The last 12 months have been amongst the most turbulent in living memory, and companies from every industry are experiencing cash flow issues as a result of the volatile market conditions triggered by the global pandemic.
With fiscal problems, skills shortages, and Brexit, business owners need an Experienced Finance Director (EFD) who can help restore stability within the business, guide them through this difficult period, and prepare for the growth opportunities that will present themselves to the survivors when the wider economy takes off later this year. Performing multiple roles and based on sound financial analysis, EFDs have a proven track record for driving positive change across all areas of a business.
An experienced finance director will help you prosper by:
Aiding your post-COVID recovery
Despite going into another national lockdown, there is light at the end of the tunnel thanks to the vaccines and the NHS, which plans to immunise tens of millions of people by the spring. Once vulnerable people have been vaccinated, some form of normality should return and the economy will start to grow once more. When this happens, your business could be in a position to capitalise on the recovery and grow with it. The sooner your business takes action, the more likely you are to survive the crisis and the better prepared you will be to take advantage of value-enhancing new growth opportunities once restrictions are lifted.
Spotting opportunities for growth
Historical evidence indicates that the economy is very capable of bouncing back from the downturn caused by the pandemic and some analysts argue that this year may be the start of a multi-year boom. To ensure you are prepared for the economy’s recovery, you must be proactive and prepare your business to capitalise on growth opportunities. An EFD can help analyse your industry and identify areas that are likely to grow when the economy starts to recover. Based on these opportunities, an EFD can help you develop a detailed roadmap to success that focuses on how your business can adapt its operations to target these areas of growth.
Improving your cash flow
EFDs are experts in managing cash flow during difficult trading conditions and can help ensure that you have access to cash and a source of credit, thereby ensuring you are prepared for economic growth. Taking control of financial aspects of your company, an EFD can implement robust financial controls, prepare cash flow forecasts and analyse management accounts to identify and deliver cost savings, improving your profitability.
Working alongside heads of departments, EFDs can:
- Improve debt collection
- Reduce operating costs
- Improve cashflow
- Liaise with existing lenders
- Raise additional short and long term capital
Raising finance
Due to the volatility and uncertainty caused by Covid-19, business owners are struggling to secure sources of capital when they need it most. Some businesses need funding to stay afloat while others need it to invest in expanding their operations to capitalise on the expected growth of the economy this year. Fundraising is a time-consuming process that involves financial and legal due diligence. The preparation of historical, monthly management accounts and financial forecasts based on facts and historical trends is critical to demonstrate to lenders that they will be repaid with a return on their investment. An EFD can help determine how much money you need and oversee the fundraising process, using their wide network of contacts to speed up the process and get your business the funds it needs.
Contingency planning
The economic disruption caused by the pandemic highlighted the importance of business contingency plans. In light of the uncertainty surrounding the ongoing situation, safeguarding your business by preparing contingency plans will allow you to continue operating with peace of mind. EFDs can help devise contingency plans that address “what if” situations and prepare your business for worst-case scenarios.
Creating a roadmap for success
Bringing a part-time EFD into your business is an investment to help it survive and recover from the impact of the pandemic. It allows you to benefit from an operational leader who specialises in forming bespoke financial strategies for short term problems and long-term growth and value creation within the business. Working closely with you, the EFD will provide valuable insights and guidance to support the creation and delivery of growth strategies. They will be able to make recommendations based on experience, expertise, and hard-nosed financial analysis to help you create a detailed roadmap for success that is focused on achieving your business objectives.
Why partner with Dartcell?
Possessing extraordinary commercial acumen, a Dartcell EFD is a commercially minded business leader that specialises in finance and uses their strategic business insights to make recommendations that drive exceptional results. A Dartcell EFD is an expert in improving cash flow when you need it most and will provide a high level of support on a part-time basis to help you grow your business profitably. Hiring Dartcell will help your business survive these tough times and flourish as the economy turns.
If you need support from a highly experienced Finance Director that specialises in crisis situations, please contact us.