Here to help you make more informed decisions
At Bessler Hendrie, our clients are predominantly owner managed businesses. Many of them, even the larger ones, may have an internal bookkeeper or outsource their bookkeeping, but they do not have a Finance Director. The day-to-day financial decisions may still rest on the shoulders of the business owners which may not be their area of expertise.
Furthermore, we know for our clients, it is often not the financial decisions which are important, but in a small management team, possibly of only one or two directors, it is the opportunity to call upon the regular strategic input of an outside perspective which our clients find so beneficial. This is where we can help. Acting in a “quasi FD” role provides a cost effective way for small to medium sized businesses to access what would otherwise be a high level, expensive employee.
Of course, we can deal with the basics if not covered in-house, such as management reporting, VAT Returns and bookkeeping, but we are also able to offer regular and recurring strategic advice. This doesn’t mean advising on one-off transactions, although we do that too. This role is about revealing financial clarity, and helping Owner Managers run smarter businesses.
We become part of a board or senior leadership team, using our business and accounting experience to contribute towards your business’s success. It is not always enough to know what the numbers are, Owner Managers need to learn how to interpret them and what they really mean. In many cases, our input is not driven by the numbers at all but is general business advice, built from years of working with like-minded businesses.
Over the years we have undertaken this role for lots of different businesses. Some have been loss making with cash flow issues at the point they contact us, some have a long-standing successful business that want to expand and move to the next stage in their business cycle. Every client is unique, and every piece of work has been tailored to fit the specific requirements. In general, we assist the in-house team in preparing monthly management accounts, tailored to focus on key performance indicators relevant to each business. We will attend quarterly or monthly board meetings and review the numbers, helping to ensure that the Directors have a strong understanding of the performance and position of each company.
More importantly, we use these recurring meetings as an opportunity to put forward ideas and brainstorm different business areas which could help drive profitability and performance.
In one example, we raised a simple observation about an obscure part of the business in question, and after some debate at the board meeting and research, it was agreed the business would focus on this point moving forward. The result, a simple opportunity being wasted was turned in to a very profitable part of the business, with no additional work or investment, just a change in process!
In a number of other examples, companies we have worked with in this ‘quasi FD’ role have turned their KPI’s around, and are now highly profitable and looking at the next steps, including expanding through acquisitions of complementary businesses with which we will, of course, be on hand to assist.
The support that we have provided over the years has given our Owner Manager clients the confidence to drive their businesses forward and take them to the next level.
Could we do the same for you?