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10 ways to improve your finances
Basepoint, Luton28 November 2014
Gary Jesson
Profile
EFM is a company which provides flexible and scalable financial expertise to SME’s through part time FD, FC and bookkeeping resource. It has a UK wide team of 40 professionals working with > 100 SME’s at any time
Gary Jesson is a trained chartered accountant who left Ernst & Young to set up EFM in 2000. He raised angel investment at the time and has since gone on to launch 2 new business lines and work as a portfolio FD for over 50 companies. He is also a business ambassador for Luton and Bedfordshire
Economic Recovery???
Your choice
Succeed by focussing on proper financial
management and be prepared for opportunities that lie ahead
Fail due to poor financial control &
inadequate working capital
Coming Out of recession
So we will now look at 10 ways to improve your finances and chances
Annual Financial
Healthcheck
New legislation?
Better practices?
Funding requirements
changed?
Don’t take the ostrich approach
Any loss making parts?
Are there gaps?
Are costs too high?
Have data needs
changed?
System & people
Red flags and
prevention
Profitable customer retention
Make it easy to trade
Why retain customers who are difficult?
Know which customers make you
money
When did you last increase prices?
How much do you give
away (knowingly)?
Make them “sticky”
Can you sell them
more?
Billing and credit
management
Credit Manager
Champion Credit checks and set limits in
advance
Early settlement discount
policy
Bill on completion, not month
endInvoice
accurately
Favourable stage
payments
Bill for all costs
Process for slow pay/
no pay
Cost control
Low hanging
fruitCommissions
linked to cash/margins
Benchmark, get quotes
Fixed or Variable
Less space or home working
Outsource vs In-house
Product sourcing
-UK or overseas
Re- negotiate contracts
Long term commitments
Compliance champion
Environmental
HR
VAT changes
Fines
Health and Safety
Data protection
Bribery and Money
Laundering
Increasing compliance
visits
R&D tax/ Patent
box
Freelance or
Employed staff
Systems and
reporting
Measure and track
KPIsRegular on time
reporting
Routines
Analysis by
segment
Dealing with
anomalies
Disaster recovery (Cloud)
Right software -
SAAS
Forecasting and
budgeting
Variances - saving or deferment?
Rolling cash
forecast
Re-evaluate for
changes
Proper budget or “wish” list
Involve whole team
Early warning system
Resourcing
Staffs competence
levels
High staff churn
Lack of CPD/
training
Wrong person – wrong job
Growing list of excuses
Lack of holidays
External pressures
Free money
£ 2k NIC rebate
TSB
MAS
Growth Accelerator
Velocity hub
Growth Vouchers
Training grants
Liquidate non-core assets
Access to finance
Supply chain
financeDon`t
leave it too late
Bank loans
Crowd funding
Equity schemes/tax
breaks
Asset finance
Pension fund
finance
Spot invoice finance
Conclusion
Gary [email protected]
T 0845 129 9900; 01582 516300
M 07801 809624
http://www.linkedin.com/pub/gary-jesson/10/87a/8a0
https://www.linkedin.com/company/598095?trk=tyah+
https://twitter.com/efmuk
http://www.slideshare.net/efmclientcare/ten-tips-to-improve-your-finances-gj-11201slsh
