What is a Financial Business Partner?
A financial business partner is an integral member of your team who manages the assets, savings and investments on behalf of your business. When starting a company, you might have had to include that role in your own personal. Job description, however, with the growth of a business, it is imperative to find a good financial business partner you trust to manage your money with the knowledge and background of expertise.
What is the role of a Financial Business Partner?
A financial business partner is a bookkeeper. They are like your own personal insight into your business’s finances and monetary standing at any given time. They fulfil the role of an accountant dedicated wholeheartedly to your business by providing constant and ceaseless support in financial questions and analysis of the business model and fiscal performance.
They can also analyse the industry to support the growth and standing of the business. They dedicate their time to these tasks, which means that you can focus on other sides of the business without worrying about money – which is a core but incredibly time-consuming part of a business’s success.
A financial business partner will use their data and awareness to assist you in decision making. They will evaluate their findings and communicate effectively to advise the best course of action from a commercial standpoint. This can look like tax advice, business spending, management, savings, investments, growth and employee administration.
What are the Fundamental Skills of a Suitable Financial Business Partner?
The position of a financial business partner is very deep-set within your company. Whoever you choose to take on this role will have access to a magnitude of sensitive information and the whole running of your business. Therefore, the person you choose to be your designated financial business partner must have the essential skills to perform to a very high standard.
These skills include:
- Communication – Good communication is an essential trait for your financial advisor to have. It may seem obvious, but good communication means that they will be able to process complicated information and relay it back to you with clarity in a manner that is easy to understand. It is even more important than a financial advisor who can communicate with those on your team and in management who are not aware of the terminology that proceeds within the financial world. Only then will they be able to take the information relayed by the financial advisor and use it to make informed decisions.
- Detail orientation – When looking at finances, having a mental capability to concentrate and not overlook the details means a lot. There is vital information to be gathered in both ‘big’ and ‘small’ data. This focus will make using a financial advisor with it as it will help you develop your business strategy effectively.
- Confidence – A business advisor must be able to challenge management and convey sensitive and sometimes unhappy information about the market or business financial standing. They need to have belief in themselves and their skills to problem solve successfully.
- Trustworthiness – A financial advisor has access to all of your business operations. Nothing goes without their analysis. Ensuring that they are a team player and a reliable and dedicated member of the company is vital before allowing them this access. These ethical considerations are there to keep you and your business safe.
What Type of Financial Business Partner is Right for You?
A perfect match between you and a financial business partner exists – but it will take time and effort to develop. While financial business partners analyse the past and seek to learn from it, they must have a clear future orientation. That’s important for any business, as growth in every sense is a thing that only holds value in the present, and its potential is essential for the future.
Look at your plan and where a financial business partner would fit into your vision for your business. Having a clear idea of your goals will help a business advisor tailor the information they provide you with – there is unlimited data they can analyse. Still, they need a purpose to do it resourcefully. There are more traditional financial business partners or those with a modern approach. Only you can find the right match for your business.
Consider these questions when hiring a financial business partner:
- What is your commercial focus?
- How much time are you willing to dedicate to innovation?
- How creatively are you willing to problem solve?
- How clear are you about your business operations?
- What are your goals, ethic and morals?
- How efficient is your process, and are you willing to change its structure?
Find out more about Financial Business Partners here.
Other useful links from our knowledge centre:
What is a Creditor?
What is Business Management?
What is a Tender in Business?
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