Robert Half Executive Round-Table Series 2011
The Finance Team Setting the Business Growth Agenda
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Contents
03 Introduction
04 Atimeforleadership
08 Buildingthefuturefinanceteam
12 Guardingthebottomline
16 Prosperingthroughprocessimprovement
21 Conclusion
22 Attendees
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Introduction
Growth. It’s the imperative of every businessboardroom and a yardstick by which theworld’s economies are measured
“ Of the finance and business leaders who attended our round tables this year, almost 70% said they were experiencing growth, while a further 79% of those who could not report growth today predicted that it would return within the next 12 months.”
WithcertainareasoftheUKeconomyshowingsignsofrecoveryfromtherecession,growthisacommonthemeonthecorporateagenda,evenfororganisationsthathaveyettoexperienceany.Ofthefinanceandbusinessleaderswhoattendedourfiveexecutiveroundtablesthisyear,almost70%saidtheywereexperiencinggrowth,whileafurther79%ofthosewhocouldnotreportgrowthtodaypredictedthatitwouldreturnwithinthenext12months.
These figures are supported by the findings of the most recent Robert Half Professional Hiring Index, which surveys more than 450 senior executives at UK companies. Here the proportion of CFOs who felt at least as confident in their companies’ prospects for growth as they did six months before stood at 84%, while a further 73% were as confident or more confident than six months ago when thinking about the wider UK economy.
As usual, our executive round tables were able to delve behind the statistics to hear directly how finance and business leaders across the country are managing the growth agenda, including those operating in markets where conditions remain challenging.
During the lively discussions in each city, we heard interesting views on the role of finance leaders and their teams as enablers of growth, including the effect these new responsibilities might have on the future shape of the finance function.
With the funding environment still tough, many participants also stressed the need to manage cash resources carefully, as well as to strike the right balance between risk and reward when considering investments that will spur growth. And we assessed the extent to which the finance team could do “more with less” by making the most of technology to sharpen its internal processes and ways of working.
I am grateful to all those who attended the 2011 Executive Round-Table Series and shared their views with such frankness. I came away from the meetings with new insights, and I’m confident that you’ll find the same after reading this report.
Phil SheridanManaging Director United KingdomRobert Half
> Nearly 70% of 2011 Executive Round-Table Series attendees said they were experiencing growth
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A time for leadership
Asaresult,thefinanceteam,withitsprovenexpertiseinalltheseareas,earneditsrighttositatthestrategictoptableofmanyorganisations.
Today,asorganisationsprepareforgrowth,theevidencefromourroundtablessuggestsanextraordinaryopportunityforseniorfinanceprofessionalstoprovidegenuineleadershiptothisprocess.Mostnotablytheyhavethepotentialto:
• Becomeenablersofgrowth
• Spearheadthedevelopmentoftheirteamsasenginesofgrowth
• Becomepartners,notjustscore-keepers,totherestoftheorganisation
• Ensuretheviabilityandsustainabilityofnewbusinessopportunities
Enablers of growthThere’salwaysbeenpressureforbusinessestogrow.Whatisdifferentfromthepastisthatcorporateboardroomsarenowlookingtotheirfinancefunctionstocontributetodecisionsonwhereandhowtogrow,aswellasmanagingandsupportingthatgrowthinawaythatwouldhavebeenunthinkableagenerationago.Thisisanopportunitythatmanytopfinanceprofessionalsareseizing.
Forexample,Patrick Wilson, Director of Finance at Simplyhealth,declares:“Whencashflowsareall-important,itputsthefinanceteamrightinthecentre.Youcan’tdoanythingwithoutfinance.”
Manyseethischancetoleadthegrowthagendaasarewardforthevitalrolefinanceplayedinminimisingtheeffectsoftherecession.Ian Plumb, Associate Director at Endless LLP,explains:“Financehasbuiltitscredibilitythroughthedownturn;nowitneedstobeeverywherewithintheorganisation.Themorefinanceflexesitscommercialmusclesthemoreindispensableitbecomes.”
Thefinanceteam’sgrowingcredibilitymanifestsitselfinotherwaystoo.Frombeingseen–oftenunfairly–asthebeancountersonlyinterestedinthwartingcommercialopportunism,nowthefunction’sroleasalegitimatesoundingboardisrecognisedandunderstoodwithinmanycommercialteams.
AsLinda Foster, Finance Director (UK region and Economist Online/Digital Editions) for The Economist Group,notes:“Becausewe’vebeenthroughtherecession,thecommercialteamsaremuchmoreawareoftheimpactsofinvestmentdecisions.Ifyoupresentthemwithafinancialbusinesscasethatindicates‘no’andexplaintherationaleforthatdecision,they’remuchmorereceptivetothefinanceview.Thismaychangeintimeasmemoriesoftherecessionfade,butit’sanicepositiontobeinrightnow.”
Withinpublicsectorbodiesandthebusinessesthatsupplypublicservices,theprevailingatmosphereofretrenchmentmeansthecontextisdifferent,eventhoughsimilarleadershipopportunitiespresentthemselves.
Ian Hughes, Chief Operating Officer at BBC English Regions,says:“We’regoingthroughahugeperiodofchange.Whilesomeinthefinanceteamhavefallenbythewayside,thosewhoareleftareatthecuttingedgeoftransformingthebusiness.”
Some harsh lessons about cash flow, risk and profitability had to be learned during the credit crunch and recession
“ When cash flows are all-important, it puts the finance team right in the centre. You can’t do anything without finance.”
