- Tailored, one to one financial support with business planning, budgeting and cash flow forecasting
- Successful grant application for project support
- Initial spreadsheet model set up, followed later by implementation of management accounts systems and project management
software systems that worked together
- Confidence in using new financial and project management systems for business owner
- An accountability partner for the business owner, delivering all projects on time and on budget
Background to the Financial Support Project
The owner director of an environmental consultancy had relocated to new offices and needed commercial business advice and financial support to grow her company. In addition, new office equipment would be required to support increased staff levels.
I agreed with the director that she needed a goal – driven business plan supported by a profit and cash flow forecast to enable her to focus on key objectives and grow the business with confidence. She also needed some funding to purchase office equipment, together with advice on staff recruitment and development.
I worked closely with the director to help set goals and objectives. These challenged and focused her on key priorities to grow the business and increase profitability. I assisted in the preparation of a rolling profit and cash flow forecast, built using Excel and later helped the business owner to assess an accountancy software package. I supported an application for grant funding, liaising closely with the grant authority. The cash flow forecasts were designed to handle VAT and other calculations. Training was provided for the business owner to manage the data entry. At the same time, I provided advice on staff development and recruitment.
My initial work helped secure grant funding for coaching support for the business. I provided support in selecting a suitable Cloud Accountancy system and an integrated Project Management system for the business. The business owner had regular meetings with me on a 121 basis when a formal agenda was followed. This included reviewing the figures, checking how the business was performing, progress of grant applications and setting goals and targets. This monitoring of KPI’s on a regular basis added accountability to the process. Between meetings, specific issues were addressed by email or telephone communication. Each project was completed and done on time and on budget.
The director could focus on the key goals and objectives needed to grow the value of her business rapidly. We continued to meet to monitor progress towards these goals and objectives. The director benefited from coaching and training in the preparation of a profit and cash flow forecast, which she could update on a regular basis. The grant application was used for office equipment for newly recruited staff.
Photo by Rémi Walle on Unsplash