For experienced Finance professionals reaching a point in their professional life when they’re ready for a change, the “What next?” question can seem a daunting one.  

But it needn’t be, because change doesn’t have to mean a wholesale career switch, and it doesn’t have to mean retirement either. 

In fact, you can carry on doing what you do best – Finance - and continue to attain your own financial objectives, but at the same time reduce the hours you work, strike a better work-life balance, and choose assignments that genuinely interest you.  

We’re talking, of course, about becoming a part-time, outsourced Finance professional – a transition we’ve enabled more than 110 professionals to make successfully since 2000, to deliver a service that, amongst small and medium businesses in particular, is in ever greater demand! 

Outsourced Finance: a growth story 

The figures speak for themselves. According to recent industry research, 48% of UK companies outsource work in 2023 – an increase of 41% since the Covid pandemic.  

Smaller firms in particular are now showing themselves to be much more likely to turn to an outsourced Finance provider, with 37% of them (and even 12% of larger businesses) choosing this option. 

And when you look at the wider economic picture, it’s not difficult to see why. Businesses are battling inflation, supply chain woes, steep increases in fuel and energy costs, sustainability levies, and more. At the same time, they, face hefty penalties if they get Finance wrong, but they can’t afford a full-time FD salary of up to £150,000 in the UK (or €170,00 in Ireland) and associated charges.  

Plus, supply and demand issues in the jobs marketplace are also making recruitment processes both more costly and more protracted. 

They urgently need an affordable alternative – and so outsourcing their Finance function to reduce costs makes more sense now than ever. 

Whether it’s an hour or two a month to look after compliance, filings, and submissions; a few days to take in management accounting and financial strategy; a dedicated project to deliver new systems or processes; or prepare for a major transaction, businesses see huge value – and make huge savings – in only paying for the amount of Finance expertise they actually use. 

What is the earning potential? 

EFM’s outsourced Finance professionals – we call them Associates – are in total control of their earning potential, because they operate as businesses (Limited Companies) in their own right. They can therefore make their own decisions as to the work that will achieve the best balance between profitability and manageability. 

To illustrate the point, many of our Associates have a handful of clients at any one time, but one Financial Controller has over 15. Both scenarios can be financially worthwhile, depending on the amount of work and remuneration involved – and our Associates are always in a position to determine and negotiate these, respectively. 

Several EFM Associates, for example, billed over £100,000 in their first year with us – much of which was retained for many future years - but the billings are only half the story. Strong earnings are worth much more when they come with highly flexible working practices that accommodate personal commitments and activities.  

Support at every turn 

Of course, you can’t just go from being a salaried Finance professional to building a successful outsourced Finance business overnight – but we’ve put all the people, processes, and support in place to help accelerate the transition. 

Our proactive onboarding process, for example, covers a number of key initial administrative, technical, and contractual elements to get you up and running quickly - but it doesn’t stop there.  

It also provides bespoke sales and marketing support, including production of the sales collateral and marketing content that form the building blocks for attracting and converting prospects through your own marketing channels. 

In addition, we provide induction training, coaching, mentorship, an advisory group, national networking events, and access to the full EFM Associate network to identify and share new business opportunities. 

And all the time, your business benefits from the “air cover” of EFM promoting its own brand – and your place within it – through its own UK- and Ireland-wide channels. 

(If you’d like some more detail, it’s summed up quite neatly in this recent short article.) 

And if you’ve already retired… 

Fear not - it’s not too late. EFM has supported a number of retired Finance professionals to keep their social lives and re-enter the Finance workplace for a few days per week or month, so this is nothing to be reticent about.  

On the contrary, it’s a trend that, according to Bank of England data, is set to grow – so we look forward to hearing from you!

For more information on how joining EFM as an Associate can help you write the next chapter of your successful Finance career, get in touch today.