Patrick Wilson Director of Finance Simplyhealth
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“ Because we’ve been through the recession, the commercial teams are much more aware of the impacts of investment decisions.”
Linda Foster, FinanceDirector(UKregionandEconomistOnline/DigitalEditions),TheEconomistGroup
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Spearheading the development of the finance team“Iseefinance’sfutureroleintermsofowningdeliveryofexemplaryperformanceinsteadofjustsupportingit.Wehavebecomeeffectivebusinesspartnerstotherestofthegroup,butifwewanttoachievethegrowththatwe’reaimingfor,theneverybodyintheteamneedstoknowwhattheyneedtodoinordertodelivertheirpartofit.”Thisview,fromRichard Bee, Finance Director – Diageo Europe Supply, Diageo Scotland Ltd,emphasisesthechangingroleofthefinanceteambutalsobringstotheforethehumanchallengeinvolvedinmakingchangelikethishappen.
Clearly,thefinanceteamcannotadaptovernighttoitsnewresponsibilitieswithinthegrowthagenda.SotheonusisverymuchontheCFO/FDtocontrolthechangeprocessandtodriveitforwardwithintheirteamsatthesametimeastheylooktodevelopthe“growthengine”elementoftheirownroles.
Mark Tweed, Chief Financial Officer at GMAC UK plc,saysofthischallenge:“Financeisnowexpectedtobethefacilitatortogrowth.Myroleistocascadethisthroughthedepartmentsotheteammemberscanbecomegrowthleaderstoo.It’snotreallypossibletotrainthisintothem;IgivethemtimewiththeMDandSalesDirectorinordertobuildtheircommerciality.”
Anotherprovenwayforfinanceleaderstohelptheirteamsbecomebetterfacilitatorsofgrowthisbyshowingtheirtrustintheirstafftogetonwiththejob.Encouragingprudentrisk-takingandcreativesolutionstoproblems,delegatingtasksthenkeepingoutofthewaywhilethey’reperformed–allthiswillhelpcommercialitytoflourish.
Finance Director David Robsonisonewhobelievescommercial“gems”canbepolishedupinthisway.Hesays:“I’veworkedwithfinanceteamsthatappearedtototallylackacommercialoutlook,butthatwassimplydowntothefactthatnobodyhadeveraskedthemfortheiropinionsoncommercialmatters.It’suptoustoengageandencouragepeopletouncoverthesehiddenskills.”
Partnering with the rest of the organisationIftherecessionhelpedtobreakdownthebarriersbetweenfinanceandtherestoftheorganisation,thenextstepisforthefunctiontobecomeanequalandvaluedpartnerwithintheboardroom,aswellasamongthesalesteamandoperationalareas.
Mark Bullough, Finance Manager at Gleeson Capital Solutions Ltd,givessomecontexttothetransition:“Thegreaterroleoffinanceinbusinessstrategywassomethingbornofnecessity,butasaresulttheteamisnowmuchmoreintegratedwiththeoperationalside.Thathasledtoachallengedbuthappyworkforce,asaccountantshavebeenabletodrivetheirownideasoncostreductionandfindamorereceptiveaudienceforthoseideas.”
Thejobisfarfromcomplete,though.“Financeneedstocontinueitsjourneyfromreactiveproviderofmanagementinformationtoproactivebusinesspartner,”saysDavid Jones, Financial Director at IGT-UK Group Ltd.
Oftenthetransitionintoatruebusinesspartnercanbeeasedbysheddingsomeofthemoretransactionalaspectsofthefinanceteam’swork.Thisisespeciallytruewhenheadcountistight.Neil McArthur, Chief Financial Officer at Bifold Group Limited,explains:“Whilethesizeofourfinanceteamhasn’tchangedmuchwehavefoundwaystoreplacesomeoftheday-to-daycontrolandanalysisactivitieswithmorefocusonstrategicdirection,inparticularworkingcloselywithseniormanagementtoaddressopportunitiesinnewsectorsaswellasdecidingwherebesttospendourmarketingresources.Financehasbecomeasoundingboardfortherestofthebusiness.”
Anearlybenefitofthispartneringapproachisthatsomeofthetraditionalstrengthsoffinance–prudenceandsoundanalysis–havepercolatedintothefront-linefunctions.Neil Stevenson, Executive Director of Brand at ACCA,isonewhohaswitnessedthisoccurrence.Heremarks:“Financehashelpedtofosteramorecost-consciouscultureacrosstheinternationalorganisation,pinpointingthedriversofcostmoreclearly.Thisinturnhasimprovedourabilitytofundmorestrategicallyforgrowth.”
“ Finance needs to continue its journey from reactive provider of management information to proactive business partner.”
David Jones Financial Director IGT-UKGroupLtd
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ThealternativetosuchanapproachisunthinkabletopeoplelikeMartin Saurma-Jeltsch, Finance Director at CEME.Heargues:“Financeshouldremainattheheartoftheorganisationintheyearsahead–nottodosoisashortcuttoruin.It’sgreattohaveexcitingvisionsforanorganisation,butunlessthere’ssolidfinancialengineeringbehindthem,thewheelsgenerallycomeoffveryquickly.”
