- Look to the future – develop the company financial vision and communicate it across the business. Implement forward-looking and scalable systems that will both help you grow and grow with you.
- Keep a tight focus on cash – monitoring and updating cash positions and cash flow forecasts daily if necessary.
- Keep your management team and board informed – regular updates let them know you are in control and encourage them to support you as your financing needs grow.
- Use experts wisely – be prepared to pay for valuable advice but do not squander money by wasting experts’ time on trivia and inefficiency.
- Financial management is not just technical – ensure your team have the right soft skills as well.
- Make finance a key part of board discussions and decision making
- Be proactive – encourage your finance team not just to respond to support requirements but to identify ways in which they can help other areas of the business.
- Match capabilities to business objectives – use your strategy to identify the skills and systems you need.
- Communicate effectively and encourage different departments to share information and build integrated systems that make sharing information easy.
- Develop commercial awareness across the company – ensure that everything understands the importance of managing costs across the business as well as meeting revenue targets.
Seek objective external expertise, direction and advice in order to identify weaknesses, maximise opportunities and drive strategies to optimise your businesses performance. Talk to FDW today.