Digg it UP - The Benefits of a Part Time Finance Director

The position affords the incumbent the opportunity to become actively involved in all aspects of the business in order to facilitate good planning and reporting practices. On occasions this high level cross-functional activity may not be enjoyed or even welcomed by the Finance Director’s peers.

Whilst it would be expected that larger organizations would appoint a full-time Finance Director, there are many reasons why such an individual may not be employed by many small and medium sized businesses.

There are situations that are most suited for engaging a Finance Director and these include:

• The owner losing control of the business – not knowing how the business is performing – no management accounts – no cash management
• Rapid business growth without a senior financial professional to assist in setting a robust strategy and plan for the future
• Businesses that absorb all available cash with increases in working capital potentially restricting growth and capital expenditure.
• Established businesses with poor profitability and/or with an unacceptable cash generative history.
• Businesses facing external pressures to make financial improvements to satisfy personal or corporate commitments from banks or investors.
• Business owners that plan to exit and seek help to maximize the business value.

Consider the appointment of a Part Time Finance Director.

An increasing trend amongst small and medium sized business owners is to appoint a Part time Finance Director, albeit the person may not be formally appointed to the board – thus becoming a virtual FD.

The part time FD will only work sufficient time to discharge the commitments of the position; this then represents a significant saving against employing a full time person. Typically one to three days each week would be worked which would be a cost effective solution for the small and medium sized business owner.

Would the role of the part-time Finance Director differ from that of a full time person? No, the responsibilities of the position; be it part-time or full-time would be the same; only the time worked would be different. Strategy Planning
Further, a firm should try to find a competitive advantage in meeting the needs of some target markets that it can satisfy very well. The target market should large enough to support the firm’s efforts – and yield a profit.A marketing strategy consists of a target marker and a marketing mix; it is a “big picture” of what a firm will do in some target market. A marketing plan includes the time-related details – including expected costs and revenues – for that strategy. In most firms, the marketing manager must ultimately combine the different marketing plans into an overall marketing program. As suggested in the Scheme, developing an effectimployed by many small and medium sized businesses.

There are situations that are most suited for engaging a Finance Director and these include:

• The owner losing control of the business – not knowing how the business is performing – no management accounts – no cash management
• Rapid business growth without a senior financial professional to assist in setting a robust strategy and plan for the future
• Businesses that absorb all available cash with increases in working capital potentially restricting growth and capital expenditure.
• Established businesses with poor profitability and/or with an unacceptable cash generative history.
• Businesses facing external pressures to make financial improvements to satisfy personal or corporate commitments from banks or investors.
• Business owners that plan to exit and seek help to maximize the business value.

Consider the appointment of a Part Time Finance Director.

An increasing trend amongst small and medium sized business owners is to appoint a Part time Finance Director, albeit the person may not be formally appointed to the board – thus becoming a virtual FD.

The part time FD will only work sufficient time to discharge the commitments of the position; this then represents a significant saving against employing a full time person. Typically one to three days each week would be worked which would be a cost effective solution for the small and medium sized business owner.

Would the role of the part-time Finance Director differ from that of a full time person? No, the responsibilities of the position; be it part-time or full-time would be the same; only the time worked would be different. Medical Billing - GE0 Record Fields 15 Through 20
Medical billing is hard enough. Throw into the mix enteral billing, which requires all kinds of calculations and conversions and it's enough to make anybody crazy. In this installment we're going to continue our review of the GE0 CMN, which needs to be sent with each enteral claim, picking up with field number 15.GE0 field 15, position 63, is the ambulatory indicator. This indicator tells the carrier if the patient is able to move or not. There are only two valid responses to this field. The letter A is entered if the patient is ambulatory. The letter N is entered if the patient is non-ambulatory. The field is mandatory and must be fi/or with an unacceptable cash generative history.

Consider the appointment of a Part Time Finance Director.

An increasing trend amongst small and medium sized business owners is to appoint a Part time Finance Director, albeit the person may not be formally appointed to the board – thus becoming a virtual FD.

The part time FD will only work sufficient time to discharge the commitments of the position; this then represents a significant saving against employing a full time person. Typically one to three days each week would be worked which would be a cost effective solution for the small and medium sized business owner.