Ensuring new business is viable and sustainableAscompanieslooktoeitherkick-startorpushonwithgrowth,theclearmessagefromtheroundtableswasthattheremustbenoreturntothebadcorporatehabitsthatweresobadlyexposedbythecreditcrunchandrecession.Whileriskmustalwaysbeanelementofdoingbusiness,sinceitgoeshandinhandwithreward,thefinanceteamhasaparticulardutytokeepriskundercontrolandtoreininanyexcessivelyambitiousgrowthplansputforwardbycommercialteamsorseniormanagement.
Martin Reynard, Finance Director at FST Technologies Limited,emphasisesthispoint,saying:“Financemustnotbeafraidtogetstuckin,becauseintimesofchallengethere’sarealriskthatthesalesteamcouldcorrodethefutureofthecompanybygoingafter‘easywins’whenthemarginisn’tthere.”
Ashwin Gadher, Finance Director at Vaultex UK Ltd,agrees,adding:“…financehasgotakeyroleinbalancingcommercialenthusiasmwithahard-nosed‘showmethemoney’approach.”Thistaskwillundoubtedlybehelpedbyamoregeneralchangeofattitudetowardsriskamongkeydecision-makers.Jonathan Wyatt, Managing Director at Protiviti,haswitnessedthisdevelopmentfirsthand.Hesays:“Whathashappenedoverthepastyearortwoispeoplehaverecognisedthattheinformationtheyhadaboutrisk–andtheirunderstandingofthatrisk–wasnotasgoodasitperhapscouldhavebeen,leavingthemquiteexposed.Todayorganisationsarestartingtobecomemoresophisticatedinthewaytheyanalyseandunderstandrisk.Theonusisonobtaininggoodinformationaboutriskexposuresbothwithintheorganisationandthosethatcomethroughexposuretooutsideorganisationssuchasagentsorsuppliers.”
Fromaprocesspointofview,oneofthekeyrolesidentifiedforthefinanceteamistoensureanynewbusinessismanageable,profitableandsustainable.Gordon Hutcheson, Financial Controller at Regenersis (Glenrothes) Ltd,explainsthatwithinhiscompany,everynewbusinessproposalmustnowgopastfinance.“Andindoingsowedon’tjustlookatthepotentialprofitabilityofthebusiness,”headds,“wealsoanalysethecashflowimplicationsacrossthegroup.Somecontracts,evenifthey’requiteprofitable,cansuckawaycashthatanotherpartofthebusinessiswaitingon.”
Thissameprudenceandriskawarenessalsoappliestoexpandingthroughacquisition:whilethecurrentclimateisanexcellenttimeforcompanieswithstrongbalancesheetstopickoffweakerrivals,suchdealsmustbeproventocreatevalue.
Looking to the futureIftheconsensusattheroundtableswasthatthelessonsofthedownturnhavebeenlearnedwithintoday’sboardrooms,therewaslessagreementonhowlongthisnew-foundprudencemightlast.OnonehandwereparticipantslikeBoyd Robinson of ESI Ltd,whonotes:“I’dsayabout80%ofthepeopleinourcompanyhadneverexperiencedarecessionuntilthisone.Asthey’veworkedthroughit,they’veacquirednewskillsandthiswillputusinastrongerpositioninthefuture.”
ThosewiththeoppositeviewincludedFrank Lewis, Chairman of Asia Ceramics Holdings plc,whocounters:“Thefundamentalsofrunningabusiness–cashflow,gearing,etc.–shouldapplyingoodtimesaswellasbad.However,there’snoreasontosuspectthatwe’velearnedourlessonsthistimearoundandthatpeoplewillbeprudentoncegrowthpicksup.”
“ ...finance has a key role in balancing commercial enthusiasm with a hard-nosed ‘show me the money’ approach.”
Ashwin Gadher Finance Director VaultexUKLtd
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Building the future finance team
Whenquestionedabouttheimpactofgrowthontheirteams,justoverthree-quarters(76%)ofthoseattendingourroundtablessaidthat“existingstaffwillneedtoassumeadditionalresponsibilities”,while63%said“existingstaffwillneedadditionaltraininganddevelopment”.
Inlookingtogivedirectionandimpetustothischange,round-tableparticipantsweremindfulofthreeareasthatwouldneedtobeofparticularfocus:
• Ensuringtheteamhastheskillsitneedstosupportthegrowthagenda
• Structuringtheteamforsuccess
• Developingandretainingstaffcapableofthrivinginthenewenvironment
Upskilling the finance team to support the growth agendaIfthefinanceteamistobeafacilitatortogrowth,itwillhavetoacquireanddevelopnewskillsoutsidethemoretechnical/transactionalareasthathavetraditionallybeenitscorestrength.
Round-tableparticipantstendedtofallwithintwocampswhenitcametoupskillingwithintheirteams.Finance Director Alan Luntisoneofthosewholookstoupskillthroughpracticalexperience.Henotes:“Weneedtoencourageourteamstodeveloptheirjudgementsotheyhavetrustinthemselvesandtheirexperiencewhenitcomestomakingdecisions.Thiscanbedonebymentoring,byspecialisedtrainingandbyputtingpeopleoutintothebusiness.”
“Growingyourown”isalsoaconceptthatappealstoAndrew Wilkins, Finance Director at VolkerRail Group.Hesays:“Tosupportgrowth,wehadtomakesurewehadtherightpeopleintherightroleswithinthefinanceteam.Thismeantgivingcapablepeopleanopportunitytogoupalevel.InowfeelmoreconfidentthattheteamcansupportgrowththanIdid12monthsago.”
