Part Time CFO

1. Part Time Cfo The original concept for the CFO Centre was to provide the skill sets of experienced Chief Financial Officers of large corporations to the small and medium sized enterprise (SME) sector, allowing smaller organisations to benefit from the expertise of a highly experienced Chief Financial Officer without incurring the expense of hiring someone full-time. The concept caught on quickly in the UK and the business has grown rapidly on a national scale. Over the last seven years the FD Centre has become the largest and most respected provider of part-time Finance Director services in the UK.In Australia the CFO Centre aims to build long-term relationships with its clients through the provision of its range of added value services and by establishing a basis of trust and confidence..

2. When cash flow problems arise it is very easy to ignore them in an attempt to battle on and hope the problem will go away. Cash flow management is not a short-term fix to a problem but should be part of the fabric of the business; a systematic approach, which should underpin every business wishing to ensure long-term stability. As we have mentioned, cashflow is the lifeblood of a business. If the lifeblood is flowing the business has energy and is able to advance. Knowing that you have a robust plan in place, which allows you to operate within your means, and move away from a ‘feast and famine’ culture is usually a huge relief to everyone within the business. It means that decisions can be made and checked against the cash flow forecast to determine whether they are viable. This increased visibility can be introduced quickly and can have a hugely positive impact on the whole business. Business Funding

3. Capital Raising Profit improvement should be seen as an ongoing project. It takes some time to establish systems, which enable your business to maximise its profitability, and then it takes focus and resource to maintain the monitoring process. The CFO Centre targets the highest calibre chief financial officers in the country to join our team. We have a relentless CFO selection process because we are passionate about bringing our clients the highest quality finance specialists in the country and yet without the burden of a full-time expense on the pay role. Our part-time CFOs are entrepreneurial by nature and they really ‘get’ business and the mindset of the business ownerThe main objective of every part-time CFO in our team is to help busy CEOs and MDs free up more of their time to focus on growing their business as we take care of the finance function and the systems.

4. To create the necessary controls framework in our clients businesses our part-time CFOs work with you to: Explain what ‘internal controls’ are and how they will benefit the business going forward. Share proposals about the delegation of duties and responsibilities to employees. Build a plan which creates more time for the CEO and/or MD to devote to his/her strengths. Work closely with CEO/MD to suggest the most appropriate role/responsibilities for him/her to take on. Create systems across the business for managing various procedures. Install systems for monthly control accounts. Establish monthly KPIs (Key Performance Indicators). Establish processes for creating monthly management accounts. Review computer systems and software to ensure that they are robust and will allow for growth in line with the plan. Establish a system for expenditure and associated authorisation/sign-off. Design systems for investment approval. Key Performance Indicators

5. Our part-time CFOs are entrepreneurial by nature and they really ‘get’ business and the mindset of the business owner. The main objective of every part-time CFO in our team is to help busy CEOs and MDs free up more of their time to focus on growing their business as we take care of the finance function and the systems. In addition to this one of the intangible benefits of taking on an CFO Centre part-time CFO is the role of sounding board. Having someone to talk to about major strategic decisions can have an enormous positive impact on your business. We often find that CEOs make excellent day to day decisions in their respective businesses but trip up over the really important strategic decisions (exit plans, funding, profitability, new market opportunities etc). Capital Raising

6. Business Funding Funding is often the catalyst for taking your business to the next level. Deciding to go down this route and having to learn how a whole industry functions can be a painful process. Having a senior CFO as part of your team who has experience of the process and understands the pitfalls and advantages can help lift the cloud of uncertainty.

7. Key Performance Indicators A performance indicator is a measurement by which some sort of performance is gauged.  A key performance indicator is a specific type of performance indicator that has been identified as being critical to the performance of a business, company or organization. • Obviously, the nature of an organization or company will affect the types of key performance indicators examined.  Businesses tend to look at issues/events such as: • The amount of income from new and returning customers. • Total sales per month, year, etc. • Sales by department, sales personnel, etc. • The return on investment (ROI) from advertising and marketing campaigns. • Turnover of accounts payable. • Cash flow return on investments. • Processing costs of invoicing. • Amount of bad debt versus revenue. • Return on equity. • Monetary value of overdue invoices.

8. Cashflow Problems As we have mentioned, cashflow is the lifeblood of a business. If the lifeblood is flowing the business has energy and is able to advance. Knowing that you have a robust plan in place, which allows you to operate within your means, and move away from a ‘feast and famine’ culture is usually a huge relief to everyone within the business. It means that decisions can be made and checked against the cash flow forecast to determine whether they are viable. This increased visibility can be introduced quickly and can have a hugely positive impact on the whole business.It also means that reserves can be built up gradually to give the business a cushion and alleviate the stress of not knowing what lies round the next corner. Good cash flow management can be likened to an internal insurance policy for your business. Getting to grips with your income and expenditure and understanding where you stand today as well as in the months and years ahead gives the CEO, MD and senior team a great sense of clarity and peace of mind and we would urge every business to implement a professional cash flow management strategy in the early stages of development.

9. Business Funding It is often just a case of shifting mindset and accepting that bringing in funders is a necessary part of the business growth cycle (not always, but much of the time). If the right partner can be found it can make a profound difference to the business. It may be that the investor brings much more to the party than just money and can add great value to your business in terms of experience, expertise, infrastructure, channels to market as just a few possibilities. If you are unsure of your options around funding we would love the opportunity to speak to you and let you know how we may be able to assist.

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