Mark Perrin –
Strategic Advisory Partner
Our relationship with information is changing and in the modern world, the demand for data is ever increasing. The internet has created a mass of ‘Big Data’ that has changed the way we live our lives and the way in which we conduct our business.
When it comes to maintaining financial records, our payroll and outsourcing services take all the pain away from the business owner.
Our system uses the latest technology to account for all your business activities from the moment you place an order with the supplier to the moment a customer places money in your account and everything in between.
By using this technology, we are able to provide you with real-time insights into your business. Looking at your key KPI’s using our bespoke reporting, enabling you to make informed decisions about the future of your business.
Menzies reporting and operations focus
Our unique business advisory approach to your systems and operations helps business owners to reduce risk and improve performance throughout their business. Here are some of the key areas of focus:
Many businesses are maintaining legacy systems that have been superseded by up-to-date technology or changes in working practices. These legacy issues often create inefficient working practices that are labour intensive and often prevent integration throughout the business. Cloud based technology has meant that more powerful IT solutions are available at an affordable level of investment. Through a complete review of processes, both manual and computerised, businesses can enjoy significant efficiencies that drive value to the bottom line.
Location of offices, production space and storage can be long-term decisions that have a dramatic impact on any business. Tradition or perceived convenience can often mask the best economic decision. With a full cost-benefit analysis of premises, it is possible to identify efficiencies and savings that can be significant.
Supply chain management
Businesses often do not have a formal approach to supply chain management. It is very common to have disproportionately large supplier lists with no Service Level Agreements (“SLA’s”) in place and no defined quality measures or delivery expectations. Poor quality, delivery or unfavourable payment terms can all prevent effective supply chain management. With the benefit of a structured approach to all suppliers, a business can obtain significant benefit.
Helping you interpret meaning and value
Now you have your reporting frameworks and structure in place, it’s time to assess their meaning and interpret these insights back into business actions. Having an experience Financial Director (FD) can be invaluable, but if your business is not in a position to hire who will drive efficiency, increase responsibility and accountability in the business?
Many ambitious businesses tread a delicate path of managing risk and growth potential. Understanding these risks can be challenging and a detailed analysis of where resources are needed can be complex. The ability to highlight areas of constraint and future requirement of resource can enable a business to significantly reduce risk and plan more effectively. Having a robust resource plan enables a business to plan and respond to the challenges of growing the business and avoid common pitfalls such as overtrading, failure to meet demand or reduction in quality.
Rigorous, timely and accurate management information is an essential tool for managing a business, but this is often an area that can reduce in quality as a business grows. Availability of information instantly is often required but seldom available and business decisions are often made without the full facts being understood. A robust management information pack and an effective suite of regular KPI’s ensures that business owners are in control of the business – no matter what size or complexity.
Identifying partnership opportunities
With ever-increasing customer demands, it is important to understand what elements of customer requirements can be met internally and what opportunity exists by forging strategic partnerships. It is often tempting to diversify in an unplanned way and lead to a lack of focus on the core elements of the business as a result of responding to customer demands. Utilising strategic partnerships can provide competitive advantage to many businesses.
Strengthening reporting through business outsourcing support services
Contact our Strategic Advisory team
Working in partnership with other consultants and in-house teams we help business owners to exceed their desire for data-driven decision making through
- Producing accurate monthly management accounts.
- Overseeing KPIs and reporting to management.
- Advising on cash flow management and seeking additional finance.
- Maintaining relationships with banks.
- Assisting with the preparation of fully integrated budgets, to include profit and loss, balance sheet and cash flow.
- Advising on current and future strategy to include structure, commercial risk factors and identify tax-planning opportunities.
- Attending at board or management meetings as required.
However much or little support you need, all give you greater confidence in your finance function letting you develop a long-term strategy to drive profitability and business value.