Otherfinanceleadersarehappytogotothejobmarkettoacquiresomeoftheskillstheyfeeltheirteamspresentlylack.TheyincludeJonathon Parker-Stafford, Finance Director at Managed Support Services,whosays:“Whilethesizeofthefinanceteamhasreducedoverall,I’velookedtoupskillthroughbringingintherightpeopleevenifthatcostsadditionalcash.It’sacaseofpayingmoreforpeoplewhocancontributemore.”
Whilefindingtheskillstomeetthefinanceteam’snewchallengesisaperennialissue,theviewfromthemarketplaceseemstobethattherecruitmentmarketisbeginningtoquickenpost-downturn.ArecentRobertHalfsurveyof180CFOs/FDsfoundthat24%ofexecutivesplannedtohirefinancialprofessionalsinthesecondhalfof2011and18%expectedadeclineinthesizeoftheirteams,representinganet6%increase.Duringthesameperiod(July–December)of2010,thenetfigurewas-8%,sowe’veseena14-pointpositiveswinginayear.Ofthosewhocurrentlyplantorecruit,70%sawbusinessgrowthasakeyfactorinthatdecision.
How ready is the finance team for its new, more central role in driving the growth agenda?
“ I now feel more confident that the team can support growth than I did 12 months ago.”
Andrew Wilkins Finance Director VolkerRailGroup
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> 24% of 180 surveyed CFOs/FDs plan to hire financial professionals in the second half of 2011
“ We need to encourage our teams to develop their judgement so they have trust in themselves and their experience when it comes to making decisions.”Alan Lunt, FinanceDirector
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Structuring the team for successRoger Williams, Commercial Director at Hulse Ltd,spokeformanywhenhetoldtheBirminghamroundtable:“Wemustcontinuetoelevatethefinancedepartmentoutofsolelycrunchingnumbers.”
Clearly,thefinanceteam’smorecentralpositionwithintheorganisationmeansahead-downapproachisnolongerappropriateformanyroleswithinit,includingthoseatwhatcouldbecalledthe“transactional”endofthespectrum.
Insteadfinanceneedstoassumeamuchhigherprofileasitlookstobecomeagenuinepartnertothebusiness.Keith Brown, Group Finance Director at Gerber Emig Group,sumsituplikethis:“Inuncertaintimescommunicationiskeytokeepingtheshowontheroad.Andfinanceemergesasaveryimportantfunctionbecausewemakesenseofwhat’sgoingonoutthere.Wehavetobeabletoreassurepeoplethatalthoughthingsaretoughwe’regoingtobeOKbecauseweknowwhatwe’redoing.”
Theneedforcommunicationalsoextendsoutsidethebusinesstoclientrelationships.Scott Brown, Director,saysofthischange:“Clientsarenowmuchmoredemanding–theywanttobeabletolookintotheeyesofthepeopledoingtheirbusiness.That’sastepchangeandit’sgreatfortheindustryoverall,butcommerciallyorientedfinancestaffsuitablefortheseclient-facingrolesdon’tgrowontrees!”
Notallfinanceleadershavetheopportunitytostructureateamfromscratchtomakeitfitwithinthisnewenvironmentofopencommunicationsandbusinesspartnering.Alan Sievewright, EMEA Controller at BlackRock International Ltd,waspresentedwithsuchachance,andheexplainshowhewentaboutmakingthemostofit:“Myaimwastopickpeoplefromamixofbackgrounds,notjustfromtheaccountingprofessionorotherareasofthefinancialservicessectorsuchasthebanks.Peoplecomingfromindustryhaveagoodunderstandingoffinancialcontrolandwilloftencomeupwithabetterwayofdoingthings,whichcanbeappliedinafinancialservicessetting.Sofarit’sworkedverywellandpeoplehaveaskedquestionsandbouncedideasoffeachother.”
Inothercasesadaptingtonewwaysofworkinghashadamaterialeffectontheestablishedstructureofthefinanceteam. Ian Hughes at BBC English Regionsexplains:“Withinthefinanceteambusiness-facingskillshavebecomeessential;theresultisthatwe’veseenapalpablesplitbetweenthecommercialandtransactionalroleswithinourteam.”
Elsewhere,someofthetransactionalelementshavebeenoutsourcedtosharedservicecentresorthird-partyproviders,tofreeupbudgetforselectivehiringofprofessionalswhoarebetterabletomeettheteam’sstrategic/commercialrequirements.
Withinthatcontext,abalancedoesneedtobestruckintermsofmanagingindividualdevelopment,sothatskillsetsdon’tbecomelopsided.
Developing and retaining staff capable of thriving in the new environmentRetainingstarperformersisaperennialchallenge,andwhileeconomicuncertaintymadethatjobalittleeasierforawhile,theindicationsarethatthepressuremaybebuildingagain.Forexample,RobertHalf’sProfessional Hiring Indexrevealedthatalmostsixinten(59%)ofthe450seniorexecutivesitpolledwereconcernedaboutlosingtalentedstaff.
Atourroundtablestherewasalsoagreementthatgoodpeoplewillgetitchyfeetifnotgivensufficientreasontostayput.Thisispartlydowntothesheermarketabilitythattheirworkthroughoutthedownturnhasgivenmanyfinanceprofessionals.
“ We must continue to elevate the finance department out of solely crunching numbers.”
