This question comes up time and time again among the membership: how do you know when you need an FD, and what does their role actually entail?
As businesses grow, the founder will often step back from the day-to-day to focus on the long-term strategy and direction for the business. At the same time, it’s likely that the operations of the business become more complex as larger sums are at stake, new taxes and tax reliefs come into play, and capital is raised through borrowing or funding.
Proactive financial strategy, planning and management is the role of the FD and they are an essential part of a management team especially in a business with extensive growth plans. Unlike an accountant, the FD will look at the future of the business to map out shortfalls in cash flow and identify grants, tax reliefs and other savings that the business could benefit from. A good FD will also enable you to sense check your broader strategy, and support you in achieving your goals.
The dinner will look to explore, but is not limited to:
- The average size of a business (turnover and staff) taking on an FD for the first time
- FC versus FD: how the roles differ, when an FC is suitable, and when and FD is required
- The signs to look out for that indicate an FD is needed
- Taking on an FD full-time versus part-time
- How to induct a new FD so they’re clear on the business’s goals and practices
- Must-have qualifications and skills an FD should possess
**Please note that our venues are subject to change; always refer to email reminders one week before the event and the text message reminder on the day of the event for the correct venue. Our website will also be updated in the event of a venue change.