Partner CFO

02/08/2022

So, you thought that you had the modern system working seamlessly in your business. 

But then someone was absent, and the system didn’t work… Why is that? 🤔

As it happens, the Key people may also plug gaps in the business systems. 

If not adequately managed, business investment in systems can be hit or miss resulting in gaps here and there. 

As a result, staff must bridge the gap for everything to work. In effect, staff are part of the system instead of solely running the system. 

Moreover, the stress on systems, people and their knowledge can increase during high growth.

And, the risk is often hidden, as “we have all these modern apps, so it must be working well.” However, if a person goes, there’s a risk that systems won’t work.

Ideally, you’ll want a detailed review and a prioritised roadmap to plug system gaps in all key areas such as Operations, IT, Finance etc. 

This will minimise disruption and ensure your business system is robust and runs like a well-oiled machine. 

Interested in having a chat with a systems person?
Please drop me a DM.

27/06/2022

The Great Resignation is here.

Are anxieties about losing a key performer affecting your home life?

Are tensions at work affecting how you manage?

How could you turn that on its head?

If you’re concerned about staff retention, you’re not alone. Beneath the surface, business owners can feel anxious about retaining one or more key people.

What’s the impact on your business of losing a Head of Finance or IT?

And how is it possible to turn that into an advantage?

Want to know more?💡

Drop me a DM.

05/06/2022

Processes are simple steps that deliver a desirable result 🚀

Every business has them.

They usually evolve with new developments and workarounds over time. Undocumented processes are common and are the tacit knowledge of a select few.

When a process is in someone’s head, it’s unlikely to meet the needs of the growing business. Those needs might be for better planning, improved quality and accurate reporting.

Key people must hold everything together if there’s no designed process. Staff may find this particularly stressful, increasing the risk of loss.

Do you have any undocumented processes in your business? 🤔

05/06/2022

Is there an advantage of tackling Key Person Risk?💡

The nature of risk is that it may or may not happen.

Creating systems and retaining information and knowledge is vital 🎛

It reduces many of the risks linked to losing, say, a Head of IT or Finance department. Losing a key person will still hurt, yet it will be easier to recover with the right systems in place.

That means there is a great advantage of tackling key person risk early. As a result, the business will become more resilient and scalable 🚀

How is your business managing the Key Person Risk?

05/06/2022

Can you turn the key person dependency risk into your advantage? 💡

Yes, and here are the benefits:

· Removing the risk of human error
· Boosting team morale and productivity
· Ensuring you are in control of your finances
· Reducing the reliance on one financial controller
· Removing employee stress of taking on unfamiliar tasks
· Preparing new staff and re-educating current staff wishing to upskill
· Reducing labour time saves money (an automated system’s efficiency is ultimately cost-effective)
· Generating saleable value (an automated system increases a business’ financial position)
· Facilitating team members' well-being by relieving the concern of being unable to take a holiday or sick day
· Providing peace of mind knowing your financial operations are operating to a standardised set of procedures
· Ensuring your finance department and tasks keep running uninterrupted in team absences.

Preventative measures in all aspects of businesses are necessary, but key financial person dependency is often overlooked until the issue arrives.

Why jeopardise the success of your business when the solutions are clear and beneficial? 🚀

26/04/2022

26/04/2022

26/04/2022

30/03/2022

23/12/2021

Wishing you Merry Christmas 🎄 and a Happy New 2022 🥂🎉