Roger Williams Commercial Director HulseLtd
> 59% of 450 senior executives polled are concerned about losing talented staff
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Judie Green, UK Regional Financial Controller at Electrolux Professional Ltd,saysofthisdevelopment:“Oneeffectofpeoplesittingtightwithinthefinanceteamduringthedifficulttimesisthatpeoplehavenowbecomemulti-skilled–thatcouldproveaproblemwhentheyrealisehowimportantthey’vebecomeasaresult.”
Forthoseemployeeswhohavebeenpreparedtostepuptotheplate,thepaybackinjobsatisfactionhasbeensignificant.AsMark Tweed at GMAC UK plcnotes:“Evenpeopleatquitejuniorlevelsarelikingtheimpactthey’reabletomakewithinthebusiness.”
Butfinanceleadersalsoneedtobeawarethatthoseteammemberswhothrivedwithinthemoreintensepost-creditcrunchenvironmentareunlikelytorelishareturntoamorehumdrumexistence.Ian Plumb at Endless LLPsays:“AstheTrutexbusinesswentthroughconsiderableturmoil,therewasgreatpressureonthefinanceteam,butalotofthemenjoyedthechallengeandtheexcitementofsuchrapidchange.Nowwe’reintobusyseasonwithafocusonsalesandgrowth,wehavetoconsiderwhatwe’regoingtogivetheteamtodothatwillmaintainthatexcitement.Thebestpeoplewillneedtoseesomerealcareerprogressionaheadofthem.”
Inthepublicandnot-for-profitsectorsthepressuresmaybeevenmoreprofoundlyfelt,asindividualsandtheiremployersadapttoatoughercommercialenvironment.
James Money-Kyrle, Director of Finance and Support Services at St John’s Hospital,hasseenthisbegintotakeeffectalready.Hestates:“Thenot-for-profitsectorneedstobeweanedoffitsdependencyculture.Weneedachangedmindsetwherewefocusonimpactandoutcomes–deliveringwhatourfundersarelookingfor.That’sgoingtobeachallengeforasectorthathastraditionallybeensofterinculturalterms.”
AtWRVS, Director of Corporate Services Darren Xiberrasalsoseeschallengesonthehorizon:“Astheemploymentmarketpicksupandcompetitionfortalentincreases,thenot-for-profitsectorwillneedtostartthinkingaboutstructuringsomeofpeople’spayaccordingtooutcomes,”hesays.
Moneyremainstight,however,andthatwillremainthecaseevenwithinmanygrowthscenarios.Sowhileimprovingsalaryandbenefits–especiallyforthosewhomadeconcessionsduringthedownturn–areextremelyimportantretentionfactors,implementingthemisnotalwayspossible.
Inthosesituationsthepromiseofpersonaldevelopmentisvital.Mike Scott, Director of Finance at Post Office Financial Services,believes:“Lackofcareerprogressionisthekeycontributortohighstaffturnover,especiallyforpeoplewhohavedevelopedmorestrategicandcommercialattributesonlytofindtheiremployersunabletopaythemanymoreasaresult.”
Bifold Group Limited’s Neil McArthur arguesthatwhenthingsaregoingwell:“It’simportanttolookattheteamandensurethey’regettingsomethingoutoftheprocess.Thismaybeashareofthefinancialrewards,butitcouldalsobepublicrecognitionoftheircontributiontosuccesswiththeopportunitytoenhancetheirCV.”
Publicpraiseforajobwelldonecanneverbeunderestimatedasaretentiontool.Frequentencouragementwillkeepmotivationlevelshighaswellasincreasingemployeeengagement.Andofcourse,oneofthebestretentiontoolsisalsooneofthesimplest:sittingdownandtalkingwithemployeesabouttheircareeraspirationsandhowthesecanbemetwithoutthemhavingtoleaveyourorganisation.
“ It’s important to look at the team and ensure they’re getting something out of the process.”
Neil McArthur Chief Financial Officer BifoldGroupLimited
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Guarding the bottom line
Marginscontinuetobesqueezedwhiledebtfundingremainsexpensiveanddifficulttoobtainformanybusinesses.
Thispresentsthefinanceteamwithseveralavenuesthroughwhichitcanmakeasignificantdifferencetothecorporatebottomline.Theyinclude:
• Drivingfurtherefficiencieswithintheorganisation
• Strikingtherightbalancebetweenriskandrewardforfutureinvestmentchoices
• Ensuringthebusinesshassufficientaccesstofunding
Driving further efficiencies within the organisationIngoodtimesorbadthere’snojustificationforwastingpreciousfinancialresources,sofirmsofallsizeshavelookedtotheirfinanceteamstospearheadefficiencydrivesthathavehelpedthemtobecomeleanerandfitterasaresult.
Evidencefromourroundtablessuggeststhejobisnotcomplete,though.Whenaskedtonominatethefinancialbarrierstogrowth,participantschose“higherbusinessexpenditure”and“difficultycuttingexpenditure”astheirtoptwoanswers.
AsAndrew PL Walls, Managing Director, Group Finance Company Secretary at Quayle Munro Limited,putsit:“Lookingtothefuture,Ithinkthere’sgoingtobearenewedfocusoncostandwhetherwearedoingthingsasefficientlyaswecan.”
