Transforming your finances in 5 steps
Step 1: INTRODUCTION
An initial meeting where I find out about you and your business, and where I can answer any initial questions you may have. We also formulate an action plan and agreement.
Step 2: FINANCE HEALTH CHECK (F.H.C.)
The Financial Health check is a snapshot of where your business is at that present moment and covers:
- The Finance Team & Structure.
- The Finance Systems & Procedures.
- Finance Resources.
- The Relationship between Finance and other Departments in the Business.
- Knowledge & Understanding of Finance throughout the Business.
How it Works:
- This can either be done remotely, or at your offices and includes:
- Speaking with yourself and any business partners or directors to see where you think the business is financially, and to see what your plans are for the future.
- Connecting with your finance team to see how they are currently working, and if they have any comments on changes they would make.
- Current finance staffing levels and performance.
- See what the current financial systems and procedures are and how effective and efficient they are.
- An assessment of the current financial statements.
- Speak to managers of other departments, including account managers to see if the current systems work for them and are being used properly.
- Highlight any training requirements.
Step 3: REPORT
I compile a report based on my findings, which is split into the following sections (these may vary):
- Finance Systems.
- Automation of Finance Procedures.
- Finance Team.
- Account Teams.
- Working Together.
- Business Growth.
Each section is split into the following subsections:
- Time Implications.
- Cost Implications.
- Health Implications.
I give each section a rating:
GOOD – Areas that are working brilliantly, or working well but may need a bit of tinkering.
BAD – Areas that are not performing well, and need improvement.
UGLY – Areas that are not working and/or include terrible practices that need urgent attention.
Step 4: IMPLEMENTATION
We create an action plan for implementing the recommendations made in the report.
Step 5: GOING SOLO
Once the plan has been fully implemented and running smoothly it is over to you and your team. I will keep in close contact with you for continued support for as long as needed.