Craig Alexander Rattray was introduced by the existing bank to the Managing Director of a company providing products and services to the construction industry.
The MD was keen to grow and expand his business, but regular changes in the management team had created instability and meant that the company was often internally focused to the detriment of successful growth.
Finance and financial management was poor and there had been a succession of “finance professionals” and external accountants. Suppliers were often chasing for payment and credit control was poor.
We worked with the owner over an intensive period and prepared a growth strategy, based on the anticipated growth that the MD knew was there. We also reviewed the existing management team and the requirements of the business – this necessitated the recruitment of two other senior staff.
We changed the financial management processes of the company and introduced new reporting and forecasting regimes, whilst also increasing the finance team by one person. Changes were also made to the IT infrastructure.
As part of the process, we worked closely with the company’s existing bank and secured additional working capital facilities to finance growth and the expansion of the team.
Over the course of the next year, growth continued, supported by additional working capital facilities and using the financial information to make decisions and to run the business.
Our ongoing role not only included that of part-time Finance Director, but also focused on the strategic development of the company, and ensuring that there were sufficient people and financial resources to successfully grow.
Key outcomes of the role included:
- Strong financial management and revamped financial infrastructure
- Financial information used to run the business
- Successful increase in working capital facilities
- Continued growth aided by improved working capital facilities