Encouragingly,itappearsthatthedownturnmaywellhaveproducedagenerationoffinanceleaderswhohaveunrivalledcapabilitiestodrivetheirorganisationsdownthepathofgreaterefficiency.PeoplelikeJasvir Sanghera, Finance Director at Floors-2-Go,whoreveals:“I’velearnedmoreaboutmanagingcostsandcashinthepasttwoyearsthanatanytimeinthelast20.”
Meanwhile,David Jones, Financial Director at IGT-UK Group Ltd,emphasisesthegrowingreceptivitytofinance’sideasonefficiency.Hesays:“Therecessionhasmadebusinessesmoreawareofthebenefitsofhavinganeffectivefinancefunction.It’sthecompanieswithstrongfinanceteamsthathaveinvariablyperformedbestthroughoutthedownturnandwillcontinuetodosogoingforward.”
Efficiencydoesn’tjustmanifestitselfwithinapurelyfinancialarena.Itcanpercolateintootheraspectsofrunningasuccessfulbusiness,suchasmakingefficientuseofinformation.Keith Brown of Gerber Emig Groupexplains:“Ourbusinessinformationishighlycentralisedwithinthefinancefunction.Wetaketheinformation,analyseitandthentelleveryoneelsewhatishappening.Thissuitsanorganisationwheremostofourrevenueiscentredon10–15keycustomers,buttherearehugecomplexitiesaroundmanagingthesecontracts.Whentheoutsideiscomplex,theinsideneedstobeverysimpleandclearlydefined.”
Managing cash remains a critical issue as the economy picks up and the growth agenda becomes more widely established
“ Looking to the future, I think there’s going to be a renewed focus on cost and whether we are doing things as efficiently as we can.”
Andrew PL Walls Managing Director,
Group Finance Company Secretary QuayleMunroLimited
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Ann Sillwood, FinancialController,DamarGroupLtd Frank Lewis,Chairman,AsiaCeramicsHoldingsplc
Nick Graham,InterimDirectorofFinance; Ian Hughes,ChiefOperatingOfficer,BBCEnglishRegions
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Formanufacturers,significantlevelsofcapitalexpenditurecansometimesbesavedthroughprocessefficiencies.Max Campbell-Jones, Finance Director at Rencol Tolerance Rings,says:“Wetrytobecomebettermanufacturersthroughprocessinnovationandotherinitiatives,ratherthansimplyspendinglotsofmoneyonthelatestshinypieceofkit.Thatsaid,wewillsanctioncapitalinvestmentwhenit’stherightthingtodoandwilldeliverabetterproduct.”
Striking the right balance between risk and reward for future investment choices“Whencompetitorsarebeingcautious,that’sagoodtimetotakesomerisks,”saysPeter Cooke, Chief Executive, Bagnall & Morris Waste Services Ltd.
Everyroundtableproducedahealthydialogueontheimportanceofbalancingriskandreward.Itisanareathatmanyfinanceleadersclearlybelievetheirteamscantruly“own”intheyearstocome.
Martin Reynard at FST Technologies Limitedsays:“Thereisagenuineriskthatpeopletrytoundersellinordertobuildsalesnumbers,sofrommyperspective,finance’sroleisasmuchabouttryingtocontrolwhichcustomersoursalesteamgoesafter,becausemarginswillbesqueezedifwetrytocompeteinthewrongplaces.”
Thatsaid,theconceptthatfinanceistheretomanagegrowthratherthantostymieitisanimportantonetoemphasisetothosewithintheorganisationforwhomthequestfornewbusinessisprioritynumberone.Jim McAuliffe, Financial Director at Bristol Airport,thinks:“We’reapproachingwhatwillbequiteafascinatingtime.From2008to2010,theroleoffinancewasfairlysimple,itwasmostlyacaseofsaying‘no’.Butnowthingsaremorenuanced;financehasbecomemoreinvolvedindevelopingthebusiness.Innovationwillbekeyfromhereon–therearebigopportunitiesforbusinessesthatareinnovative.”
Forcompanieslookingtogrowbybroadeningtheirinternationalhorizons,choosingtherighttargetmarketsiscrucial,giventhedifferentspeedsatwhichcountries–andevenmarketsegmentswithincountries–arerecoveringfromthedownturn.Heretheanalyticalcapabilitiesofthefinanceteamcancometothefore,asNick Isaac, Finance Director at WB The Creative Jewellery Group Ltd,pointsout:“Weknowwe’regoingtotakeabeatinginsomemarketsbutotherswillbehighlyfruitful.Soit’simportanttodeterminethemarketswhereinvestmentwillleadtothegreatestbusinessgrowth.”
Onceapotentialmarkethasbeenidentified,financecanplayamajorroleinsmoothingthepathtoentry.Gordon Hutcheson of Regenersis (Glenrothes) Ltdexplains:“WebelievewehaveaverygoodsolutionfortheAmericanmarketsowe’recurrentlygoingthroughtheprocessofdecidingthebestmethodtoenterthatmarket,includingissuessuchaswheretomanufacture,thelogisticsofgettingproductsintotheUSmarketandthesizeofthesupportnetworkontheground.Thefinanceteamisassistingthiswholeprocessatahighlevelwithinthegroup.”
Whilecarefulplanningcanreducethecostofentrytoamarket,someelementscannotbesidestepped.Grant Findlay, Group Finance Director at Havelock Europa Ltdnotes:“Therearedifferentregulatorycontrolsineveryjurisdictionintheworld,soputtinginplaceteamsandmechanismstodealwiththemisanoverheadthatcomeswitheveryattempttogointoanewmarket.ButweneedtogointothosemarketsbecauseconditionsintheUKaregoingtobetoughforquitesometimeyet.”
