Outsourced FD

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As a business travels through its lifecycle, from start-up to being established and thriving, its needs also develop. The expertise required to shape and steer the business grows in proportion to the challenges the business faces, and at the many decision points that arise, the level of knowledge and experience required can leave business owners struggling to keep up.

People start businesses for all sorts of reasons, and with many different backgrounds, but it’s highly unusual for them to have a solid financial experience, or to be able to afford to recruit the level of flexible expertise they could really benefit from, into the business.

Initially there’s no need to have that level of experience ‘in-house’ as the call upon it isn’t significant enough to warrant the expense, but as time goes on the need for the expertise grows, though still not necessarily to the point of wanting, or being able to afford, a full-time recruit.

That’s where we come in!

For a fraction of the cost of recruiting an internal, full time resource, our Outsourced FD service offers the perfect solution for developing businesses, whatever stage they may be at, or whatever size they may be.

We provide the focus, financial experience and advice that’s required, supplementing the existing knowledge in the business and providing vital support to the owners and management team.

A totally bespoke and flexible package, services adapt to the specific and changing needs of each client, and will include as a minimum:

  • An initial, lengthy meeting to investigate and understand the reasons for enquiring about Outsourced FD, the business challenges and goals. This is the opportunity for both parties to establish whether the relationship will be successful; there needs to be absolute honesty and trust for real success. We’ll also look at the Key Performance Indicators (KPIs) that will make the most difference to the business, and find out whether those can be found easily within the business, suggesting ways to make this the case.
  • Regular discussions around predetermined areas and objectives, alongside more general updates on events, successes and challenges since the last conversation. These can be monthly or quarterly, with conversations in between as needed.
  • Regular checks on progress towards agreed action points and targets, bringing accountability and focus.
  • Reviews of financial developments such as performance against agreed budgets, and identified key KPIs.

What is the benefit for me of an Outsourced FD?

Having offered a similar service for more than 15 years across a range of industries, business owners have seen the following benefits, amongst others:

  • Broad ranging, forward looking and proactive advice, rather than historical figures.
  • Higher profits, in some cases up to 400%
  • A greatly improved understanding of their business, how it works and the processes to implement to improve it.
  • A much better understanding of the biggest influencers to the business’s success.
  • A clearer set of goals for the business that are more congruent with personal goals and aspirations.
  • Someone who will challenge opinions, goals and plans. Being a business owner can be lonely, with few who will do so; we will! Then, we’ll support you every step of the way to achieve what you set out to.
  • More control over the demands of the business, and subsequently a better balance between those demands and a private life.
  • Access to an external, impartial sounding board to ‘sense-check’ ideas, then someone who can provide the support until they are achieved.

Do you need an Outsourced FD?

If you wake up in the night worrying about key decisions, feel isolated, stressed or lonely as a business owner, the chances are that a conversation would be very useful. If you can say ‘yes’ to any of the following though, the benefits could be even greater:

  • You have definite aspirations for growth, even if you don’t have a clear profit figure in your mind yet.
  • You know that there’s a major opportunity on the horizon of which you want to take full advantage, but aren’t sure the current business will enable you to.
  • You realise that you don’t have the expertise and awareness within the business to manage its demands from a strategic or financial perspective.
  • You’re regularly frustrated that you don’t have the right information coming out of your business to make informed decisions, but don’t have the capacity to improve things, or know quite how to do so.

What can you cover as part of the Outsourced FD service?

The range is immense, but here are a few examples:

  • Review and improve the business’ finances and cash flow pressures.
  • Improve profits and reduce costs.
  • Identify the Key KPIs and establish processes to track them.
  • Help with access to funding, together with applications and supporting financial material.

Why use Baranov Associates?

  • We’re likeable and friendly, and won’t belittle anyone for asking a question, or for not asking one – ever!
  • We’re entirely flexible – if you need more help over a period of time, that’s fine, as is reducing our input while you work through your ‘silly season’.
  • The breadth of our previous experience enables us to add real value: we’ve built our own business; we’ve bought, developed and then sold that business; we’ve grown a team through recessions and times of fast growth; we’ve started a business from scratch and we’ve sought funding for that business. This experience means we can empathise with a HUGE number of challenges businesses face, from a very personal perspective. We’ve also helped more clients than we can probably name go through an extremely wide range of issues, including all of the above; there isn’t much we haven’t seen!
  • We have access to a large network of contacts that we can draw on to supplement key areas; we recognise that we aren’t experts and are happy to make introductions where necessary.

Why not get in touch now to talk about your business challenges, goals and plans and how we can help you achieve them?

Is Growth always the goal to go for?

Is Growth always the goal to go for? According to the media and the standard conversation at networking events, you’d think this should be the ONLY focus for any business owner. As Business Growth Accountants, with lots of tools and experience to help businesses grow, you may expect us to agree…

How is an Outsourced FD different to an Accountant?

Given that we can offer both services, the dividing line can be blurred! In reality, there are key differences between the services provided as an Outsourced FD (Finance Director) and a typical Accountancy service.

Are you in the ‘too many eggs’ trap?

As a business grows, it’s easy to get caught having too many eggs in one basket. By this we mean that the business is growing on the back of one key customer. It’s great while it lasts, but exposes your business to dramatic upheaval if that customer business hits problems, or their industry experiences a downturn.

Related Info

Growth Advice

Using our knowledge, commercial experience and technology we can also provide a whole host of additional business growth advice and support.

What we give you…

Our service is entirely bespoke but we include a range of additional features in our service for every client at no additional cost.

Info Centre

To demystify some of the areas of our industry, the legislation around it, and the things to think about when making decisions, visit our Info Centre.

Don’t just take our word for it!

Derek has been an Outsourced FD client for a number of years.

In this video testimonial he explains a little about the challenges he was having before moving over, and what’s changed in his business since he did.

Watch the video to hear what he has to say…

‘Choosing Baranov Associates to be our accountants was the smartest move we ever made. We have monthly meetings with Chris, as our Outsourced FD, to discuss the management accounts and where we are against budget. This provides us with greater clarity and focus in the business and makes a huge difference to where the business is heading.

Chris explains everything in a plain and simple language which I like.

Mrs J Mann, J Mann Associates Limited

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