Ready for Growth? A Checklist for FDs/CFOs of High Potential Businesses By Andi Lonnen
Andi Lonnen Business Associates • Portfolio Finance Director business and financial training and coaching consultancy providing: – Business finance training and coaching around the UK – Part-time FD services to local businesses – Growth Coach for the national Growth Accelerator scheme, assisting clients in obtaining access to finance to facilitate their expansion plans and realise their ambitions
Business Plan • Plan your way to successful growth – Strategy (shape your future) – Structure (right people in right positions) – Skills development (performance, gaps, training) – Systems (processes, procedures, automation) • Monitor performance against plan – corrective action where needed
Focus on CASH • Easy to run out during growth • Tied up in debtors & stock, need to pay creditors • Improve cash position, e.g. – Robust cash forecast – Working capital management – Deposits, payments in advance, etc. – Invoice factoring, discounting, etc. – Appropriate funding
Get the Basics Right • Accurate, timely & relevant management information • Strong focus on cash & working capital management • Control costs • Monitor performance & most profitable areas • Robust controls, systems & procedures
Skillset of (aspiring) FDs/CFOs • In addition to financial skills to grow business: – Strong communication skills – Ability to positively influence – Listen & understand – Professional image/gravitas – Commercial skills
Potential Sources of Finance • Beyond own bank – alternative sources of business loans • Private equity, venture capital, angel investors • Crowd-funding • Invoice factoring & discounting • Grants • Asset based lending, property finance
Thank you! • Thank you for listening Contact Details: • Email: andi@andilonnen.co.uk • Web: www.andilonnen.co.uk • Twitter: @AndiLonnen • Telephone: 00 44 (0)7921 252758 • Skype: Andil3012
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