I run my own business as well as manage the finances. When...

I run my own business as well as manage the finances. When is it time to get a finance director?

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Finance directors (FD) are highly qualified and skilled. This means they come with a price tag to match.

If your business has reached mid-tier level and generates turnover of more than R20 million per annum, then it is time to start considering an FD.

Reasons to consider an FD:

  1. Your business turnover is higher than R20 million
  2. Your company has become too busy for you to control the finances alone
  3. Your company is growing at an accelerated rate and you can’t risk losing financial control
  4. If your other responsibilities as MD are taking a backseat to your financial responsibilities
  5. If you’re experiencing financial challenges and you need help with survival solutions
  6. You want to improve cash flow systems and raise business finance
  7. If you’re thinking of selling up or exiting the business.

Because of the financial expense of an FD, consider the needs of your business and whether you can a) afford a full-time FD or b) need one full time. If you fall into the latter category, part-time FDs are available in South Africa through the FD Centre. See FD Centre for more information.

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