There's a reason we're the Number 1 provider of part-time FDs

Call us on +27 861 127 280

Business Budget – A Simpler, More Effective Approach

Hearsay, you may shout! How can I possibly run my business without a budget? Can I hold managers accountable? How can I reward and incentivise my staff to perform?

And, most importantly, how do I measure my financial performance on a monthly basis? All these are very valid questions, but an annual business budget is not the best financial management tool to achieve this and can drive limiting behaviours.

What if I were to say there is a better way. A way that improves financial performance and increases employee engagement. This way is known as Beyond Budgeting.

Let’s remind ourselves of the 3 core objectives of any business budget:

  1.       It sets a target i.e. what we want to happen
  2.       It acts as a forecast i.e. what we think will happen
  3.       It’s there to allocate the company’s resources i.e. capital expenditure

A business budget is both a target and a forecast. How can one number be both things?

A budget sets a ceiling on performance, once it has been met what is the motivation to keep going? After all, you are only going to get a bigger target next year. “A new survey from Clutch just revealed close to two thirds or 61% of small businesses don’t have an official documented budget”. smallbiztrends.com

A budget sets out fixed costs with a plan of how we intend to get to our destination and it also allocates company resources accordingly. The world never ends up being how we planned it, so why do so many of us continue to follow – and stick to – the budgeted plan that is now out of date?

Many businesses witness a drop, both in employee performance and their motivation levels just because a large customer went bust during the year. This sees them losing any hope of commissions or bonuses just after the first quarter and you don’t need to be an expert to understand that this is not good for business.

These conflicts that arise due to budget conflicts need to be resolved as they can cause serious disruptions. We can resolve them by separating them and having different management processes.

Setting a small target that will take 12 months to achieve is not ambitious enough. Why not reach for the stars? If the target is met in 12 months maybe it wasn’t ambitious enough. If the target isn’t ambitious enough, you give yourself very little chance to achieve big things.

The world outside our businesses does not beat to the sound of our company’s financial year-end. Many of the important business decisions are made in the last few months of a financial year to hit a budget number, that was set 15 months earlier. This lack of strategy shows the ineffectiveness of business budgets as the only means to measure performance.

Often these decisions cost the business in the subsequent months. Time is a continual line; we should manage our businesses in the same way. The numbers that we make budgets for, get added up every 12 months (the previous year) to pay business loans, not to manage decision making.

Wondering how you can make better decisions in the light of the numbers that your business generates by not being dependent on a budgeting worksheet that you keep on following every year? You can do this using rolling 12 forecasts. Using this technique, you can forecast what you believe will happen in the next 12 months. Every month, you renew this and plan for the coming 12 months without limiting yourself to a specific period.

This helps you in understanding if you are closing the gap on your target or are you going away from it. If you’re closing the gap, keep repeating what’s working, if you’re drifting away, try something new. Measure, report, assess and repeat, never stop seeking to improve.

Allocate cash flow based on the opportunity, as it arises. Empower management to make decisions that improve customer service, delivery and seize the opportunity when it arises. Simplify decision-making for resource allocation and keep the process simple and easy. It does require rigor – just enough to make sure everything’s well thought through.

Lead your business by establishing clear values, goals, and boundaries. Delegate responsibility to those closest to the customer; give teams and management autonomy and freedom to act.  Promote transparency. Bad news is to be shared openly, so the remedial decisions can be made quickly.

Create bonus pools, not individual targets. You want everyone in the business pulling in the same direction.

The process of how small business manages its financial decisions is a culture driver. By managing your business using the above processes, it will change the culture and drive performance and increase employee engagement, improving staff retention and customer satisfaction. A happy employee is the most important step that leads to a happy customer.

So, let’s go beyond budgeting and business budget templates to break the glass ceiling that these budgets set and unlock the potential of your employees and their abilities.

Introducing Matthew Commins - FD Centre team

Introducing the FD Centre team – Matthew Comins

Introducing Matthew Comins:

 

Qualification:

CA (SA) And B.Compt (Hons).

 

Company Role: 

Regional Director, Mpumualanga

 

What did you do before joining The FD Centre?

Group CFO for the HL Hall & Sons group

 

How long have you been with The FD Centre?

2 years (October 2017)

 

Best part of being part of The FD Centre:

Flexibility of work hours and making a tangible and lasting difference in the lives of entrepreneurs and family-owned businesses in the Lowveld and surrounding districts

 

What are the values that drive you?

