Evolving Businesses
Often, the nature of a business can change over time. You might be expanding rapidly. Often the systems that are set up for a small business aren’t suitable as the company expands. You might need better and more robust accounting records, more meaningful management accounts, or a better idea of which of your products are making money. You might need to look at ways of raising more funds in order to be able to make the next step up.
Alternatively, you might take new partners or shareholders into the business. In that case, you’ll need to look at the most effective way of doing this. You might also need to develop a strategic plan for the business to make sure that all the participants are pulling in the same direction. You might be looking to retire or sell your business, in which case it’s important to make sure your business is presented to potential buyers as effectively as possible. For example, you may well need to make sure that all your staff contracts are adequate, that accounting and other procedures are well documented and adhered to, and that your personal finances are not entwined with those of the business.
We’re able to help with all of these issues, and we’d be delighted to hear from you. We’re always happy to have an initial meeting free of charge – just email Greg Lovett or Jane Park, or call us on 01844 358007. Remember, we always agree fixed fees with our clients in advance of any work being done, and you will never get an unexpected bill from us.
Case Study Three: OneWorld UK
Background
OneWorld UK is a not-for-profit limited company. It has a range of activities, based around the innovative use of media to help bring about a fairer and more sustainable world. An example is Learning about Living, a project which is using computers and mobile phones to bring health and life skills education into schools in Nigeria.
Challenges
Many of OneWorld’s activities are funded by grants from external bodies. It’s vital that OneWorld is able to track income and expenditure on projects accurately, ensure funds are used for the purposes that they are intended, and report back to donors at agreed intervals on exactly how their money has been used. Although all of this was under control, OneWorld and its portfolio of activities was growing, and the board was concerned that, as it expanded, the systems it had in place, and the irregular, ad hoc financial reports that the board relied upon might be stretched to breaking point.
Actions
Fizz helped OneWorld to put processes in place to help them track income and expenditure on projects both accurately and promptly. Regular management accounting was put in place, with the content and format of the accounts designed in collaboration with OneWorld’s board. And rather than just providing page after page of numbers, Fizz provided a punchy written report with every set of accounts to emphasise the key figures, issues and risks.
Results
Regular, consistent management reporting has given the OneWorld board assurance that their projects are being managed responsibly. The board always know just how money has been spent, what is has been spent on, and exactly what funds they have left on each of their projects. That means that decisions on further spending can be made with complete confidence that the money is available and is being used exactly as the donors intended. The board have been able to spend less time worrying about OneWorld’s finances and more time making sure their projects are successful.