chris.healey – Logical BI

Integrity

chris.healey — Mon, 08 Feb 2021 13:10:00 +0000

What Is Integrity?

When it comes to your business, there is so much to think about when contemplating to outsource. You need to ensure that the person or company that you are outsourcing to has similar values and qualities that you and your business have. If you have different values, it could potentially be detrimental on your business. When I outsource any personal or business-related tasks, I need to ensure that they are outsourced to people that I can rely on and trust. Likewise, when I do work for others, I need to ensure that they have similar values to me and my business.

Integrity is a sought-after quality and is vital in general day to day life as well as in business and is one that I strongly believe in. A person that has integrity is someone who has the quality of being honest and who has strong moral principles.

Need For Trust and Honesty.

When it comes to running our own business, we need to know that we can trust who we are outsourcing to. My business is important to me and something that I have put a lot of time and effort into, I am sure this is the case for most businesses. As a Chief Financial Officer, I am delving into the finances of other businesses. Not everyone feels comfortable sharing this type of information as it is very personal. Don’t forget that financial professionals must have the quality of integrity. We have to demonstrate that we are trustworthy, honest and that we take pride in our work. We understand how delicate and sensitive the finances of a business is.

As a business owner, it can be difficult to ask others for support. You have dedicated hours to your business and maybe didn’t expect to ask for help. You may even start to question things and wonder what has gone wrong or why can’t you understand your business financial reports or why are you losing money? You may feel confused as to why your team output is poor, even though you are all working very hard. Remember that you are not a failure and are far from this. Your focus has been delivering your product, building strong relationships, helping others, seeking new opportunities. I understand that asking for help can be extremely difficult, sometimes we have to accept that we need to ask for support and outsource tasks.

As a CFO, I need to know that I can trust my clients as this is just as important. Trust with a client is gained on the first phone call and without it, I cannot do my job. I listen, I ask, I don’t judge and I don’t confide in others.

Integrity is needed from both parties as it will ensure that we will achieve the best results for you and your business, which after all is what we both want.

When thinking about outsourcing, think carefully about what values you have and question why those values are so important to you and your business

Is integrity important to you and your business?

Check out our range of business support services https://logicalbi.com/

What is the Difference Between an Accountant and a CFO?

chris.healey — Sat, 03 Oct 2020 12:05:00 +0000

I’m frequently asked this question, here’s my take on it.

Whilst Chief Financial Officers (CFO’s) and accountants may overlap in some of their skills, especially in smaller businesses, they generally spend their time on different tasks. Both roles are essential to a company’s success, complementing each other with expert eyes on both the past and the future.

An accountant manages the company’s transactions, books and records.
A CFO manages the company’s future financial success.

An accountant is largely reactive because they advise the company on what has already happened.
A CFO is largely proactive because they advise the company on what needs to happen.

An accountant takes care of the collection, recording, analysis and presentation of financials to the company.
A CFO takes care of the planning, budgeting, maximising company returns and limiting risk to the company.

An accountant has a compliance approach to their business.
A CFO has a commercial approach to theirs.

An accountant plans and delivers tax savings for the company.
A CFO plans and delivers opportunities to maximise profits and cash for the company.

As a virtual, part-time CFO I do not compete with your accounting staff. I harness their experience to support your company’s growth and performance.

I provide an external perspective and opinion, from an unbiased position backed by my knowledge and industry experience.

With flexible packages to suit your business needs, you can tap into expertise as and when you need it, providing industry experience and knowledge to support your business to grow and prosper.

Are you ready to tap into CFO support? Contact me to find out more about our services and packages to suit your business.

* Accounting services are also available as a bolt-on to CFO support.

Did You Know Logistics Can Increase Sales and Reduce Costs

chris.healey — Sat, 03 Oct 2020 12:03:00 +0000

A great logistics operation can provide opportunities for improving sales and financial performance. Resulting in a POSITIVE impact on profit. Logistics is no longer just an operational necessity

Logistics can increase sales.

Logisctics can improves sales by having a positive impact in many customer touch-points, notably in the following four areas;

1) Customer relationships with clear and accurate communication.
2) Service levels, following on from sales communication, logistics is the next and often last touchpoint with a customer. Get this correct and you will often receive repeat business or further business recommendations.
3) On-time fulfilment, getting it right and on time is key for positive reviews.
4) After sales service, not to be forgotton about is the full customer journey and how issues are rectified if they occur.

Logistics can decrease costs

Logistics function comprising of warehousing, packaging and transportation can be a large direct cost to a business impacting the gross margin. However, the logistics function are often able to support the business with regular review of the following costs;

1) Inventory holding, is the business holding the correct mix of stock in the right quantities to match customer demand?
2) Obsolescence, is slow-moving stock regularity monitored to ensure stock items do not become obsolete causing a stock write-off and also using up space in the warehouse?
3) Storage, is there planning for the location of stock items, for example, having fast-moving goods near the final pick and packing stations?
4) Damages, are they frequent? When they occur are they monitored and communicated back to finance in a timely
5) Transport, is the best mode of transport used? Should the company purchase, hire or lease transportation?
6) Labour efficiency, what shift patterns are required, is flexible working required? Is there regular training with sickness and accident monitoring?
7) Depot locations, where is the most efficient locations for the warehouse? Where are the suppliers and customers?

Do you have performance metrics for the above? Are you monitoring your achievements?
Do you need to create or streamline processes? Do you have the time or expertise within your company to develop and put a plan in place? See our business planning packages including process reviews and management accounts creation or refresh.

BIG opportunities for your business are achievable within your logistics function – don’t miss out!

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