Business growth and stability through
Financial Management
Why is financial control so important?
Financial management and flexibility are critical elements in any successful business, providing multiple benefits from faster decision making through to profitability. The theory sounds simple, but the practicality of understanding and managing costs effectively can be challenging to achieve and maintain for any business.
Our coaches can help managers understand all aspects of accounting and cost management, implement processes to increase profitability and improve working capital to gain long-term sustainable financial improvements.
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Enhanced accountability
Establishing clear financial goals and monitoring progress can help to ensure that employees are working towards common objectives and that everyone is held responsible for their actions.
INCREASED PROFITABILITY & GROWTH
Being able to understand the true costs of your business by service, product or product market group can enable you to understand your most profitable products/services, be proactive in your cost reduction activity, and identify opportunities to improve price competitiveness in your target growth markets.
Improved decision-making
Engaging the finance function in your decision making processes ensures you make better informed decisions using accurate and timely financial information. This should support you achieving your business growth aspirations considering an appropriate level of risk.
Improved access to funding
Lenders and investors are more likely to provide financing to businesses that can demonstrate that they have effective financial controls in place.
APPROPRIATE GOVERNANCE & CONTROLS
Ensuring you have appropriate financial governance and controls in place reduces risk in your business and compliance with accounting regulations.
Better cash flow management
This ensures better monitoring of expenses and revenue to meet financial obligations, increasing your ability to react faster to changes in your business and potential growth opportunities.
OUR APPROACH TO FINANCIAL MANAGEMENT
Our coaches will work with you to understand your current financial processes and practices to see where there are opportunities for improvement. We will work alongside your finance teams to deliver a finance function capable of supporting your business ambitions, and deliver improvement projects in the areas identified below:
Case studies
SHARING IN GROWTH SUPPORTS SUSTAINABLE PROFITABLE GROWTH
South West Metal Finishing hadn’t made a profit for three years and were struggling to manage any growth. The finance department had been steered towards being a back office function, primarily focused on admin rather than financial advisory and control.
With the support of Sharing in Growth, the finance team took on an improvement programme to produce the first company budget, aligned to company strategy, with associated budgetary controls. This introduced key business KPIs and review meetings to monitor performance against budget, and created a set of standard financial reports for all sites, improving visibility of sales, gross margin and profit performance.
As a result of these improvements, South West Metal Finishing achieved 99% of budget to plan, resulting in a return to profitable growth, an improvement of nine percentage points. After three years of static sales, they also achieved a 30% increase in turnover and generated a 25% improvement in their credit risk rating.
“Having set a strategic target to ensure sustainable profitable growth, financial controls were a key part of achieving this and I am delighted with the progress made and the intervention and learning points brought by the Sharing in Growth coach. The implementation of the budgetary approach, enhanced financial awareness and engagement of the Senior Management Team has certainly helped the business achieve its financial aims.”
JACKIE JACOBS
FINANCE DIRECTOR
SHARING IN GROWTH BRINGS £385,000 INCREASED CASHFLOW TO SL ENGINEERING
In the six months before the COVID-19 pandemic, Sharing in Growth had been working with SL Engineering to improve their financial processes. This included a short and medium-term cash forecast and a scenario planning forecast model.
When the pandemic impacted the aerospace industry, like many companies, cash management became a high priority for SL. The base work that had been done previously enabled the business to model multiple scenarios on both their cash and profit projections. They then used this to engage the business to identify ways to manage their costs more closely, regularly reviewing their short and medium-term cash projections.
Sharing in Growth supported the business by delivering finance for non-finance training to team leaders who were then given a budget to manage driving cost reductions. With Sharing in Growth, a daily cross functional review of the most important actions in the business that would support cash and profit generation was introduced, ensuring actions were completed on time. Sharing in Growth also helped to improve the linkage between the sales pipeline forecast and the cash flow, to ensure the business was planning on the most up to date data.
The results were a 57% increase in their forecasted cash balance, £385k improvement in cash flow, and a 32% reduction in spend controlled by the Team Leaders.
“Without the work we have done with Sharing in Growth over the last 12 months, there is no way we would have been able to appraise the financial impact of Covid-19 on our business. We now have up-to-date financial information and forecasts that we can flex, enabling us to assess risks and make informed decisions on actions we have to take.”
JOHN PICKARD
MANAGING DIRECTOR
Our Financial Management Team
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Our success record
Our team of 100 industry experts work with ambitious companies to deliver ‘Insight & Intervention’, working alongside them to create a compelling vision and emotional connection for the people. Business growth, capital investment and net worth from companies engaged with Sharing in Growth have shown strong positive trends beyond their peers in the wider supply chain. We have a proven track record with our clients, increasing their resilience, revenue and improving their profitability.