Integrity, relationships, trust, authenticity and vulnerability

 

What is the best part of being part of The FD Centre team?

Able to see the “big picture” and not get bogged down with the detail

 

What do you do in your free time?

Reading, and motorcycle riding and touring with my wife and like-minded friends

how to avoid stress with The FD Centre

3 Ways to Prevent Stress from Taking Over Your Life

Your best chance of succeeding in the fight against stress is to aim for prevention. Use these three methods to prevent stress on the individual and organizational level.

The following excerpt is from Dr. Nadine Greiner’s book Stress-Less LeadershipBuy it now from Amazon | Barnes & Noble | Apple Books | IndieBound

Too many people wait until stress has progressed too far before taking action. But unlike other afflictions, like alcohol abuse or cancer, that only affect certain individuals, stress affects all of us — stress is not an “if” but a “when.” So, it makes sense to take preventive measures against stress.

Time management

As an executive, you know there are never enough hours in the day. From streams of emails to floods of meeting requests, your time is under constant attack. Time management becomes more difficult as workloads increase, but it’s crucial to effective leadership and stress prevention.

The first step toward understanding how effective you are at time management is to do a time audit assessing how much time you spend on the activities that consume your day. Then, to-do lists, calendar apps, and time-tracking software can all help you remain on task and better understand how effectively you are dividing your time.

 

Delegating

Managers frequently struggle with delegating. Do you enjoy delegating, or does it give you anxiety? Effective delegating doesn’t just prevent stress and burnout among leaders, but it also enhances team capacity. When leaders delegate work thoughtfully, they empower their team members to take on new responsibilities and expand their skill sets. Effective delegation involves five key steps:

1. Evaluate. Leaders must first determine whether a task should be delegated. If it’s critical for long-term success and mission-critical to the company, they may not want to delegate it. Leaders must also evaluate whether they have enough time to effectively delegate the job. Delegating shouldn’t be a rapid-fire handoff. They’ll need to spend time training, checking on progress, and engaging in constant communica­tion.

2. Prepare. Leaders must map out exactly what’s required. They should include clear and comprehensive information about timing, budget, milestones, communication frequency, and resources.

3. Assign. Leaders must determine which team members have the required skill set or expertise to complete the task. Ideally, it should help employees grow and expand their capabilities.

5. Avoid micromanaging. Once leaders hand off the baton, it’s critical to avoid micromanaging. If an employee hits a roadblock, leaders should treat this as a learning opportu­nity and not take the reins. Effective coaching will help employees understand where they’ve gone wrong and help empower them to succeed in the future.

If you struggle with delegation, consider blocking off time each day to create a plan of action. With careful planning, you and your team can succeed. Once you start delegating effectively, your team will dare to come forward more often and more vigorously.

 

Avoiding overcommitment

Do you find yourself biting off more than you can chew? Overcommitment is common among executives and leaders as they agree to take on tasks without considering whether they have enough bandwidth. But as requests and tasks pile up on each other and deadlines draw near, leaders can become overwhelmed and stressed.

Overcommitment can be crippling and lead to a kind of paralysis. The most effective antidote against overcommitment is to be firm and set boundaries. You must be vigilant about protecting your time and learn how to say “no.”

Article courtesy of: https://www.entrepreneur.com/article/337726

9 advantages of an FD

Top 9 Advantages of a Part-Time FD/CFO

The quicker you want your company to achieve its goals, the sooner you should consider hiring a part-time FD or CFO.

That’s because a part-time FD or CFO will provide your company with the high-level financial expertise necessary to scale up (things you and your team may not even be aware you need), for a fraction of the cost of a full-time FD/CFO.

Hiring a part-time FD or CFO provides your company with many advantages that really help it to grow and stand out in any marketplace. But here are the top nine advantages you and your employees and stakeholders can expect when you hire a part-time FD/CFO.

 

1.Cost-saving

By hiring a part-time rather than full-time FD or CFO, you can avoid the often-hefty recruitment and hiring costs (and the delays they inevitably entail). What’s more, you can hire a part-time FD or CFO for a fraction of the cost of a full-time employee. You won’t have to offer a benefits package or bonuses to retain the appointee.

