Could your business function like this?11th October 2018
This summer, Cara, our senior finance manager, got married and was out of the office for three weeks. One of the clients who works closely with Cara had a bit of a panic.
Who would handle her work whilst she was gone?
Because Cara was their main point of contact, they weren’t aware that there is a large team behind her, and that the way she works is thoroughly documented.
While she’s away, business continues as normal.
It was a similar story when one of our senior team members was called away to an urgent meeting recently.
One of the clients he deals with directly needed him to authorise a payment at short notice. Again, they wondered whether the work would have to be delayed.
But we have robust systems in place so that more than one person is involved in authorising every payment, and – again – the whole process is written down.
It would be an exaggeration to say every staff member is completely replaceable (…and I’m sure my staff will be relieved to hear it’s not true!).
But by and large, we can function smoothly when they’re absent.
I’m telling you these stories for two reasons.
First of all, over my last few emails, I’ve been talking about the importance of systematising your business processes.
We’ve talked about how clear processes allow you to work faster and more accurately, and as a result, scale faster.
It also means you are not overly dependent on any one individual within the business.
In too many companies, when a staff member goes on holiday or sick leave, no one else is quite sure what they do, or how they do it. (“Hey, any idea when the cashflow report is due… Or where we get the information from….?”)
Their tasks grind to a halt.
But when a company is systematised – like ours – business still runs smoothly.
What about your business?
If key staff members suddenly disappeared, what would the effect be on your customers and even suppliers? Can someone else in the team pick up the work easily? What projects wouldn’t get delivered?
Now think, specifically, of your financial management.
If your bookkeeper and another member of your finance team suddenly went off sick – at the same time or one after another – what would the impact be on your financial situation?
Would invoices still go out on time? Would bills and payroll still be paid on time? Is there anyone else who can authorise payments or deal with the bank? Does anyone else know how to access your accounting platform – or interpret what you’re seeing?
Would you, as CEO, still get the financial information you need to do your job (like up-to-date financial reports)?
Imagine the disruption – and potentially, the mistakes.
The fact is that when you only have one or two people handling your finances, your entire business is vulnerable.
Which brings me to my second point. None of this is a risk if you outsource your Finance function.
When a company like ours handles your finances, there are always qualified people managing your cash and the essential tasks always get done – rain and shine, regardless of weddings, sick leave or other priorities.
The service is totally reliable and resilient, so there are no financial hiccups… No delays… No mix-ups….
… Leaving you, as the business owner, to focus on growing your business, with all the timely, in-depth financial information you need to make sensible decisions about your future.
If that’s an option you’d like to explore, just hit ‘reply’ and let’s talk.
And if I’m not around when your email comes in, you’ll hear back from another one of our team members pronto :)