“ We know we’re going to take a beating in some markets but others will be highly fruitful.”
Nick Isaac Finance Director WBTheCreativeJewelleryGroupLtd
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Formanufacturers,thechallengesofgrowthtendtohavesomecommonalityregardlessoftheproductinvolved.Richard Bee of Diageo Scotland Ltdremarks:“Wehavearealopportunitywiththeemergingmiddleclassindevelopingeconomies,butitbringsitsownchallengesintermsofthebestproductstomeettheirtastes.Thereisaparticulardemandaroundaffordableluxuryandthatishavinganimpactonthecomplexityofourmanufacturingprocesses,withgreaternumbersofdifferentproductsrunningdownourlines.”
Ensuring the business has sufficient access to fundingOneofthetopicsthatstirredupmostdebateatourroundtableswastheissueoffunding.Withbanksandbusinessesatseveralmeetings,itwaspossibletohearfrombothsidesofthefinancingequation;viewswerealsogivenonhowbesttomanagetheirrelationshipswithfinancierstokeepthemoneyflowingin.
Aswithotheraspectsofthegrowthagenda,thefundingenvironmentwasseenasanotheropportunityforCFOs/FDstomakeagenuinedifference.Robert Lucas, Finance Director – Projects at Kerry Foods,says:“Thetougherfinancingclimateforcesfinanceleaderstoreallyanalyseeachinvestmenttomakesuretheexpenditureisjustified.Thosethatareworthwhileshouldnothavedifficultyattractingfunding.”
Frank Lewis of Asia Ceramics Holdings plctakesthisonestepfurther,adding:“…there’splentyofmoneyaroundforcompaniesthatdobusinessinthesectorsthatareindemand,suchascommoditiesandrenewableenergy.Theansweristomakesurethatyou’reaheadofthecurveintermsofwhatlinesofbusinessareinvogueandgrowing;alsothatyouhavetherightbackingbehindyou,whetherit’sequityorbankborrowings.”
Someparticipantsreportedseeingareturntoamorerelationship-drivenfinancingenvironment–withlessmoneygenerallyavailabletolend,itseemsnaturalthatbankerswillwantmorecertaintyaboutthesecurityofeachloan,sowillaimtogetclosertotheircustomers.Withthatinmind,Ian Plumb of Endless LLPsharesthisadvice:“Thepartnershipdynamicisveryimportanttolenders.Keepthemcloseandcommunicateregularly…treatbanksasstakeholdersandbringthemalongwithyou,becauseyou’llfindifyou’vegotagoodstorytotell,there’sstillmoneyavailableatgoodrates.”
KnowledgewasseenasoneoftheFD’smostpowerfulbargainingtoolsbyGary Slawther, Treasury Director at Financial Risk Advisory Limited.Heargues:“It’svitaltohaveasolidgraspofyourbusinesswhendealingwithpotentiallenders.Iftheyaskyouawkwardquestionsandyoucan’tcomeupwiththeanswers,thenyou’reunlikelytogetthemoneyyouneed.”
Fromthebanks’perspective,Muj Malik, Chief Financial Officer of Dexia Bankhasthistoadd:“Liquiditystillremainsamajorissueforbanks.We’veseenarecoveryinshort-termliquiditybutthemarketforlongertermliquidity,forexample,tocoverinfrastructureprojects,isstillveryrestrictedandwillonlycomebackaspartofabroaderincreaseinconfidenceaswellasopeningofbondmarketsagain.”
“ It’s vital to have a solid grasp of your business when dealing with potential lenders. If they ask you awkward questions and you can’t come up with the answers, then you’re unlikely to get the money you need.”
Gary Slawther Treasury Director FinancialRiskAdvisoryLimited
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Prospering through process improvement
Thedebatecentredonthreequestions:
• Whatisdrivingtheneedforadditionalreporting/financialanalysis?
• Howwillthefinanceteamgearuptosupportthisextraworkload?
• Howcantechnologyhelpthefinanceteamdo“morewithless”?
What is driving the need for additional reporting/financial analysis?Accordingtoourround-tableparticipants,businessesintheUKhavenowfullywokenuptothepowerofinformation.Forexample,Neil McArthur at Bifold Group Limitedstates:“ThankstothedevelopmentofmorecomprehensiveKPIs,wenowunderstandmoreaboutwhatdrivesourbusiness,sowecantakerisksinamorecontrolledmanner.”
ThatviewisechoedbyAnn Sillwood, Financial Controller at Damar Group Ltd,whoadds:“Aswelookaheadtogrowth,weneedtohavetheITsystemstosupportthat–inparticular,systemsthatwecanusetoanalyseourbusinesstoseeexactlywhereourmoneyiscomingfrom.”
Oneofthereportingtasksthatwassaidtohavegrownmostsubstantiallyisfinancialforecastingandre-forecasting.Catherine Bland, Finance Director at Menzies Distribution Limited,hasseenthiselementofherteam’sresponsibilitiessnowball.Sheremarks:“Weneedtoputextraresourceintothefinancialplanningandanalysissideofthebusiness.There’snowmuchmorefocusonre-forecasting,lookingatthenumberseachmonthsowecanunderstandwhat’sgoingtohappenfortherestoftheyear.Wearealsomoreengagedwithlongertermstrategicplanning,gettingintogreaterdetailandexploringdifferentscenarios.”
