Insight Associates has been on a real journey in the past three decades. Since starting out as the ‘new kid on the block’ in the early ‘90s, the business has progressed to become an established and highly respected outsourced finance department, vital to the success of its clients.
As we look back on more than 30 years of growth, learning and unforgettable client and employee relationships, it is time for Garry Mumford, Insight’s Founder and Managing Director, to take to the Then and Now hot seat. Here, Garry reflects on some of the key lessons and challenges for the business from the past three decades, as well as Insight Associates’ future plans.
- What did Insight Associates look like when it first started out compared to now?
Insight started out as a two-person team with big ideas but little experience in marketing and no initial clients. My original business partner, Ann Bright, and I set out to offer part-time Finance Director services to smaller businesses. Unfortunately, Ann became very unwell within a few months of us starting out, which left me largely handling things on my own for quite some time.
Fast forward three decades and we are now a ten-strong team of finance specialists working with an inspiring range across industries, sectors and sizes. Despite everything that has changed, we are still driven by our founding mission: To give companies turning over £1 – £10 million the same financial management advantages as the biggest corporate companies. - Where were you based?
In the early days, we operated out of a spare room in Ann’s thatched cottage in Stretham, Cambridgeshire. - What is the most valuable lesson your business has learned on its journey so far?
That’s a tough one, as there have been so many! I suppose: Make sure you get paid. It is too easy to let payments from clients slip, and that has cost us dearly over the years, especially when we were working with distressed businesses. - What has been the biggest challenge your business has faced, and how did you overcome it?
Like any business we have had a bumpy ride. In 33 years, there are bound to be plenty of ups and downs! It is probably only in the last 10-15 years that I think we can honestly say that our model is really consistently working.
On a personal level, I have remortgaged my house more than once to support the business. At more than one point, I have wondered if we would really get through. It is wonderful to be in the position we are now, knowing all the stress and sacrifice we have endured. - What were your business goals in the early days? How have they evolved over time?
No business can say its ideas and goals have not evolved. With so much happening and in a constantly shifting business landscape, purpose and approaches are always evolving in response to new learning, new developments and new opportunities.
We really did not have a lot of ideas at the start. Indeed, the concept of pitching ourselves as The Outsourced Finance Department only arose when opportunities became available after a few years. - What has been your company’s biggest achievement or milestone in the past year?
Taking on the challenge of being an iplicit implementation partner is certainly one of our most monumental and impressive accomplishments. We were an early adopter of the multi-award winning iplicit accounting software in 2019, and became their first official partner a year later. In the past year, we have further strengthened this relationship by becoming an official iplicit implementation partner.
We also breached a million turnover for the first time this year, an outstanding milestone that shows just how far we have come. - What are you most looking forward to for your business in the year ahead?
I am most excited to keep building our wonderful team and the iplicit channel… so that I can continue to take a back seat! - Beyond the numbers, how has your business culture or identity changed since starting out?
It has always been my goal that our team come to work because they love what they do, feel challenged and fulfilled and have a good time. I know they won’t turn up without a pay cheque, of course, but I always hope that money is not the only reason they work at Insight. In fact, employees who don’t see it that way rarely last long. - With over 30 years of experience, what’s your key piece of advice to aspiring entrepreneurs?
Build a good team. Aspiring entrepreneurs should realise they are nothing without their team. That includes a team of employees, advisors, mentors, associates and candid friends. Don’t think for one second you can do it alone – you can’t!