Would the role of the part-time Finance Director differ from that of a full time person? No, the responsibilities of the position; be it part-time or full-time would be the same; only the time worked would be different. Don't call Me Chicken! Call the W-2 People Chicken!
I can't get over how many people have been laied off and/or had to change jobs in the last year. In fact, statistics say that the average American will go through at least 10+ job changes over the course of their lifetime.The Good News is that unemployment in the U.S. is below 5% which, economists say, is FULL-EMPLOYMENT. This means that everyone who wants a job and can work, has a job or can get a job.The BAD NEWS:1. The jobs available may not be the jobs that you want2. The available jobs may not pay what you want to earn3. The available jobs may have a work schedule that conflicts with your life and family<es the services of a Financial Director are essential to maintain the good management and success of the business. Affordability is one key reason why a full-time Finance Director may not be employed in the small business. However, the cost of a full-time FD may be prohibitive but it does not eliminate the need for a person to fill the role. In addition there may not be sufficient work to actively engage a full-time finance director, what then are the options?

Consider the appointment of a Part Time Finance Director.

An increasing trend amongst small and medium sized business owners is to appoint a Part time Finance Director, albeit the person may not be formally appointed to the board – thus becoming a virtual FD.

The part time FD will only work sufficient time to discharge the commitments of the position; this then represents a significant saving against employing a full time person. Typically one to three days each week would be worked which would be a cost effective solution for the small and medium sized business owner.

Would the role of the part-time Finance Director differ from that of a full time person? No, the responsibilities of the position; be it part-time or full-time would be the same; only the time worked would be different. Direct Marketing and Piggy Backing
If you are already in a small business and looking for another inexpensive way to market or advertise, perhaps you want to try direct marketing or direct mail? Have you already done some direct-mail marketing using those coupon packages that are sent out by various companies to certain ZIP codes in your community?The only problem with this is sometimes they only send them out about once per month and you want your customers to come in more often to shop with you. Let me tell you about a strategy that I learned in my 27 years in business and my superior efforts for our franchise company in grassroots marketing in the communities that we servalbeit the person may not be formally appointed to the board – thus becoming a virtual FD.

The part time FD will only work sufficient time to discharge the commitments of the position; this then represents a significant saving against employing a full time person. Typically one to three days each week would be worked which would be a cost effective solution for the small and medium sized business owner.

Would the role of the part-time Finance Director differ from that of a full time person? No, the responsibilities of the position; be it part-time or full-time would be the same; only the time worked would be different.

The part time FD would become conversant with the business, take responsibility for accounting, cash management and advise and report on the financial performance of the business.

However, a virtual or part time Finance Director would provide several advantages including:

• Containing costs. The financial skills required in the business would only used when the business needs them.
• Usually experienced in different business sectors and different sizes of business. This would provide the opportunity for the part time FD to transfer the skills, best practices and knowledge gained in one industry to another.
• Offering the business owner unbiased and independent opinions.
• Freeing-up management time to enable other specialist functional directors to concentrate their work in areas most beneficial to the business.
• Providing input into the strategic decision making process.
• Advising on general business matters.
• Adding credibility of the business to third parties, particularly banks, finance providers and other professionals.
• Consulting with auditors, solicitors and other professionals on behalf of the business.
• Ensuring good management and accounting practices are implemented and compliance with statutory requirements.

HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.diggitup.net/article/41556/diggitup-The-Benefits-of-a-Part-Time-Finance-Director.html">The Benefits of a Part Time Finance Director</a>

BB link (for phorums):
[url=http://www.diggitup.net/article/41556/diggitup-The-Benefits-of-a-Part-Time-Finance-Director.html]The Benefits of a Part Time Finance Director[/url]

Related Articles:

Project Lifecycle Processes - Phase I - Initiation Phase

The purpose of the Initiation Phase of a Project is to Identify, Scope and Gain Initial Approval for a Project or Projects that will deliver tangible benefit to the business.

Do You Have a Back-End Marketing Strategy in Place?

Discover how creating a back-end marketing strategy can pay-off.

Top 7 Secrets to Franchise Agreement Negotiations

So you are thinking about buying a franchise are you, that is until you read the onerous franchise agreement and thought to yourself; What else does this company want from me? My right arm, first born and soul? Yes, indeed it does seem like that in reading these modern franchise agreements and you think to yourself who on Earth would sign something like that?

Bookmark it: