Interim Financial Management
As an Interim Financial Manager, David Elliott provides a fresh perspective and enjoys complete objectivity whether it be in a crisis situation, financial or cash management requirement or a new business opportunity. As a specialist in change and turnaround management he has the ability to manage and effect change from within the company, whilst remaining responsible and accountable to the existing Board. By establishing a close partnership with the company during this period the needs of the individual business can be met and cost effective solutions to the problems quickly identified and implemented.
The Role of an Interim Financial Director
While, in an ideal world, someone within the business will have the knowledge and experience to take on a strategic finance role. Where this is not possible this is where an Interim Financial Director (IFD) or Manager can be particularly cost-effective.
Often businesses only call in someone to give them financial advice when things are going wrong. Handling financial problems is certainly a skill required of an IFD, but an experienced IFD offers a business much more and certainly much more than just overseeing the book keeping and the annual accounts,although they will usually be part of the role. A complete financial management package is provided, directly linked to the delivery of business performance and development.
In particular, an IFD can add important strategic input helping the Managing Director develop the business model as the market and the business change. By disseminating information about the business’s performance, an IFD can help the team focus on areas that need attention and avert crises before they happen. An IFD's knowledge of different types of business allied to a varied commercial experience and mindset will allow them to act as a sounding board, objectively giving advice about decisions made by the directors, while not afraid to provide suggestions that may prove unpopular.
Cash flow is a serious and increasing problem for all businesses. Growth in itself is not the key - profitable growth with well-managed cashflow is. While the managing director might not have the time or necessary skills to manage it, the IFD can step in and make sure the process runs smoothly, ensuring the company has enough money to operate, without overstretching itself.
When money is required for funding growth, an IFD can also advise on how to raise the funds required, what sort of money it should be (i.e. loans, investment etc), and from where it can be obtained. They will be able to assist with producing a thorough business plan with which to approach investors and will manage the relationship with the capital provider. The IFD will also be able to advise the directors regarding the complex issues surrounding the various taxes that businesses have to contend with.
Of course, a company may use a firm of accountants to attend to their financial issues, especially in a crisis situation. However, this can be expensive and it can be argued that an accountant will only ever be an external adviser tasked with performing certain functions. An IFD, on the other hand, will become part of the management team, possibly on a part-time basis if appropriate, and will accept responsibility for the financial management of the business.
An experienced IFD will be much more than a qualified accountant. The ideal candidate will have worked in a commercial environment and will have assimilated the essential knowledge necessary to overcome the many hurdles that a growing or contracting business faces.
A simple no-obligation consultation is the first step in the process. Contact David Elliott for a FREE initial consultataion.