Small business often lacks management resources and sophistication, particularly in the field of financial management.
Many small, owner-operated businesses simply lack the headcount needed to effectively lead the financial management function in an organization. Reasons for this could include that your business hasn’t reached the critical mass needed to warrant such a manager, or the high fully-load cost of hiring a permanent executive. The solution, especially in the case of the latter, can be the engagement of a part-time financial management executive.
Why is financial management essential?
As mentioned earlier, most small businesses don’t have the need for a full-time financial management executive, and rightly so. Many small businesses can survive with a full-time bookkeeper or controller and perhaps additional personnel to handle billing and collections. However, the financial management function in these businesses generally lack the resources and sophistication to position a company for growth, secure capital, maximize profitability, and maintain operationally efficiency as well as a discipline for budgets and financial forecasting. If the focus of the owners and shareholders is growth and increasing shareholder value, then having these skillsets in the organization is key!
The solution is part-time financial management
RAK Advisory can provide part-time financial management leadership at a cost significantly lower than the fully-loaded cost of a full-time permanent financial executive, but with almost all the benefits! Assuming your bookkeeping needs are sufficiently met with existing personnel, we can provide leadership for the finance function and have it running at a level of financial sophistication of a larger business. Our aim is deliver all the financial acumen that RAK Advisory offers as a service provider and more, but as an actual part-time member of your management team.
Whether you’re a start-up or established business, don’t underestimate the need for an experienced leader of your financial management function. We believe financial sophistication and discipline is important at every stage. And as a part-time member of your management team we will eagerly work closely with you to achieve your financial goals!