There will be many factors influencing the success or failure of a part time finance director in a SME business.

In addition to the personality and political conflicts that may give rise to failure, the part time FD must also prove beyond doubt that the work undertaken has resulted in:
- solutions to problems being implemented
- value created for the business

The part time FD will succeed in this environment if he/she demonstrates not only technical competencies but also the ability to empathize with the business owner and work as a team player.

When appointing a part time finance director what characteristics should the business owner be looking for?

The 7 important factors to consider when making an appointment are:
1.        The person appointed should without doubt be trustworthy and become an invaluable member of the management team with an ability to remain focused and achieve the objectives of the work.

2.        To support the person’s technical skills the part time finance director should be professionally qualified and able to demonstrate their commitment to continue their professional development.
The three main accounting bodies in the United Kingdom are Chartered Institute of Management Accountants, Institute of Chartered Accountants in England and Wales and the Association of Chartered Certified Accountants.  Members of these bodies will be recognized by the use of letters after their name, for example FCMA.

3.        An experienced part time finance director should be able to demonstrate knowledge of all aspects of business.  Someone who has worked only with the numbers may not provide the ‘all round’ business savvy person the owner is seeking.  A commercial awareness is imperative.

4.        The part time FD should be unfazed by all potential issues that may arise, either within or outside of the business.  A strong character, but one that resists conflict will ultimately achieve more.
Working to deadlines should be a given and the ability to manage staff , communicate easily with all levels within the business and with all other stakeholders is essential.

5.        It would be desirable for the part time finance director to have experience of different industries and sectors in order to benchmark the best aspects of work from all environments and incorporate them, whenever possible, into the work.  Being insular will not allow the business to gain from the best practices of other firms.

6.        The part time FD should be quality focused and commit to producing work of high quality that will create value for the business in the short and long term.

7.        Finally the part time finance director should be ‘a doer’ not ‘a talker’ – a man of action, who will be ‘hands on’ as required.  The person will take responsibility for accept accountability for his/her work.