Topic : Peace of Mind - helping business owners focus their attention back on ‘the business’
Author : Kate Wright - Wright Finance Support Ltd
I was introduced to a client in Jan 2012, an exciting experiential marketing company with ambitious growth plans. The vision was there, the execution was there, the finance and information were not.
The owners were in their words ‘losing sleep at night’; they were constantly up against their overdraft limit, through a series of events had a defunct finance team, and had little in the way of management information.
A year on:
- The owners are sleeping!
- The business has maintained a significantly healthy bank balance for the last six months.
- Working capital has been improved with the billing cycle being more efficient, better terms being negotiated on new projects and rigorous credit control practices put in place.
- The finance team has been reorganised, recruited and is now an integral part of the business, supporting it with reliable, relevant and timely information.
- Financial disciplines, processes and controls have been put in place; purchase orders, cashflow reporting, variance analysis etc, the resulting insight is providing opportunity to improve margins and focus on where the ‘good’ business is.
- The Debtors and Purchase ledgers are clean.
- The owners are now in a position to focus on opening the second international office.
'Having a part time FD as over qualified as Kate has added considerable value to our business, delivering insight in to our finances that has driven our growth strategy, kept us agile and contributed to over 30% growth last year. She is money very well spent’.
Author and Financeheads Member
Kate Wright, Wright Finance Support Ltd
Tel: 07712 188911 e-mail: email@example.com
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