Most entrepreneurial businesses suffer from similar issues;
- Lack of financial insights into their business
- Unstable cashflow particularly when growing
- An overarching strategy and direction for their business and
- A business structure capable of underpinning the strategy
Why is this? In our experience entrepreneurial businesses skew their resources towards sales or product and leave the finance team with little or no resources. Finance and Accounting is not in their skill set so they have a tendency to ignore it rather than focusing on doing something about it.
When it comes to the financial crunch CEOs have a number of options:
- Keep the pressure up on the existing team
- Restructure the team with an upgraded CFO
- Restructure the team with an outsourced CFO
Options 1 and 2 are going to be high cost alternatives for different reasons.
Option 3 is where 5ivestar Business Services can assist and add great value to your business. See what Lloyd Bartlett, the Managing Director of Country Chef Bakeries had to say about our role in restructuring their finance team:
“Working with Michael Hamilton from 5ivestar has been an exceptional experience. He helped us out of our darkest hour when we had to let our previous Finance Manager go. He truly was a ‘fix it CFO’ in all elements of the finance department. He rebuilt the team from the ground up and established systems, processes and comprehensive reporting which enabled us to get on with growing the business and funding our next big project. I would fully recommend Michael and his team for when the going gets tough in the finance arena!”
The process was cost effective, structured, low-risk and ultimately provided them with insights into their business they only dreamed of and included:
- A comprehensive review of the finance function,
- Managing existing team members up or out
- Development and presentation of financial strategy
- Negotiation of short-term funding solutions backed by a comprehensive funding strategy
- Recruitment of a superstar team (at a fraction of the cost of traditional recruitment methods)
- Development of detailed Budgets, Forecasts, Cashflows and KPIs
At 5ivestar we have perfected the balance of being able to develop the business strategy and then get our hands dirty at the most basic operational levels to deliver this strategy. If this is something you could see working for your business then contact us further tolday.
Michael’s insights are drawn directly from working with and in SMBs in senior finance roles for the last 25 years. Michael has extensive experience with Corvu, Cognos, Microsoft SQL, and Microsoft Power BI. If you need practical advice or assistance with implementing BI for your business, then reach out; you will be glad you did.