You’ve built something solid. The team’s growing, the numbers are bigger, and the decisions carry more weight. With that growth comes complexity, especially when it comes to finances. What used to be simple gut calls now need serious planning, forecasting, and strategy. This is when you could use a Finance Director (FD) or, as often known outside of the UK, a CFO.

You don’t need to be a big company to need one, but you do need to know when the timing’s right, and how to find the right fit. 

When should you hire an FD?

Hiring an FD comes down to the complexity of your business, your ambition and the level of risk your business is exposed to. Here are some clear signs your business might be ready:

1. You’re planning for growth

Expanding your team? Launching a new product? Opening a second location? An FD can help you model different scenarios, forecast your cash flow, and make sure your plans are financially sustainable.

2. Cash flow is becoming unpredictable

If you’re often surprised by shortfalls or struggling to understand where your money’s going, it’s time for expert help. An FD doesn’t just track your cash flow; they manage and optimise it.

3. You’re looking for funding

Whether it’s a loan, investment, or grant, a FD helps you prepare financial documents, build a solid business case, and present your numbers confidently.

4. You’re overwhelmed by financial decisions

Should you hire now or wait? Lease or buy? Raise prices? These decisions carry risk, and an FD can help you make them based on data, not guesswork.

5. You’ve outgrown your accountant or bookkeeper

Your accountant may keep you compliant, but an FD will help you grow strategically. If you feel like you’re flying blind financially, it might be time to level up.

How to hire an FD (without breaking the bank)

Hiring a full-time FD can be expensive. The good news? Most small businesses don’t need one in-house, and that’s where outsourced or fractional FDs come in.

Here’s how to hire one the smart way:

1. Know what you need

Start by identifying your biggest pain points. Is it budgeting? Cash flow? Strategic planning? This will help you find an FD with the right strengths, not just someone who “does finance.” You may actually find that you need some support with running your finance department, for example, bookkeeping, payroll, payments, invoicing and management reports. The actual right person may be a finance professional who would call themselves a Financial Controller.

2. Choose part-time or project-based

You don’t have to commit to a full-time salary. Many FDs work part-time or on specific projects (like preparing for investment or creating a growth plan). It’s flexible and far more affordable.

3. Ask about industry experience

Look for someone who understands your business model or industry. An FD with relevant experience can add value quickly and spot risks or opportunities you might miss.

4. Make sure they can communicate

Your FD should be able to explain financial concepts in plain English, no jargon. You’re hiring a key professional to support your business. They should be able to flex their style to work with you and communicate in a way that you understand. But also that understanding then prompts decisions and actions. 

5. Get clear on deliverables

Before you sign anything, clarify what they’ll be doing, how often you’ll meet, and what success looks like. The more specific, the better.

Need help?

We can help ease the pressure, from business planning to staffing, to making sure you’ve got the financial backing to support your next move. Whether you’re thinking about hiring an FD or just trying to make smarter decisions, we’re here to help.

Get in touch.