 

2. Strategic advice

Your part-time FD or CFO will provide you with strategic analysis and support on every financial aspect of your business. A report from the Financial Executives Research Foundation (FERF) described CFOs as “critical to the success of start-up and early-stage growth companies” since they provide key insights.

It found CFOs play key roles in not only managing a young and fast-growing company’s finances but also in setting broader strategic goals and establishing and achieving financial and non-financial milestones.

What’s more, part-time CFOs or FDs can highlight potential threats or risks of which you and your team may be unaware or perhaps don’t know how to deal with.

 

3. Flexibility

You can use the services of your part-time CFO or FD for what you need when you need it. That could be for a variety of different financial functions or a specific project. This means you and your CFO or FD can tailor the role to suit your company’s needs at any time.

 

4.Multiple industry experience

Although you can choose to work with part-time CFOs or FDs who have direct experience in your given industry, you can also opt to work with those that have experience across multiple industries. The advantage will be that your CFO or FD will provide you with access to networks and multi-layered insights that you might not otherwise have

 

5. Crisis management

The loss of major contracts, customers or employees can be devastating for any business. Your part-time FD or CFO will be able to help you and your team navigate your way out of the crisis. This could include producing short-term cashflow reports, identifying costs that can be cut, producing new financial forecasts, and helping with raising vital funds.

 

6. Sounding board

Running a company can often be a lonely, stressful experience for CEOs, according to the FD Centre’s Chairman Colin Mills in his book ‘Scaling Up How to Take Your Business to the Next Level Without Losing Control and Running Out of Cash.[1]

He’s seen first-hand what pressure does to business owners.

“I’ve sat in sales meetings with entrepreneurs who had literally been brought to tears by stress and frustration and the feeling that it’s all too much.”

That’s where a part-time FD or CFO can help. He or she can act as an independent sounding board for the over-burdened, stressed-out business owner. With their ‘big business’ experience, it’s more than likely CFOs or FDs can provide solutions to what can seem like overwhelming problems to the CEOs of growing businesses.

 

7. Mentorship for your team

Part-time CFOs help to establish sound reporting systems and tools that help improve reporting metrics and communications to investors. They can also act as mentors to members of your existing finance team, guiding them where necessary and providing the advice they need to rise to new challenges.

 

8.Access to a national and international network

If you choose a part-time CFO or FD from an organisation like the FD Centre, you’ll benefit from the expertise from all the FDs in its worldwide network. That’s hundreds of years of experience in every aspect of finance—all for a fraction of the cost of employing a single full-time FD.

 

9. You won’t get left behind

If you’re still hesitating about whether now is the right time to hire a part-time FD/CFO, consider the sorry tale of Kodak—a company that got left behind, despite once being one of the most powerful companies in the world.

Kodak was once known for innovation (being the creator of the Box Brownie camera, Kodachrome film and the Instamatic).[2] Here’s what’s remarkable—a Kodak engineer Steve Sasson developed the world’s first digital camera way back in the mists of time (actually, 1975). Okay, it was the size of a toaster, took 20 seconds to capture low-quality images which had to be viewed on a TV. But still… it had the potential to disrupt the market massively.

The company poured billions into developing the technology to take photos using mobile phones and other digital devices but delayed acting on it due to fears digital technology would destroy its film and photographic developing business. It failed to act fast enough and to identify the opportunities posed by digital technology.

On January 19, 2012, Kodak filed for bankruptcy protection in 2012, then exited its legacy businesses and sold off its patents.[3] It re-emerged in 2013, albeit in a vastly slimmed down version of its former self.

If you want to avoid becoming a post-script or salutary tale in your market, appoint a part-time FD or CFO. He or she will provide you and your team with strategic help and advice to recognise threats and to seize opportunities—thanks to vast experience and expertise.

The FD Centre (and CFO Centres) offer the services of part-time FDs or CFOs with big business experience who can use what they know to help your company achieve rapid yet sustainable growth. What’s more, they’ll help remove fear, confusion, and stress from the entire process.

To discover how the FD Centre (or CFO Centre) will help your company to scale up, please call us on +27 861 127 280 or contact us here.

How it works

The FD Centre’s part-time FDs use a proven framework known as the ‘12 Boxes’ to identify where the problems are within any business. They use it to review every aspect of your company finance function and identify every problem area.

They will help you to understand your company’s finances and not only eliminate cash flow problems and identify cost-savings but also to improve profits.

