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Talking money, the importance of good financial management in these uncertain times


Published:
calculator and numbers

There comes a point in most companies growth journeys where it makes sense to appoint someone to help with the growing complexities of financially managing a bigger business. This is especially important now in the light of growing uncertainty because of the Covid 19 pandemic and Brexit.

As a small business owner, you need to be on top of your numbers and make decisions quickly to keep up with the current fast pace of change. This will allow you to keep your stakeholders and creditors up-to-date and on-board with business plans. They’ll want to know you have good cash-flow management. This can be supported by a financial expert.

All businesses need someone who oversees company finance matters, including payroll, managing your supply chain, working capital, cash-flow, and reporting. This can be an in-house appointment, or outsourced through a book-keeping service, accountant or financial controller company.

At the Development Bank of Wales, our portfolio team can introduce you to experienced finance experts who can support your business.

Our customer, the Dale Roads Group currently own and operate five care homes in Pembrokeshire. Working with their portfolio executive they appointed a financial controller company – SME Finance Partners.  

Mike Davies, Financial Director of the Dale Roads Group had this to say about their new financial controller and his team:

“We quickly benefitted from working with Chris Thomas, from SME Finance Partners. He was able to evaluate the operational practices of the group and made constructive recommendations. They then set up our company reporting system, which improved our financial reporting with tailored made features not found on traditional accounting packages. 

“Today Chris and his team are actively involved in all our financial operations, including forecast planning, financial structure, and project planning. We look forward to working with SME Finance Partners well in to the future.”

Jack Lear Managing Director of Bodysocks, a wholesaler and retailer based in Tenby, had this to say about his experience of a Development Bank introduced finance expert:

“Our portfolio executive provided tremendous value by referring Richard Morgan, our financial manager to the company. Richard has become a valuable part of the business and has provided us with a diverse range of financial expertise, from producing monthly management accounts to VAT inspections.”

Bridgend-based Mazuma offers online and remote accountancy and book-keeping services to small businesses across the UK.

Lucy Cohen, Managing Director of Mazuma has this advice for businesses on financial management at this time:

“Now more than ever it’s vital that you keep on top of your numbers. Good financial management is key, but it is even more important when things are uncertain. Keeping tabs on your finances means that, even if you don’t know what’s around the corner for your business, you do know what resources you have to deal with whatever the world throws at you. Knowing your numbers means that you can identify gaps in your plan and look for ways to mitigate them – whether that’s raising extra finance or cutting spending. It might feel scary, it might feel like you just want to bury your head a bit – but once you’ve ripped that Band-Aid off and dug into your numbers, you’ll be setting your business on the right path.”

To find out more about financial management services we can introduce you to, please contact your portfolio executive.