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Thriving in the New World Guardian

Thriving in the New World Guardian

Thriving in the New World requires a CFO to expand their Guardian role for the organization.  The CFO must see themselves driving the organization’s efforts to harness increasing levels of complexity while embedding behaviours and systems to defend against existing and emerging threats to business continuity.

Organizations of all sizes have relied on their financial leaders to develop internal control systems and financial compliance with taxation and regulatory bodies.  The business owner and key stakeholders will better navigate the future by ensuring their financial leader is accountable for maximising the organization’s overall information integrity and for broadening the compliance framework.

Successfully achieving this broader mandate will require the CFO to elevate their collaboration and partnership with other functional leaders.  Success will also depend on how intensely the leadership team commits to sharpening their ability to convert information into insight.  There are two initiatives your CFO can pursue to create greater visibility of information related opportunities and potential compliance challenges.

Harnessing Digital Transformation

The recent pandemic has accelerated the digital transformation for every business.  Over the past year, it has become clear that companies who want to win must consistently adopt emerging technologies to exploit the opportunities offered by digitization. Businesses who select the right solutions will convert the promise of richer information into higher revenue and lower costs.

It is likely your business is headed towards larger technology investment. Business leaders must, of course, rely on their technology advisors and their market oriented leadership to drive digital transformation; however, the contribution of the CFO should not be overlooked.   Owners and CEOs should seek to pair their technology advisor with their financial advisor to ensure the technology selection process is sufficiently thorough and holistic.

Decision makers often desire greater amounts of information; however, there is no guarantee it leads to better decisions.  For most organizations, their finance teams have the most experience in digesting large amounts of information and structuring it to make recommendations.   Fostering collaboration between finance staff and your digital marketing leaders will promote more streamlined, more accurate, more actionable information.

Creating a Compliance Culture

The reality is that discussions regarding “compliance”  are low on the excitement list for most individuals, and almost certainly not the driving force for most CEO’s or owner operators.   For finance and operations teams, compliance may not be their primary passion; however, their functional success links directly to processes that ensure compliance requirements are visible and achieved.    The challenge for compliance in a post pandemic world has grown. Workers remotely accessing business systems and confidential data puts greater pressure on protecting customer information and maintaining adherence to internal practices.

It is no surprise that the first step to creating a compliance culture begins with the leadership team. For many business the choice to task the CFO to take on compliance culture responsibilities will reinforce to employees the organization’s commitment to a disciplined overall compliance framework.  Your CFO should bring a compliance mindset to the organization. Equally importantly, they should bring proven methods to establish compliance systems.

Once the initial building blocks of leadership commitment and senior level accountability are established, the CFO can work with their colleagues to put in place three additional elements that have proven effective in financial compliance.  These elements are Visibility, Review and Corrective Action.   These three elements have been essential for every finance leader to demonstrate a reliable compliance framework to tax authorities, regulatory bodies, and financial stakeholders.

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Introducing the Thriving in the New World Series

Introducing the Thriving in the New World Series

Thriving in the New World series is The CFO Center’s unique approach on how we can truly make a difference to your business. Explore how a transformational CFO, as a Strategist, Operator, Leader and Guardian, is essential to future proof your business.

The Covid-19 pandemic has transported almost every business into a new reality with greater obstacles and greater, or certainly different, opportunities. Many business owners are operating at ground level to address challenges that threaten the livelihood of their employees, the continuity of their customers and the future of their business.

Now is not the time for strategic retreats, or high-level consulting reviews. Entrepreneurs that thrive in this new world will be those that combine their experience and knowledge with the insights and expertise of involved, committed individuals. These entrepreneurs will possess the mindset to navigate each day’s most pressing issues while charting the course for the business to move forward.

Now is the time to ensure your business is enjoying the leadership and hands on guidance of a New World CFO. Accenture defines the new CFO as a “value-oriented individual who views the world through a different lens” . They see themselves as value architects whose primary focus is helping the organization drive profitable growth.

All businesses have staff or advisors in place to manage the financial requirements of their business.

Perhaps more than ever before, businesses of all sizes, and all stages of development will benefit from finance oriented leadership that goes far beyond the numbers, far beyond basic reporting and far beyond being the controller or watchdog for the business.

If you own and operate a small to medium-sized business, you may have gotten by without access to the “C” level expertise of an experienced CFO. Thriving in your new world may require access to a proven, holistic financial leader driven to grow your business profitably.

This four-part – New World CFO series will provide specific, understandable and implementable information designed to help your business thrive and survive. Uncover more about the benefits of futureproofing.

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Fear Of Seeking Funding Might Stop You From Growing

Fear Of Seeking Funding Might Stop You From Growing

Are you so wary of debt that you won’t look for external funding to grow your company? Do you still consider the banks to be the only real source of funding?
A ‘yes’ answer to one or both of those questions is a sign that you could be hampering your company’s future growth prospects. (If you’d like to find out more about your strategic funding options, download a free report now by clicking here.)
If you are hindering your company’s growth, you’re certainly not alone. Research conducted earlier this year revealed that 78% of the 500 UK businesses surveyed by specialist mutual financial services provider Wesleyan Bank were too wary of incurring debt to seek external funding.
About three-quarters of those surveyed said they had a better understanding of traditional funding options such as bank loans and overdrafts than they did of alternative funding options such as asset finance. A national SMB alternative finance survey commissioned by Nesta and the University of Cambridge found that only 9% of respondents had approached an alternative finance provider.
The so-called alternative funding market is growing rapidly, and in the UK alone has more than doubled in size year on year from £267 million in 2012 to £666 million in 2013 to £1.74 billion in 2014, according to the ‘UK Alternative Finance Industry Report’.
Sean Read, Director of Sales & Marketing at Wesleyan Bank says, “Without external finance, many SMBs are stilting their chances of prospering and fulfilling their ultimate potential.”
That’s because funding—whether through debt or equity— is often the catalyst for taking your business to the next level. Without it, you’re likely to stay where you are now or worse, stagnate.
Nowadays, there are many options for both equity and debt financing to consider. There is also the option to combine both debt and equity in a funding mix to provide the capital base for long term growth and the working capital to support working capital requirements in the business.
While there’s a vast array of options available—including some that can provide funds within days—figuring out how to access these funds can be a very time-consuming, frustrating experience, even for the most seasoned business owner.
Worryingly, the Wesleyan Bank research revealed that many SEO owners turn to the internet for advice about funding options rather than speaking directly to banks or independent funding experts. While the internet does provide some accurate information, it is just as likely to offer information that at best is outdated and, at worst, wildly off-the-mark. Following such unqualified advice is likely to be disastrous for your company.
After all, raising funds is critical to your company’s future growth. As such, it should only be managed by those with substantial experience and knowledge of the strategic funding market.
Typically, that person will be a CFO or an FD (Finance Director). And there’s the rub, for as an SMB, you probably don’t have a full-time CFO with the necessary experience in fundraising to manage the process for you. So what can you do?
You can hire a very experienced part-time CFO to manage the entire process for you. He or she will manage everything from determining your immediate and long-term objectives to finding the right kind of funding partner for the business. You can watch a 3-minute video here which explains the part-time CFO/FD model.
At The CFO Center, our CFOs have sourced more funding (over £5 billion) for our clients than just about any other company in the UK. We will provide you with a world-class CFO or FD with ‘big business experience’ to manage your strategic funding process for you and we’ll do it at a fraction of the cost of a full-time CFO. It’s the business equivalent of having an Olympic coach to help your business thrive.
To find out more about your funding options, just book your free one-to-one call with one of our strategic funding specialists—just click here now.

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