They can also help you and your team to understand your main profit drivers; find and arrange funding; identify your Critical Success Factors and Key Performance Indicators (KPIs), help you to expand nationally and internationally; and build value to make your business more attractive to investors or buyers. To discover more about the 12 Boxes, click here.

Need help?

To find out how an FD Centre part-time FD or CFO will help your business, contact us now on +27 861 127 280 or contact us here.

What people are saying

People are talking about what they really think of the FD Centre’s part-time FDs. Find out what they’re saying on these short videos here.

Where are you going wrong?

You can identify strengths and weaknesses in your business in just nine minutes with the F-Score click here now. Just answer a brief series of questions, and you’ll receive an 8-page report that will reveal potential current or future pain points for your business. It will also help you to rate the performance of your finance function and uncover untapped opportunities for growth. Click here now to take the F-Score.

Got a Big Question?

Have a burning question for one of our team of FDs? Just ask it here, and you’ll get an answer within 24 hours. The question must be finance-related (sadly, they can’t predict who will win the World Cup).

Introducing The FD Centre team – Mochele Noge

Name:

Mochele Noge

 

Qualification:

B Com (Wits), H Dip (Corp Law) ( RAU), Hons (Acc) (Natal), PGD (Tax Law) (UJ), PGD (International Tax), M Com (SA and International Tax), LLB (Unisa) (Currently Studying) CA(SA)

 

Company Role:

Regional Director

 

What did you do before joining The FD Centre?

Entrepreneur

 

How long have you been with The FD Centre?

Since October 2018

 

Best part of being part of The FD Centre?

Independence derived from being the master of your own destiny and identity

 

What are the values that drive you?

Your values are the things that you believe are important in the way you live and work. My values are loyalty, integrity, hard work and honesty

 

What’s in your coffee?

Whisky

 

Q: What is the best part of being part of The FD Centre team?

A: Independence derived from being the master of your own destiny and identity

Tech start ups: Here’s why your idea isn’t yet the next big thing

The lore of geeks in the garage and entrepreneurs on couches is only part of the story

The humble beginnings of tech start-ups that would become multi-billion dollar companies are the stuff of legends. We all know the story of Apple. How the two geniuses both of whom were named Steve – Steve Jobs and Steve Wozniak – started what would become the Apple Empire in the garage of the parents of Steve Jobs.

 

Or the story of Airbnb’s founders Brian Chesky and Joe Gebbia who had just landed in San Francisco after having moved from NY. They still had not found jobs and were having trouble paying their rent so they were looking for ways to earn some extra cash. There was a conference in town and they noticed that all the hotel rooms in the city had been booked. They bought a few airbeds, put up a website to advertise that they could be rented out for $80 a night and the rest is history. Airbnb is now worth more than $25 billion.

The other side of the success story

While these stories and countless others are well-known, what is not so well-known is the actual process of how they raised the capital to go from start-ups to tech superstars.

Everyone is looking for the next Uber, Airbnb, Amazon – you name it

Most tech start-ups start with an idea of how to do something cheaper, better, faster – to make the experience more enjoyable and to fulfill a need for the end user that isn’t currently being satisfied by established products and services.

Uber made it easy and convenient to hail a cab. Airbnb made it easy to find inexpensive accommodation. Amazon changed the way we shop forever and heralded the beginning of the end for traditional bricks and mortar retail.

From the tech start-ups themselves to investors, everyone is looking to create and discover the next big thing. 100s of thousands of start-ups, do just that, they start, yet only a handful finish what they started and actually successfully launch – much less become the next Apple.

Growth depends on capital

The reasons for failure are many and varied, but a key factor as observed by Forbes magazine is that less successful entrepreneurs try to do everything themselves even if they don’t really have the necessary skill sets to effectively do so. This is especially true in such critical areas as raising finance, accounting and big-picture strategic thinking.

 

Successful entrepreneurs, on the other hand, understand that they must work on their business, not in their business. They need to focus on and leverage their core skill sets. They understand that sometimes they must look outside of their companies for the expert skills they need to get ahead. This understanding that they cannot do everything by themselves optimally can make the difference between success and failure.

 

You need more than a big idea – you need to attract capital

Cracking the next big idea is the fun part of the start-up, the sexy and exciting part that gets everyone fired up. But developing the actual product and getting it out into the market is a different story. It takes a lot of money to get out of the start-up zone.

