What is the role of an Interim FD?
Having an interim Financial Director (FD) is similar to the role of a part-time FD, but with a few significant differences. Financial Directors can help you scale up your business, boost fundraising, and tap into grants that you can utilize to meet your goals.
A part-time FD works with the business for the long term, usually one day a week. This setup is ideal for companies who want long-term strategy and direction but don’t have the budget for a full-time FD. Interim FDs are an ideal alternative for businesses that need temporary help to smash their goals or get back on the right track.
When Should I Hire an Interim FD?
Most companies will reach out to an interim Finance Director to work with them temporarily to deal with a specific situation – whether it’s reaching a goal, engaging with fundraising, or fixing a problem.
An interim FD position is one of the most versatile in any company. You may choose to bring in an interim FD to cover an absence within your workplace, such as maternity leave or a long-term illness. Interim FDs can work on a part-time or full-time basis, depending on the needs of your business. If your previous FD has unexpectedly departed, hiring an interim FD can ensure a smooth operation of your company until a permanent replacement is found. Most of our best FD’s are ICAEW qualified.
One reason an interim Finance Director may be hired is to turn around a situation in a business, if it is falling short of projected forecasts or having a disappointing quarter. If you’re considering putting your business up for sale, an interim FD can ensure that your accounts are in line before you seek a third-party purchaser. Similarly, if you’re considering acquiring another business, an interim FD can take over the project and ensure the transaction runs smoothly.
Not every business has a financial department, which is especially true amongst SMEs. If you’re planning on launching a new division, product, or service in your business, an FD can oversee the financial side of your new launch. An interim Finance Director will also be able to help you set up overseas subsidiaries if you’re expanding your business outside of the UK.
Fundraising can be a difficult concept to wrap your head around, especially if you’re not familiar with the complexities and regulations around it. Whether it’s private investments or public grants, an interim FD can help you with fundraising for a project or expansion. They can also help you set up and establish a joint venture with a third party.
Are you looking for a permanent FD? Your interim Finance Director can help you recruit a full-time and permanent Finance Director, along with mentoring an existing member of staff that you might be promoting to the role of permanent FD.
What makes an interim FD different is that they’re goal-orientated for specific projects and usually work across a wide range of industries, giving them vital transferable skills. An interim FD will go into your company and start working right away, hitting the ground running. There is little to no transition period with an interim Finance Director, who will usually start working from day one. They can deal with projects with little to no notice and deliver under pressure within a short time frame.
The challenge that most businesses face is tracking down the ‘right’ interim FD for their business and specific needs.
How to Hire an Interim FD
When it comes to finding an interim FD, they usually come from two parts of the industry. Some freelancers are professional interim FDs and work on short-term contracts with SMEs across various industries and sectors. Some interim Finance Directors have previously worked as a permanent Finance Director and take up an interim role between other jobs and while looking for another long-term position.
A challenge of hiring an interim Finance Director versus a permanent FD is that they don’t have the same level of company commitment and loyalty. Most interim FDs are on a short-term contract for a specific time and are focus on a few projects without thinking too far into the future. For most interim FDs, their major concern is on finding their next contract or a permanent opportunity.
If you’re hiring an interim Finance Director, you want to make sure you’re choosing someone who is a good fit for your business. They should share your work ethos and understand the direction you want to take your business in. Even though your interim FD is only with you for a short period, you want to make them feel like they are part of your team, so they invest themselves into the business.
Hiring Your Interim FD
An interim FD is a short-term investment into your business that can have long-term benefits, allowing you to overcome financial challenges and grow your business. If you can’t afford to hire a permanent FD, an interim one can help you address your most specific concerns and projects.
At FD Capital, our team of talented interim Finance Directors are trained to help you smash your goals and scale up your business. Our team have access to a network of contacts who can help you achieve your fundraising goals or launch a new product. Whatever your project is, we’re here to help. The role of interim Finance Director is always evolving, with our team at the forefront of business innovation and up to date with all the latest developments in the financial industry.
We can help you hire an interim FD who is the perfect match for you and your business so that you can turn your plans into reality. Whether your business is going through a rough patch or planning an expansion, our team is here to provide their expert advice.
At FD Capital, we’re experts in headhunting and recruiting skilled interim Finance Directors who have experience in working with small and medium businesses. Along with interim FDs, we can help you recruit a part-time or full-time permanent FD to join your business.
Please visit our London interim CFO page to learn more about the services we offer.
Interim FD’s from FD Capital Recruitment
If you are looking for an Interim FD, then make sure to reach out to FD Capital Recruitment.
You can get in touch with our team by calling us at 020 3287 9501.