How to hire a Finance director

In the dynamic world of business, every successful journey has had a seasoned navigator at the helm. When it comes to the finance team, a Finance Director can be the guiding hand your growing business requires. Wondering why and when to hire, and how to go about it? You're in the right place.

Why hire a Finance Director?    

Often the unsung heroes of a successful business, they bring strategic financial expertise to the table. Here are just some of the compelling reasons to hire an FD:

• Strategic financial planning: Not just number crunchers; they formulate and execute financial strategies aligned with your business goals, ensuring long-term success.
• Risk management: Navigating the financial landscape involves risk and the right person can identify potential risks and develop strategies to mitigate them, safeguarding your business's financial health.
• Decision support: Need to make crucial financial decisions? An FD provides invaluable insights, turning complex financial data into actionable information for the leadership team.
• Compliance and regulations: Ensures your business complies with all relevant laws and stays on the right side of all financial regulations.

For more information on the above, click to read our article on 'Demystifying the role of a Finance Director': 

When should I hire a Finance Director?

Hiring an FD is not just for industry giants. Small, growing businesses can benefit immensely from their expertise. Here are some signs that it might be the right time:

Business growth: If your business is experiencing rapid growth, managing the increased financial complexity and ensuring stability during expansion will be part of their remit.

Increased complexity: As your operations become more intricate, so do your financial needs requiring more streamlined processes to make them more efficient and scalable.

Strategic shifts: Planning a significant strategic move, such as entering new markets or launching a new product line? A Finance Director can provide financial guidance to navigate these transitions successfully.

Financial challenges: Are you facing financial challenges or seeking ways to optimise costs? This is a key role that will analyse your financial landscape and implement strategies to overcome challenges.

This article also relates to hiring a senior accounting professional in the form of a CFO. 

Tips on how to hire a Finance Director

Now that you understand the 'why' and 'when,' let's delve into the 'how':

Define your needs: Clearly outline the skills and expertise you require. Are you looking for someone with experience in your industry? Do they need expertise in specific financial software? Is it important for them to have particular experience with a business situation (i.e. acquisitions, IPO, etc)?

Search strategically: Utilise professional networks, industry events, and reputable recruitment agencies to find qualified candidates. Don’t shy away from promoting the role on your company’s website and social media channels.

Conduct thorough interviews: In the interview process, assess all the key competencies including both technical and interpersonal skills. A Finance Director needs to communicate effectively with various stakeholders and inspire confidence in their financial acumen.

Cultural fit: Consider how well the candidate aligns with your company culture. A Finance Director should seamlessly integrate into your team and understand your business values.

Check references: Contact previous employers and ask about the candidate's performance, reliability, and ability to contribute strategically to a business.

Ready to secure your financial navigator?

Hiring a Finance Director is a pivotal step for any growing business. If you're ready to take this leap, start by understanding your business's unique requirements. Once you've defined the role, strategically search for the right candidate, conduct thorough interviews, and check references. Your Finance Director will be the cornerstone of your financial success.

To assist you with elevating your business and hiring a Finance Director contact us here or on 02 8324 5640 for personalised guidance and a seamless hiring process.