Last year alone, more than $379 million dollars was raised for African Fintech start-ups. That is a lot of money, but there is fierce competition for it.

How do you make your start-up stand out from the 1000s of other start-ups out there to get the working capital you need to grow? You need a killer business plan. You need robust growth projections. A bullet-proof go-to-market-strategy.

In order to attract sufficient capital, it is essential that the financial projections of your start-up look robust and appeal to investors. This is no easy task. It takes experience and financial expertise to frame the projections in a way that makes them appealing but also attainable and not overly inflated.

In short, you need someone who has proven experience in approaching VCs for funding with all of the ammo and information they need to land the deal. For angel investors, they care about the devil in the details. Most likely, those skills will not reside in your company.  When in doubt, bring in the big guns, seasoned professionals who do this for a living. That is exactly what most tech superstars who are now household names did.

Many professionals that raise capital will even partner with start-ups and put part of their fee at risk. If they don’t land the deal, they will cut their fee.

 

90% of start-ups fail

 

“Growth — fast growth — is what entrepreneurs crave, investors need, and markets want. Rapid growth is the sign of a great idea in a hot market.”

 

The bottom line is that if you want your start-up to become the next Apple, Airbnb, etc. sometimes you have to accept that you’ll need to bring in an outsider with the critical skill sets needed to get your start-up off the ground.

 

Paul Salter

Regional Director

A highly experienced Director of International Businesses in the Transportation, Industrial and FMCG sectors including DHL, UNILEVER and WHITBREADS. FCMA / GCMA Qualified, Member of the Institute of Management.

Manufacturers: Is the wrong talent looking after your margin management?

In February 2019, local utilisation of available manufacturing capacity was sitting at 80.8%, leaving 12.2% capacity unused.

In a sluggish economy, where demand is weak, margin management is a business imperative.

Manufacturing executives often think they know how well their company is managing margins, but they often fail to rigorously quantify internal and external factors that affect profitability:

 

1. Customer margins:

All customers are not created equal, especially when it comes to margins. Some analysts estimate that the top 20 percent of customers (by profitability) generate more than 120 percent of an organisation’s profits—while the bottom 20 percent account for more than 100 percent of company losses.

2.  Channel margins:

Manufacturers can sell across a wide range of sales channels today, from conventional wholesalers, distributors and retailers to direct sales via the company or third-party websites. Effective margin management requires a thorough analysis of the cost structures for each channel, and their respective profit potentials.

 

3. Product margins:

Many middle market manufacturers fail to track margins by SKU, which leaves executives at these firms in the dark regarding which high-margin products to invest in—and which low- or no-margin products to discontinue. This lack of data not only damages profitability today, but limits growth tomorrow as capital and resources are directed at the wrong opportunities. Better understanding of variable and fixed costs at the product level helps managers make more informed decisions. Additionally, understanding buyer behaviours regarding strategic low-margin SKUs through deeper understanding of customer analysis is critical.

 

4. Hidden costs:

As a product moves to market, an assortment of hidden costs can eat away at margins. While these costs always have an impact on the bottom line, they are rarely linked to specific customers, channels and products, making them difficult to minimise or control.

Most manufacturers are also improving margins by improving operational efficiency in offices, factories and supply chains. High-performing processes require highly-skilled individuals but their ability to manage margins makes them a smart business investment.

 

Many middle market companies plateau because they outgrow their internal talent.

Operations improvements should also enhance agility and flexibility so an organisation can rapidly respond to new competitors, changing economic conditions and emerging opportunities. These fundamental changes in business models also require new talent—and new technologies. Paradoxically, sometimes the best way to increase margins is by subtraction. Executives need nuanced margin analyses that permit them to discontinue underperforming product lines or exit unprofitable markets, or to amend or cancel contracts with low-margin customers—freeing resources for higher-margin growth.

 

As South Africa’s manufacturers profits struggle to grow, is it time to relook who is looking after your margin management?

Although there are significant pressures on margins in manufacturing in South Africa, there are numerous winners in the manufacturing space—companies that manage to innovate on cost reductions and premium service enhancements to make great returns. Smart financial strategies are at the centre of most of these successful companies, providing focused and actionable insights, which help them fine-tune operations, and create opportunities to increase prices.  As South Africa’s manufacturers profits struggle to grow, is it time to relook who is looking after your margin management?

