The finance director is a key member of the board of directors fulfilling a crucial and complex role. A principal duty is to ensure that the financial strategies support the broader corporate aims of the business - which is critical to the success of the whole enterprise.
This statement is the starting point for a Financial Director in a large company. However in an owner managed business the duties are at both extremes. Firstly they reflect the practical financial management of the business. But they also require an element of vision to the long term objectives of the business and owners.
By engaging an external person to act as a quaisi Financial Director they have the benefit of looking into the business from the outside whilst becoming familiar with the day to day mechanics of the business. One of the major benefits is that the decisions and suggestions are not driven by available time but by requirement. The decision as to when or if these plans can be implemented has to be considered both from a financial perspective and personnel but with an owner managed business this is easier to be considered as pert of the medium to long term plan.