When to Choose a Fractional FD: Balancing Cost and Competence

Regardless of the size of the organisation, every company can thrive under the guidance of a strategic finance director. Perhaps cashflow is a concern, however. Maybe you don’t have the workload to justify a full-time hire or you would simply like to trial an FD before making a permanent, full-time commitment.

Whatever your circumstance, a fractional FD enables you to enjoy the benefits of a highly skilled individual, without the huge financial outlay.

When to choose a fractional FD:

When cost is a concern

Full-time employees are a huge financial commitment. As well as paying a higher wage, you need to take into account pension contributions and benefits. Fractional employees are typically more cost-effective because you only pay for the services you need. You have the option of hiring an FD on a part-time or project-by-project basis, offering complete flexibility depending on the demands of your business.

You need a flexible hiring solution

Start-ups, SMEs and seasonal businesses often experience fluctuations, which means that the need for employees will change throughout the year.

Fractional FDs provide a flexible solution to such organisations because they can be hired on an as-needed basis. Services can be tailored to the specific needs of your business as and when you need them. Furthermore, you also have the option to increase hours during periods of growth or financial complexity.

You need tailored financial expertise

One of the greatest benefits of hiring a fractional FD is that they bring the diverse experience that comes from working with multiple companies and industries. They focus on strategic financial planning and high-level financial management, thus providing a wealth of financial expertise in a short space of time.

It’s very common for organisations to hire a fractional FD when they need a tailored solution or someone who can address the specific challenges their business is facing at that time.

You need someone who can make an impact quickly

Due to their experience working with different clients, fractional FDs are highly versatile. They’re adept at understanding the unique financial landscape of individual businesses and can implement best practices in a timely and efficient manner. This is particularly beneficial if you’re experiencing growth, organisational changes, financial difficulties or seasonal fluctuations.

Take the risk out of hiring with our advanced recruitment tool, The Acuity Measure. An assessment designed to successfully identify high-performing FDs with the skills, capabilities and competence your business needs to thrive, you can feel confident in your hiring decisions.

To find out more about The Acuity Measure or for help finding your next fractional FD, get in touch with Acuity Associates today.