 

Rowan De Klerk – CEO, South Africa & Group COO, Asia-Pacific

A highly strategic business professional with 25 years working as a Financial Director and Managing Director in multiple blue chip companies, both locally and globally. Highly experienced across financial & business strategy; sales & marketing; operations; systems design & implementation; management & board reporting; coaching & mentoring; investment appraisal; M & A activity & exit planning.

Introducing The FD Centre team – Jacqui Crosby

Name:

Jacqui Crosby

 

Qualification:

CA (SA)

 

How long have you worked for The FD Centre?

I joined The FD Centre just over 4 years ago in March 2015.

 

What did you do before joining The FD Centre?

I was with Times Media for almost 10 years, where I looked after the Nu Metro divisions as the Finance Director.  I then took a year’s sabbatical to be with my children.

 

Company Role (current):

Being a Part-time Finance Director at The FD Centre has allowed me to actively be involved with my clients as Finance Director, managing Operations and Human Resources aspects of the business as well as being a trusted advisor.

 

Describe your job in three words:

Challenging, flexible and steadfast.

 

Best part of your job:

I enjoy being involved in the strategic side of the business and putting the strategy into actual numbers. What I have also enjoyed over the last 4 years is getting to know different industries and meeting entrepreneurs who follow their dreams.

 

What’s in your coffee?

I am a cappuccino drinker and my Nespresso machine even comes on holiday with me!

 

What are the values that drive you?

My core value is being a good role model to my 3 daughters.

 

Top 9 Advantages of a Part-Time FD/CFO

Top 9 Advantages of a Part-Time FD/CFO

The quicker you want your company to achieve its goals, the sooner you should consider hiring a part-time FD or CFO.

That’s because a part-time FD or CFO will provide your company with the high-level financial expertise necessary to scale up (things you and your team may not even be aware you need), for a fraction of the cost of a full-time FD/CFO.

Hiring a part-time FD or CFO provides your company with many advantages that really help it to grow and stand out in any marketplace. But here are the top nine advantages you and your employees and stakeholders can expect when you hire a part-time FD/CFO.

1. Cost-saving

By hiring a part-time rather than full-time FD or CFO, you can avoid the often-hefty recruitment and hiring costs (and the delays they inevitably entail). What’s more, you can hire a part-time FD or CFO for a fraction of the cost of a full-time employee. You won’t have to offer a benefits package or bonuses to retain the appointee.

2. Strategic advice

Your part-time FD or CFO will provide you with strategic analysis and support on every financial aspect of your business. A report from the Financial Executives Research Foundation (FERF) described CFOs as “critical to the success of start-up and early-stage growth companies” since they provide key insights.
It found CFOs play key roles in not only managing a young and fast-growing company’s finances but also in setting broader strategic goals and establishing and achieving financial and non-financial milestones.

What’s more, part-time CFOs or FDs can highlight potential threats or risks of which you and your team may be unaware or perhaps don’t know how to deal with.

3. Flexibility

You can use the services of your part-time CFO or FD for what you need when you need it. That could be for a variety of different financial functions or a specific project. This means you and your CFO or FD can tailor the role to suit your company’s needs at any time.

4. Multiple industry experience

Although you can choose to work with part-time CFOs or FDs who have direct experience in your given industry, you can also opt to work with those that have experience across multiple industries. The advantage will be that your CFO or FD will provide you with access to networks and multi-layered insights that you might not otherwise have.

5. Crisis management

The loss of major contracts, customers or employees can be devastating for any business. Your part-time FD or CFO will be able to help you and your team navigate your way out of the crisis. This could include producing short-term cashflow reports, identifying costs that can be cut, producing new financial forecasts, and helping with raising vital funds.

6. Sounding board

Running a company can often be a lonely, stressful experience for CEOs, according to the FD Centre’s Chairman Colin Mills in his book ‘Scaling Up How to Take Your Business to the Next Level Without Losing Control and Running Out of Cash.[1]

He’s seen first-hand what pressure does to business owners.

“I’ve sat in sales meetings with entrepreneurs who had literally been brought to tears by stress and frustration and the feeling that it’s all too much.”

That’s where a part-time FD or CFO can help. He or she can act as an independent sounding board for the over-burdened, stressed-out business owner. With their ‘big business’ experience, it’s more than likely CFOs or FDs can provide solutions to what can seem like overwhelming problems to the CEOs of growing businesses.

