What Is A Finance Business Partner?
You’ve probably heard of business partners in the context of creative partnerships, such as Lennon and McCartney, or Jagger and Richards. But what about business partners in the finance world? What exactly is a finance business partner? And why would you want one? We’ll tell you in this article!
A finance business partner helps you with your finances
As your business grows, it becomes difficult to keep track of every purchase and pay every bill. So instead of spending all your time running numbers in QuickBooks, you should consider hiring a finance business partner to take over these duties. That way, you can focus on growing your sales while they handle things like paying vendors and managing cash flow. Of course, as with any other employee or contractor, finding a finance business partner that's right for you will be important. But even if you need to search for someone for weeks or months, it's still worth looking into because it'll make your life easier long-term. To help out those of us who are just starting out and aren't sure where to start looking for one, I'm going to share some tips below. Finding a finance business partner isn't difficult, but it does take some time and effort. First, you'll want to research your options. Start by looking at job websites and seeking out candidates in your local area. If you’re planning on hiring a virtual assistant for other tasks as well, hire them for one task first to make sure they meet your expectations before expanding their role. Once you have a few potential candidates in mind, set up interviews with each of them to find out if they’re right for you (and vice versa). This will also help reveal what kind of work style they have and whether or not they’ll mesh with your team over time.
They don't take your hard-earned cash
The finance business partner will almost always be a part of your company from day one. They're interested in long-term success and they'll be your biggest cheerleader when things go well and provide frank advice when they don't. Allowing them to invest early on (in exchange for a small stake) gives them confidence that you can create value—and it allows you to raise capital at a lower valuation. This is important if you want to keep control over your company and make sure that you're not forced into taking investments from people who might want their money back before you're ready. They're great for execution: With outside investors, you'll have to build a compelling pitch, convince them that you can execute your plan, and get them to part with their money. Sometimes they might not understand your business or they may want guarantees that are impossible to give. When you work with a finance business partner, on the other hand, you already know why they're there and how much they're willing to invest. If a deal doesn't work out as planned (which happens more often than you'd think), then it's no big deal—you won't lose your investor's capital or throw off your fundraising strategy because of it.
They see things from a different perspective
Becoming a finance business partner gives you a unique vantage point from which to make a positive impact on your clients’ businesses and help them achieve their financial goals. Outside of their day-to-day operations, finance department staff has to create financial statements that are accurate, readable and relevant to all stakeholders. When your sole focus is analyzing how money moves through a company, you develop skills that go beyond helping organizations better manage budgets. You get to know companies at a more granular level than most employees do and learn how even seemingly insignificant decisions can have lasting effects on cash flow. Finance business partners see things from a different perspective. Their job is to look at a company’s finances through an outsider’s eyes. This gives them a unique vantage point that allows them to help their clients become more profitable and efficient—both crucial to increasing returns and managing costs. By communicating regularly with top executives, they get an understanding of how decisions made in one department can have ripple effects throughout other departments, helping them develop strategies for achieving specific financial goals.
They can handle the little details
Finance business partners are also known as controllers or CFOs, depending on their focus. Their job is to make sure every financial transaction occurs with precision and they'll work tirelessly to ensure your business's money is safe and accounted for. These professionals can handle both large-scale accounting tasks and day-to-day finances like filing taxes, paying bills and managing expenses. They're essential if you want your business to grow because they can help you make sure things run efficiently—both now and in the future. As an entrepreneur, I know how important it is to have someone who you can trust looking after your finances; that's one of many reasons I've partnered with a finance business partner since my first days starting my agency.
Having one costs nothing
If you’re thinking about hiring an outside firm or freelancer to provide financial advice, a finance business partner will ensure that you have someone in your corner. This can be very helpful for small businesses with limited resources who don’t have access to resources like outside accounting help—which would normally cost money. Having a finance business partner who is willing and able to share his/her expertise will save you time (and money!) in the long run. It could also spare your company from hefty fines or late fees. If there are one of these partners available at no cost to you, what's stopping you from signing up?
It's completely worth it
Whatever you decide, it’s completely worth it to have an experienced finance business partner on your team. Keep in mind that partnerships can be more tricky than they seem, especially if you haven’t worked with one before, so be sure to ask a lot of questions up front. Always know what you're going into and what to expect when it's all said and done. You wouldn't want to burn any bridges or lose a key piece of your company over something you didn't understand at first. Be cautious but open-minded—you never know how much a finance business partner can help until you've given them a try!
