Thursday, July 29
When a project goes live
A few years ago my garden fence annoyed me for just one day too many and a project was born. A plan was created to move the fence then create a rockery, a little winding path and a bit of extra lawn. Then I had to get the bits together and make it happen (with some help) – it felt so good when it was complete.
This month has seen me finalise a new product offering for my clients (the subject of a separate launch mail) which saw me go through the same process of identifying a need, planning how to deliver it and then finalising its creation.
Whether a project (or activity) is of a personal or professional nature knowing the objective and planning the steps to achieving it increase the chances of success and feeling some more of those highs.
If you want to find out more click here
Tuesday, July 27
Collect that cash
An excellent article in Real Business Magazine focuses on 27 ways to boost your cashflow. As Finance Directors this inevitably falls under our remit for clients and I am proud to have contributed to the article.
My specific contribution – Invoice as soon as possible, regularly, not just at the end of the month and I totally recommend reading the other 26 thoughts and many wise words.
I have long maintained that not all customers are good customers, specifically those that don’t pay – luckily I have great clients.
The cash collection process starts as soon as contact is made with a prospect – the exact details of the process will vary depending on the nature of a business but expectations should be set right away about what is being delivered, for what price and when both delivery and payment are going to be made.
Starting to feel myself getting on a high horse so will leave you there with that thought – if you want me to get back on my high horse feel free to get in touch.
Wednesday, June 30
Why do it?
Most of us have a garden that we take some degree of care of although our motivations might vary; we don’t want to be embarrassed in front of the neighbours, the vegetables need cultivating, the children need somewhere safe to play or, in my case, I want a haven where I can enjoy a good book and a glass of wine or a barbeque with friends.
Businesses need to take good care of their finances too. In this case, once the accuracy has been assured, the motivations will be broadly similar; to improve profitability, ensure controlled cashflow, support decision making and have some degree of control over the future.
Knowing what needs doing and why is usually quite easy to determine. The challenge is knowing who and when. I was hugely grateful to the person that was the solution to much of my gardening challenge and I love being part of the solution for the businesses I work with.
Thursday, June 24
GIGO
The great thing about what I do is that it is providing proactive support for the business owner to help them look forward and take control of the numbers in their business.
So, it can be really confusing when the first thing I do is look back over all the historical information but without understanding where the business is coming from and making sure that information is recorded accurately there is no starting point. We may know we want to get to Edinburgh but the route will be quite different if we are starting from London or Cardiff.
Get the base line right and then we can set out on an exciting journey together.
Sunday, June 20
Finance is Fun!
No, really it is and it appears that I may even have convinced a couple of others recently.
As part of the part time FD services that I offer I am usually helping either business owners or their managers understand the financials of their business.
When I was working in corporates there were so many managers that this sometimes ended up with me running ‘Finance for non Finance manager’ courses tailored to that business’ requirements.
However, now I work with SMEs it is more often one to one sessions, which are fun but I did enjoy working with YourFuture YourBusiness and to deliver one of their programmes for managers across a range of businesses. Check it out - and if you know of anyone else that wants to learn some key skills and have some fun………………….
Thursday, June 10
Why do I do it?
I am always reviewing (management) accounts for clients/potential clients and indeed was asked to give a presentation on this subject earlier this week. As I was putting it together I thought it was important that anyone reviewing accounts knows why they arent waiting to the year end for the statutory accounts and why they are doing it – not everyone did! So here is the overview:
- to ensure accuracy
- identify profit improvement opportunities
- guide cashflow forecasting
- assist with planning and hence predictability as the basis of decision making.
Of course the detail will vary in every case but its good to have a starting point. And how much benefit you get from the review is often linked with how often and when it is done. The numbers tell a story – by reviewing the accounts a business owner may stand a better chance of ensuring there is a happy ending.
Wednesday, June 2
Blog back on line – latest thought
Great to be back on line and be able to share my latest thought for the month :What tiny thing can make a huge difference?
At this time of year gardens can easily get out of control (I can see that on a daily basis!) and to get it back to looking its best, action is needed. Starting off with one small manageable task can make a large difference – getting in an expert for a blitz can also work.
In business there is a never ending ‘to do’ list and as a business owner this can cover a massive range of areas. There are even more things that aren’t on the list, and maybe they should be, because they may be the things that will make the most difference.
Whatever the situation, whatever the challenge, however small the first step, we have to start somewhere. However, sometimes it takes an objective third party to identify where that is.
If you would like to receive my monthly thoughts directly then please contact me at cb@a-count-a-bility.co.uk
Monday, December 14
Strong roots for future growth
A Christmas picture I saw showed Father Christmas dragging a tree where he had cut off the roots – it wont be thriving after Christmas – pity he didnt think ahead.
Business owners should plan more carefully and think about how best to take the profits from their business. Indeed how much should be left in the business for reinvestment so that it can grow stronger than ever.
Enjoy the tree and its decorations and I hope that you get all that you wish for from your Christmas and New year break because you have left some roots in tact.
Tuesday, November 10
Coping with havoc
Plants can suffer from a variety of diseases some of which can be treated (organically or otherwise) and some can’t. They can wreak havoc if, for example, they destroy an entire crop that a community is dependent on and they are rarely predictable.
The great thing about swine flu (and indeed many other potential havoc wreakers) is that they can be envisaged and contingency plans developed. The impact of losing staff, for whatever reason, can be mitigated if processes are documented. Having processes can also increase efficiency – and save costs.
Don’t let disease wreak havoc – consider challenges you could face, have plans in place to deal with them and then you can get on with business as usual
Tuesday, October 20
Green opportunities
There is much debate about whether companies can consider the environment and ‘going green’ in the current economy – my belief is that, while it may not be the first priority for a business, all businesses can be moving in the ‘right’ direction. Even better, doing so can often lead to cost savings and improved sales opportunities which are often high priorities for businesses at the moment. My concern is that some of the legislative requirements are so expensive and onerous that it puts people off looking for the opportunities that they could take voluntarily. These were the key messages from my presentation at Business as Usual in the Low-Carbon Economy – an event hosted by Bayer.
As an independent FD my concerns are for the financial performance of the businesses I work for – this can often include other ethical considerations that work for the benefit of everyone like staff training/sabbaticals to retain staff and avoid the costs of recruiting and retraining, sourcing supplies locally and so on. I touched on these during my presentation not least of all because in the Companies Act 2006 all directors have a statutory obligation to consider the impact of their business decisions on the community and the environment.
As an FD I am good at measuring and analysing data, as an individual I feel passionately about helping those less fortunate than myself – the ethics of business bring the two together nicely.
