Part-time/ virtual Finance Director

Part-time/ virtual Finance Director

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 I have just set up in practice but want to pitch myself as a part-time or virtual Finance Director rather than just another accountant, as there seem to be a lot around!  I have worked at FD level for 10 years across a range of businesses, but am now looking for clients who are smaller businesses who cannot yet afford a full time FD but need that extra level of strategic input.  I can sell my experience and value add once I get through the door, but does anyone know the best way of opening the doors (apart from networking, networking, networking??

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By Jason Dormer
11th Feb 2011 16:22

FD

I wouldn't discount networking as it will get you in front of the type of business owners that you will want to attract.

Your pitch can centre on the strategic side of your business and the decision making beneifts of using you.

Other areas to think about - approach Business Link and get on their preferred supplier scheme, they will recognise the importance and value of your services and will match you with the right type of client.

Also, approach all of the local bank managers, they are keen to have as much up to date financial information as possible before lending and will appreciate your services to their customers as it will help the banks, bringing lots of referrals.

Another option would be to approach Insolvency Practioners, many business owners who have gone under in the past and want to try again are much more wary of getting things wrong second time and a lot more focused on compliance, tax planning, and cashflow management.  Your service can tick these boxes.

Plenty of other methods but with your service it's about quality rather than quantity.  Not all business owners want or recognise the need for an FD but plenty do and are willing to pay.  Find the right clients and show them that your service can be viewed as ain investment rather than an expense.  If you provide enough value you should be able to premium price.

 

 

Regards

Jason Dormer

Seahorse (UK) Ltd

 

 

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By moneypartner
11th Feb 2011 18:07

Thanks for the advice

 Thanks Jason - all good advice - I saw an article about your business earlier so am going to have a look at your website as well - thanks again.

 

Nikki

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By SE_Confused
11th Feb 2011 20:16

telemarketing?

we have started for 3 months now and it is a success.

not for FD but for general accountancy and tax - i don't see why it wouldn't work for FD as well .

bit pricey but worth it 

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By Trevor Scott
12th Feb 2011 09:53

Part-time/ virtual Finance Director

I thought that most accountants already performed this role as a matter of course.

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By Growth partners
13th Feb 2011 10:18

Part time FD

You could always look at businesss such as mine www.mybusinessfd.com and others that are similar. Working under a brand that gives you support and help finding clients significantly de-risks your plan.

Chris

www.mybusinessfd.com

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By julieraikes
16th Feb 2011 12:24

Not as easy as you may think!

I set up my business as a part-time FD 3 years ago. Networking is difficult because most networks involve businesses too small to consider these services (although in my opinion every business needs one).  Even though you are selling 'through' the room rather than to it, I have found you need to target networks such as IOD, Chamber, NRG - these are where your senior directors and partners hang out.  Also a good idea to identify those working in your target market who are not your competition.  For me its Law firms so I have built good relationships with Legal recruitment and Training Companies, Accountants and banks specialising in the Legal market (based on referral institute teaching) - referrals is a much better way to build this type of business.  Be wary of banks however, they promise the world but very few really take the time to help the businesses they manage.  By the time they realise they need to review an account the deadlines are looming and they dont have time to work with their clients.

Who said accountants are supposed to do this sort of thing!!! Dont know about the rest of you management accountants buy my exprience of financial accountants has been that they neither want or do anything other than preparing the figures - even the management accounts are produced with little interaction with the business.

Stick with it, its about getting your reputation out there which takes time.

Happy to chat about it further if you want to give me a call  www.jrbusinesssolutions.com

 

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By Spurge22
16th Feb 2011 14:45

It's all about word of mouth

I agree with Julie - I set up as a part-time FD 8 years ago and pretty much every client I have had has come from word of mouth & referrals.  Banks I've found are useless.  The larger accountancy firms can be useful - if they have a smaller client who can't afford their partner/senior manager rates they may be prepared to refer a part-time FD, on the basis that it will make their audit and/or corporate finance work go a lot smoother.

I've also found that it helps hugely to have a niche or sector specialisation (mine is Media) which differentiates you from others and is a potential door-opener.

Finally, it took me 3 years before I was confident that I had a sustainable business that would earn me a good living - you need to be patient, word of mouth can be a slow burn!

Good luck,

Chris

http://www.mediafinance.co.uk 

 

 

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By Jason Dormer
16th Feb 2011 15:12

Chris

Funny that from your experience banks are 'useless' I have found them to be a very good source of regular new business.

Are you making your proposition attractive enough for them to refer?  Have you developed recipricol relationships with the key introducers at the banks?  Not a pop, just interested.

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By moneypartner
17th Feb 2011 14:33

Thanks for the advice

 Thanks Julie - all sound advice and at least yours and the next reply show me that I have to bear with it!  I will also look at your website and may well get in touch for more of a chat - thanks again.

Nikki

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By Growth partners
19th Feb 2011 17:44

Cover all the bases

In my experience leads can come from anywhere so you have to cover all your bases. It might be from a previous colleague you havent spoken to for 2 years, from a friend in the pub, ex-boss or any one of the numerous contacts that you should be building up in the sea of professional advisers that court small businesses.

On the flip side, spread yourself too thin and you'll never have a good enough relationship with those referrers for them to trust you. As the old addage goes, someone only refers to the last person they met. In many cases I've found that to be the case and finding reasons and ways to keep you at the forefront of peoples minds take a lot of time and effort.

I also believe in other forms of marketing leveraging new media, many of whch we're currently experimenting with and finding quite interesting results. In this day and age there's a heck of a lot of freely available info around about businesses, about people, there activities etc and harnessing that through LinkedIn, Twitter and the like to track, profile and target potential leads could be well worth you looking into.

There's no easy answer I'm afraid and much depends on your ambition, aptitude and personality, so very best of luck!

(Btw, we're recruiting nationally for Regional Directors at the moment, so if any of you want to be part of an ambitious and rapidly expanding brand, get in touch.)

chris

www.mybusinessfd.com

 

 

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