Tis the season to get some finance support

2020 has been a turbulent year for businesses. With a vaccine now in play for Covid-19, there is finally a glimmer of hope for the populous. However, the winter months can still see an increase in illness rates, which will inevitably take staff out of work for unscheduled periods of time. Many employees may take the opportunity to put 2020 behind them and set themselves the challenge of finding a new career or job.

Tis-the-season-to-get-finance-support

So where does this leave business owners?

With a loss of staff, especially in your finance department, for whatever the reason may be, there will be a great level of disruption to daily operations. Projects will be put on hold, billing and cash collection may slow down, payments won’t be getting processed, reporting will be delayed and inefficiency begins to take over.

Additionally this year, you may also be faced with the prospect of completing 2020 accounts, and audit, and starting 2021 in an already busy time! This can potentially lead to disappointing customers and clients, overloading other members of staff during this busy period and increase the threat of losing revenue/cash and profit.….don’t run the risk of a short term issue becoming a longer term costly headache.

To help avoid this scenario, it would be wise to consider the benefits of hiring a part-time finance director or financial controller during the winter break to help maintain stability and fill the gap. You may also find that a part-time person is all you need in the longer term. Check out how our team of finance experts can help to support your company this Christmas.

Experience

Our Finance Directors, Controllers & Growth Partners have verifiable experience in a wide range of industry sectors and have worked alongside business owners and key decision makers in some of the most ambitious businesses. We also offer a range of flexible Bookkeeper, Credit Controller and Payroll Management services to businesses that are either lacking or in need of additional financial expertise. Our team constantly maintains a highly effective balance of commercial experience and theoretical knowledge required to achieve outstanding results, even in highly demanding situations.

For example, many business owners run out of cash whilst still profitable because they are unable to meet financial obligations when they become due, so profitability should not be the sole aim of a business. The EFM team can help detect and take steps to patch up your company’s cash leaks to ensure your cashflow management is more effective, with the use of cash planning tools such as a cashflow forecast and a comparative analysis.

Cost

One of the biggest advantages of hiring a part-time finance specialist is the price. As a business owner, you’ll be looking to save as much expense as possible. Investing in a part-time senior finance person will not just save your company from disorganisation, but cost as well. EFM offers an efficient, ‘pay as you go’ service. Companies can now benefit from an experienced financial resource on a part-time basis, thus you only pay for the hours needed and used, and you do not have to pay large one-off recruitment fees.

A good example of this is how EFM recently supported a language £3m revenue services company, with their finance requirements to help improve their overall standing and save on budget as much as possible to ensure survival throughout the Covid pandemic. By replacing their full-time Head of Finance resource with one of our local part-time Finance Directors, we have managed to save the company up to £5k per month.

Outside Perspective

Your business success depends on sound planning and effective execution. When hiring an EFM FD or FC for your company, you’re essentially acquiring a fresh set of eyes, to help assess hidden opportunities, unlock trapped cash and prevent any submerged threats that may try to surface. Our team will collaborate with your team to support, encourage and challenge the business, delivering the best outcomes for your investors, funders, staff and customers.

This is a lonely place and time for business owners. They have set up their business with a passionate vision of what customers need, probably risked their career by leaving a stable position to pursue their dream and put reputation and money on the line to get to this point. So, talk to someone who understands what you’re going through, not only fellow business directors or your partner, but somebody on the outside, a fresh set of eyes, who may have experienced similar business crisis and will challenge your ideas and come up with ones you hadn’t thought of before.

Prepare for the Post-Crisis World

As the world continues to face the Covid-19 pandemic head-on and with a new vaccine about to be released, the strategic focus for business owners is now turning to what the competitive landscape will look like in the aftermath of the crisis, what it means for their business, and how to come out in front.

EFM hear of many companies that are questioning their viability post-pandemic, including those in the travel, hospitality, and events industries. We also hear of businesses accelerating their growth because their value propositions are in high demand e.g. face masks, antibacterial chemicals, home delivery services. Because of such factors, firms will differ in their resilience. You should take steps now to forecast your position so you can capitalise on opportunity when the pandemic eventually begins to end.

You will also need to assess your company’s preparedness – Are you ready and able to accomplish the plans you’ve outlined, particularly if much of your organisation has shifted to remote work?

The EFM team see various differences in preparedness at an individual, team, organisation level. The resources at hand, along with the speed and quality of decision-making, vary greatly, and the differences will determine who achieves and who falls short of success. EFM have a post-Covid checklist to help bring structure to business owner’s preparations. Contact us to find out more.

New Opportunities in a Crisis

Yes, a crisis can be devastating to businesses, but it can also bring many opportunities in the way of evolution. Throughout 2020, EFM has seen many businesses, including our own clients, adapting their products and service offerings to remain competitive, enhance their revenue streams and to keep doors open. One of our clients, an online fashion retailer, began designing and selling their own facemasks as they saw an opportunity to sell a high-quality product that’s both in high demand and beneficial to the health and safety of the public.

Remember – you must think of new innovative, strategic ideas – adapt to survive and thrive!

As each member of the EFM network is different, your company has the chance to capitalise on unlocking new strategic opportunities, by harnessing the collective skills of an outsourced finance team network of over 70 people, led by one dedicated person, brainstorming new ideas and turning them into a reality. By hiring the support of a part-time associate, you can continue to unlock internal and external opportunities and help increase your company’s revenue, cashflow and client base.

Why EFM?

EFM is a nationwide team of Finance Directors, Financial Controllers and Growth Partners. We provide ‘pay as you go’ financial management services to businesses that want the benefits of an experienced finance professional, but without paying a full-time salary. Our team of over 70 EFM experts are spread nationwide across the UK. Each EFM person has their own set of skills harnessed over time and unique qualities, ensuring a bespoke and professional service.

If you’re interested in finding out how our part-time, nationwide team of finance and business growth professionals can help to support your business this winter, get in touch today! Contact our central team via email or call 01582 516300.