Technology & SaaS 09.05.24

3 Interim Finance Hires That Can Skyrocket Scale-Up Growth

Interim finance hires (also known as contractors) can be a game-changer for scale-ups looking to drive growth.

3 Interim Finance Hires That Can Skyrocket Scale-Up Growth

Interim finance hires (also known as contractors) can be a game-changer for scale-ups looking to drive growth.

Finance experts are incredibly important for growing businesses. They provide companies with essential day-to-day support (i.e. accounting, reporting, forecasting) but also contribute to long-term strategic planning.

However, taking on full-time finance staff can be very expensive - particularly for scale-ups in their growth stages.

And that’s where interim finance hires shine.

Finance contractors are skilled individuals who can be recruited for a set period of time, or brought on to support a specific project. This gives scale-ups much-needed flexibility in the finance department - they get all the expertise of qualified professionals without needing to commit to a full-time salary.

Plus, interim finance hires often bring a wealth of knowledge across different industries, businesses, and challenges. They’re generally very experienced, and can hit the ground running to help scale-ups streamline processes, increase revenue, and accelerate growth.

(It’s worth noting that earlier-stage start-ups may prefer a lower-cost solution, such as fractional hires working on an daily or hourly rate basis. However, for scale-ups with solid funding, interim finance experts offer the perfect balance between flexibility and proficiency.)

In this guide, we’ll be highlighting 3 key interim finance hires that can make a colossal impact on scale-up efficiency, revenue, and growth.

#1 - Interim Financial Controller

An experienced Financial Controller is a hugely versatile hire that offers end-to-end financial support for scale-ups. These experts can handle everything from managing day-to-day accounts to overseeing internal processes, and experienced FCs can even take the lead on senior board reporting and advisory work.

This is the ideal interim hire for companies looking to optimise their existing processes and build a strong foundation for further scaling.

Interim Financial Controllers will help scale-ups deliver accurate financial reporting, and can guide budgeting, forecasting, and cash flow management. They may even implement new accounting software and tweak processes to improve productivity.

In simple terms, an interim FC will help ambitious businesses to run more effectively and efficiently, which is crucial for sustained success and future growth.

#2 - Interim Chief Financial Officer (CFO)

For rapidly growing scale-ups with increasingly complex needs (e.g. managing cash flow, analysing risk, negotiating contracts) hiring an interim CFO is a smart move.

As a senior financial leader, a CFO can take a more holistic look at companies to build long-term strategies, establish better processes, and streamline operations.

For example, an interim CFO often becomes an important bridge between senior business priorities and finance processes. They understand how to align financial operations with business goals, communicating with both founders/leaders and individual teams to move scale-ups in the right direction.

An interim CFO can also provide expert guidance on fundraising, mergers, and acquisitions.

Interim leaders will generally have significant experience in these areas, and can often lean on an established network of industry connections for support. Scale-ups can also tap into these networks for external assistance, making interim CFOs even more valuable.

Finally, an interim CFO can act as a sounding board for CEOs and executive teams, providing a finance perspective that’s rooted in years of experience.

An interim CFO is a strong hire for scale-ups ready to supercharge their growth, delivering high-level guidance from someone who’s ‘been there and done that.’

#3 - Interim FP&A Manager/Financial Modeller

Once a scale-up has built a stable technical finance team, they can start equipping themselves with the next-level insights needed for increased growth.

That means establishing an agile, future-facing commercial finance/FP&A team.

In simple terms, an interim FP&A Manager/Financial Modeller will be brought on board to identify areas for improvement. They’ll conduct in-depth financial analysis and provide actionable insights designed to reduce costs and optimise revenue streams.

If a scale-up has already created a solid financial foundation, an FP&A Manager can be recruited to evaluate performance, implement tweaks, and pull every possible lever to maximise profitability.

By developing robust financial models, these professionals will help scale-ups improve decision-making and refine all of their existing operations/processes.

Interim FP&A Managers/Financial Modellers are a fantastic option for businesses looking to drive maximum efficiency. With the fundamentals in place, a scale-up can lean on these FP&A experts to make incremental optimisations that boost growth.

While interim finance hires are a commitment for any scale-up, they can deliver a huge ROI thanks to their expertise.

Contractors bring all the experience needed for business growth without the expense of a full-time hire. They’re flexible finance specialists who can hit the ground running from day one, helping scale-ups to optimise processes, increase revenue, and smash targets.

There are also many different levels of interim hires that can be brought in, depending on your specific financial needs.

Keen to learn more about interim finance hires? Get in touch with Ewan ([email protected]) to discuss your options!

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