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Why your Finance Team Matters?

Our clients tell us that they really value us transforming their finance department.

Something which we took for granted, was the help they got to create an efficient, strong & trusted finance department.

Game Plan

Why it matters to have an efficient, strong & trusted Finance Team:

  1. Delegate Profit Centre Responsibilities to Managers – This frees up your crucial business owner time to work on driving the business, leaving day to day matters to trusted staff.
  2. Incentive Schemes – Enables Managers & staff interests to be aligned with interests of your business, if they understand & buy into the strategy, they will value a scheme which rewards them for their successes.
  3. Prevents the ‘busy fool’ syndrome – By analysing where Profit is earned, the business is not just driven by Turnover, you also know where your profits are coming from.
  4. Allows Business Plans, to work “He who fails to plan is planning to fail“. By allocating responsibility for achievable, measurable targets, staff know what is expected is fair & possible. If everyone is behind the plan & pulling in the same direction your chances of success are much better.
  5. Forecasts – A good Finance Team facilitates accurate profit & cash forecasts, helping you identify cash flow issues & avoid possible over-trading problems, particularly relevant this higher interest environment.
  6. Investment Ready – If you can demonstrate your business is properly organised, working efficiently & making profits, it is easier to make plans & helps you to seek funding to advance your plans.
  7. Acquisitions – These are a good way to grow your business more quickly, if you are organised it is easier to identify acquisition targets that would fit & provide synergy to the new business as a whole. It also helps in planning the cash requirement for deals before seeking additional funding.
  8. Successful Exit – Best in class Finance Functions are a crucial condition to position your business, so you can sell up without the buyer thinking he or she is taking a big risk.

The End Result

Transforming your Finance Team will allow you to do so much more with your business or with your time. As strong Finance Team means you know where you are financially at all times & allows you to have proper discussions with Banks, investors & potential acquirers.

A strong Finance Team will help you manage your business more efficiently by helping you look forwards, because you know what works, how & why. And backwards so you know it’s still working. It is important to remember that most if not all of the decisions you make have a financial implication.

Rapid growth can also be quite stressful. Instead of coasting, working at a comfortable and easy pace, you’ll have a many new challenges on your plate. Recruiting new team members, ensuring they fit your company’s values & meet expectations, is a challenging & risky business. With building new processes & systems, there are always fires to put out, things that need tweaking, plus maintenance & enhancements.