There is a small business mindset that prevents the most promising companies from reaching even a fraction of their potential. I’m reminded of those fabulous Bonsai trees which live out their lives in a tiny pot. Beautifully perfect, yes, but they could be so much bigger!
Part of that mindset holds that Finance Directors are a requirement only for really big companies. But actually, any company that is looking to grow will benefit from partnering with an FD and also enjoying the reduction of risk that they bring with them to a small business.
Turn over a new leaf
I’ve just been working with a company that had a very modest half million turnover. We transformed that into five million through putting in place the systems that would help them to grow. It meant that they didn't reach that blockage which small companies often reach if they started out as a sole trader on their own. Typically many small family businesses whose owner is more than happy pulling in a 50k salary and with a pension sorted are those that get stuck. Their accountant is doing a great job monitoring their progress and ensuring they are on an even keel but the company runs aground and stops moving forward. Stops growing.
But if a business wants to grow; it needs to think again. It needs to think out of the pot! Because it’s at that point, where they are stuck at the one to two million turnover level that they need to say to themselves: ‘Let’s get some expert financial help on board and start moving forward again - now”.
That’s where a commercially minded part time Financial Director will come alongside them and take them through the growth steps in a smooth, planned way. Effectively re-planting them in the great outdoors where they have the room, vision and strategy to reach their full potential.
So how does a part time Financial Director do that? Stay tuned!
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