the Overhead
An outsourced FD provides the same level of strategic financial leadership, but on a more flexible and cost-effective basis. Whether engaged a few days a month, per project, or during transitional periods, they offer a tailored approach to suit your business needs.
Key benefits include:
- Cost-effective: Avoid the financial impact of a full-time hire while gaining senior-level financial input
- Experienced leadership: Gain access to a seasoned finance professional who can bring a wealth of experience and insight to your organisation
- Scalable support: Increase or reduce involvement based on your business stage and strategic priorities
- Faster onboarding: Access support without waiting months to complete a recruitment process
- Peace of mind: Focus on operations while your financial strategy is being expertly managed
Is It the Right Time for Your Business?
You don’t need to be a large corporation or have an internal finance team to benefit from this level of support. In fact, it’s often during periods of high growth or change that outsourced FDs can deliver the most value.
Here are some common indicators:
- You’re uncertain whether your margins support further recruitment
- You lack visibility into which services or products are truly profitable
- You’re considering raising investment or applying for funding
- You’re reliant on basic accounting reports and need more actionable insight to make strategic decisions
Still Deciding?
It’s entirely normal not to have all the answers straight away. Sometimes, the starting point is simply a conversation.
At Your Finance Team, we support ambitious business owners who want greater financial clarity, control, and strategic insight—without the commitment or cost of a full-time hire. Whether you need a few hours of help each month or a dedicated partner during a period of change, we’re here to support your next step forward.