7. Mentorship for your team

Part-time CFOs help to establish sound reporting systems and tools that help improve reporting metrics and communications to investors. They can also act as mentors to members of your existing finance team, guiding them where necessary and providing the advice they need to rise to new challenges.

8. Access to a national and international network

If you choose a part-time CFO or FD from an organisation like the FD Centre, you’ll benefit from the expertise from all the FDs in its worldwide network. That’s hundreds of years of experience in every aspect of finance—all for a fraction of the cost of employing a single full-time FD.

9. You won’t get left behind

If you’re still hesitating about whether now is the right time to hire a part-time FD/CFO, consider the sorry tale of Kodak—a company that got left behind, despite once being one of the most powerful companies in the world.

Kodak was once known for innovation (being the creator of the Box Brownie camera, Kodachrome film and the Instamatic).[2] Here’s what’s remarkable—a Kodak engineer Steve Sasson developed the world’s first digital camera way back in the mists of time (actually, 1975). Okay, it was the size of a toaster, took 20 seconds to capture low-quality images which had to be viewed on a TV. But still… it had the potential to disrupt the market massively.

The company poured billions into developing the technology to take photos using mobile phones and other digital devices but delayed acting on it due to fears digital technology would destroy its film and photographic developing business. It failed to act fast enough and to identify the opportunities posed by digital technology.

On January 19, 2012, Kodak filed for bankruptcy protection in 2012, then exited its legacy businesses and sold off its patents.[3] It re-emerged in 2013, albeit in a vastly slimmed down version of its former self.

If you want to avoid becoming a post-script or salutary tale in your market, appoint a part-time FD or CFO. He or she will provide you and your team with strategic help and advice to recognise threats and to seize opportunities—thanks to vast experience and expertise.

The FD Centre offer the services of part-time FDs or CFOs with big business experience who can use what they know to help your company achieve rapid yet sustainable growth. What’s more, they’ll help remove fear, confusion, and stress from the entire process.

To discover how the FD Centre will help your company to scale up, call us on 0861 127 280 or contact us here.

How it works

The FD Centre’s part-time FDs use a proven framework known as the ‘12 Boxes’ to identify where the problems are within any business. They use it to review every aspect of your company’s finance function and identify every problem area.

They will help you to understand your company’s finances and not only eliminate cash flow problems and identify cost-savings but also to improve profits.

They can also help you and your team to understand your main profit drivers; find and arrange funding; identify your Critical Success Factors and Key Performance Indicators (KPIs), help you to expand nationally and internationally; and build value to make your business more attractive to investors or buyers. To discover more about the 12 Boxes, click here.

Need help?

To find out how an FD Centre part-time FD or CFO will help your business, contact us now on 0861 127 280. To book your free one-to-one call with one of our part-time FDs, click here.  You can see how they add rocket fuel to any business here.

What people are saying

People are talking about what they really think of The FD Centre’s part-time FDs. Find out what they’re saying here.

Where are you going wrong?

You can identify strengths and weaknesses in your business in just nine minutes with the F-Score click here now. Just answer a brief series of questions, and you’ll receive an 8-page report that will reveal potential current or future pain points for your business. It will also help you to rate the performance of your finance function and uncover untapped opportunities for growth. Click here now to take the F-Score.

Got a Big Question?

Have a burning question for one of our team of FDs? Just ask it here, and you’ll get an answer within 24 hours. The question must be finance-related (sadly, they can’t predict who will win Wimbledon).

[1] ‘Scale Up: How to Take Your Business to the Next Level Without Losing Control and Running Out of Cash’, Mills, Colin. BrightFlame Books, 2016

[2] ‘The Moment It All Went Wrong for Kodak’, Usborne, David, The Independent, https://www.independent.co.uk, January 20, 2012

[3] ‘Kodak’s Downfall Wasn’t About Technology’, Anthony, Scott D., Harvard Business Review

https://hbr.org, July 15, 2016

fd-heart

Book in for a free financial health check

Book Now
fd-stars

Rate your company finance function in nine minutes

Take The F Score
fd-speech

Do you have a burning finance question? Ask one of the country’s top FDs now

Ask The FD
fd-money

Book yourself in for a complimentary 30 minute finance breakthrough session

Book Now