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.
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.
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.
In 2017 and 2018 the year on year growth in South Africa’s manufacturing production declined substantially. In 1994 manufacturing accounted for 20% of GDP. It now stands at 14%.
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,
What do Sir James Dyson, the Mercedes F1 team, Pixar, Google and the airline industry have in common?
They’re hugely successful, yes, but the thing that links them is they never shy away from the ‘F’ word—Failure. Instead, they face and learn from their mistakes, errors and mishaps. So says Matthew Syed, award-winning Times journalist and best-selling author of ‘Black Box Thinking: Marginal Gains and the Secrets of High Performance’ (John Murray).
Book in for a free financial health check
Book Now
Rate your company finance function in nine minutes
Take The F Score
Do you have a burning finance question? Ask one of the country’s top FDs now
Ask The FD
Book yourself in for a complimentary 30 minute finance breakthrough session
Book Now
