Most people assume they know the definition of a business partner. They would be right if they described business partners as people who work together and share the risks and rewards of the business. However, the term has taken on an expanded meaning over the last several years. While business partners in the traditional sense have always existed, a finance business partner is a newer concept.
What Is a Finance Business Partner and How Can Having One Help You?
A person in the role of finance business partner can take on dozens of tasks related to a company’s budgeting and overall profitability. Here are some of the top tasks of a finance business partner at a mid-sized company:
- Budget forecasting
- Financial analysis
- Management reporting
- Strategic planning
- Performance management
The thing that makes a finance business partner different from a typical business partner is that the person in the first role usually does not become involved with the execution of financial recommendations. Rather, it is his or her job to manage performance, present recommendations, and plan future initiatives. Other members of company leadership or a finance team take on the execution of each new financial strategy.
Businesses Rely Heavily on Financial Business Partners
Although this position has only formally existed for the past five years or so, companies that have hired financial business partners have quickly come to rely on them. People in this role keep the business financials strong while others focus more on their individual roles. Having one or more people dedicated only to the financial side of the business allows for stronger growth because each person’s role is so well defined.
Are you considering starting a new career as a financial business partner or do you need to hire one for your new company? Alternative Capital Source can help regardless of your situation. Please schedule an appointment with us today to discuss this topic and general business financing in greater detail.