The story of the Titanic has always been exemplary of what might happen to any business at any time at any latitude. During its journey from Southampton to New York, the captain gave orders to accelerate its speed as the ship was believed to be “unsinkable”. There was no risk management as there was no … Continue reading How is Risk Management like the Titanic?
Discover advantages of zero-based budgeting compared to traditional budgeting in the COVID-19 era. In your business management meetings, you’ll have heard ‘normal’ financial and non-financial reporting such as “sales are 15% higher than last year.” “Marketing spend is 8% below the last 10-year average.” “GDP is up 0.3% on last year” or “travelling activity is … Continue reading How to survive a struggling economy with Zero-Based Budgeting
What COVID-19 grants/loans can my business claim or what other forms of support is available? A question several clients have been asking their FinanceHead part-time FD. We realise the confusion that is caused by so many different government financial initiatives to support businesses during coronavirus that we have compiled an easy reference and included some … Continue reading What support is available to help my business survive COVID-19?
These days most business owners will sign up for a 3 or 4 year deal on a new car – gone are the days of buying one outright and trading it in after 3 years. This way you can minimise the risk of losing value, reduce the time involved in trawling round dealers looking for … Continue reading When did you last change your car?
UK SME’s remain a key target for cyber scammers. Over £50million was lost to the two most common cyber frauds in just 6 months of 2018 with over 3,000 reported cases and an average loss of nearly £20,000. These figures, from the Vocalink 2019 Business Fraud Report, show that criminals continue to evolve their scams … Continue reading How to avoid losing your business profits to cyber fraud
As part of our ten year anniversary celebrations Stephen Foale, a co-founder of FinanceHeads, talks about how the group for part-time Financial Directors started. He discovered he’s neither unique or alone, working as a portfolio FD and how being a part of something bigger than just his business is so valuable. Let me take you … Continue reading A portfolio FD, that’s unique isn’t it?
Most businesses start with funds from the founder, perhaps also their family and friends. Sometimes this is all that’s needed and a few companies manage to bootstrap their way to market, but this is rare. Most ambitious companies – particularly those with products involving R&D – will need to raise funds from external investors (e.g. … Continue reading How to make a first approach to seed investors
Every business has an exit plan, there are a number of options but have you considered a management buyout? I would like to share my experience of supporting a company through the experience which took six months. The company, which I will call “ABC Co” had been established in the 1970’s as a service provider … Continue reading No ideal buyer? Look to your management team
A Finance Director’s role in a business, especially an SME, is so much more than a bean counter or a reviewer of financial figures. An experienced FD ought to be able to add value to the business in multiple ways, beyond the traditional number crunching aspect. I have focused on seven key skills that a good … Continue reading FDs contribute so much more than figures
Quoting Laurence J. Peter: “If you don’t know where you are going, you will probably end up somewhere else.” For a business owner, this sounds like a good reminder of the importance of having a strategic business plan. How else will your business end up where you want it to be? Business strategy seems to … Continue reading Do you know where your business is going?