Onthesametheme,Adam Hurst, Deputy Chief Financial Officer at Entertainment One Group,adds:“Fromaplanningperspectiveweplacealotofemphasisonforecasts,andwe’rereliantonourcommercialcolleaguestohelpassessthepotentialreturnsfromeachopportunity.”
Sometimesthevolumeofreportinghasbeendrivenbygrowthinthe“customerbase”forinformation.Round-tabledelegateshighlightedseveralstakeholdergroupsthatnowhavegreaterappetiteforreporting,includinginvestors,banksandregulators.Thomas Syme, Commercial Finance Manager at BAA Edinburgh Airport,hashadtocopewiththischange.Heexplains:“Alotofpeopletalkaboutrationalisingreporting,butwe’vejustexperiencedanexplosioninreportingbecauseeveryonewantsadifferentreportforadifferentreason,whetherit’sinternallyorexternalstakeholders.”
Thebalancingofriskandreward–asthisreporthasalreadyhighlighted–isbecomingakeytaskforthefinancefunction.Hereagain,analysisandreportingcanplayamajorpart.Mark Llewellyn, Chief Financial Officer at L B Plastics Ltd,saysofthisdevelopment:“Themajorchangeininvestmentdecision-makingistheleveltowhichrisksarenowconsidered.Evenquitebolddecisionsarenowbasedonamuchbetterunderstandingofthepotentialupsideanddownside,becausebusinessescan’taffordtogetitwrong.”
Whilehavingmoreinformationtohandisclearlyabenefittostrategicdecisionmaking,itdoesn’tprovideguaranteedsolutions,andthefinanceleadercanstilladdsignificantvaluethroughmakingtherightjudgementcalls.Keith Brown at Gerber Emig Groupsaysofthisresponsibility:“Inafast-movingmarketplaceit’srarelypossibletohavecompleteanddefiniteinformation,sowhenweneedtocomeupwithananswer,wehavetomakethebestbalanceddecisiongivenwhatweknowofthevariables.”
A recurring theme at the 2011 Executive Round-Table Series was the growing appetite for financial information to guide strategic decision making within the organisation
“ From a planning perspective, we place a lot of emphasis on forecasts, and we’re reliant on our commercial colleagues to help assess the potential returns from each opportunity.”
Adam Hurst Deputy Chief Financial Officer EntertainmentOneGroup
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“ The major change in investment decision-making is the level to which risks are now considered.” Mark Llewellyn, ChiefFinancialOfficer,LBPlasticsLtd
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Jim McAuliffe,FinancialDirector,BristolAirport
Grant Findlay, GroupFinanceDirector,HavelockEuropaLtd;Alan Sievewright,EMEAController,BlackRockInternationalLtd
Keith Brown,GroupFinanceDirector,GerberEmigGroup
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How will the finance team gear up to support this extra workload?“Thefinanceteamisundoubtedlymoreimportanttotheorganisationintoday’sdifficulttimes,becausemanagementhasagreaterneedfornumbersandinformationthanwasthecasewhenourmarketwasgrowing.However,itcanbechallengingtocopewiththatdemandwhenwe’retightonresources,”saysJasvir Sanghera, Finance Director, Floors-2-Go.
Withlimitedflexibilityintermsofheadcount,financeleadersatourroundtablesareinsteadlookingtobuildgreaterefficiencyintotheirprocessesaswellasstreamliningwaysofworking,tomeettheescalatingdemandforinformation.
Ifthereisaparadigmofprocessimprovement,itwouldprobablybesomethingakintotheexperiencereportedbyPhil Price, Chief Financial Officer – Europe at Reader’s Digest.Hesays:“Throughbetterprocessesandsystems,we’recommoditisingandreducingthecostofthetransactionalstuff,whichthenempowersourpeopletogetclosertothebusinessandtoprovidethemwiththeinformationtheyneedtohelpdrivethebusinessagenda.”
Hiringspecialistfinancialconsultantscanalsoprovideshort-termaccesstoskills,aswellasenablingfresheyestolookattheteam’sday-to-dayactivitieswithaviewtohighlightingactivitiesthatcanbedonequickerormoreefficiently.Thiswasseenasparticularlybeneficialtofinanceteamswherethemajorityofemployeeshadsattightduringthedownturn,leadingtoaninabilitytofreshentheteamthroughnaturalturnover.
There’salsopotentialtorationaliseorscalebackotherareasoftheteam’sworktofreeupcapacity.Martin Reynard of FST Technologies Limited,notes:“Overthepast10yearswe’veseenasteadyexpansionintheamountofinternalprocessandadministrativeworktakenonbythefinanceteam.Nowwe’rereversingthatprocessbystoppingeverythingwedothatdoesn’taddvalue,isn’tessentialorisduplicatedelsewhere.”
Wherenewfinancialsystemshavebeenputinplace,thefocusmustswitchtogettingthemostoutofthem,aswellasdecidingtheextenttowhichaccesstotheinformationplatformsisdistributedthroughouttheorganisation.Therearecriticaldecisionstobemadehere,asIan Webb, Finance Director at Wilts,pointsout:“We’vemadeourITinvestmentandwenowhaveapowerfulplatform,butthekeyistogettheinformationintothehandsofthepeoplewhocanuseittomakeinsightfuldecisions.Insomewaystheeasiestwaytodothisistobuildawarenesswithinthefieldsooursalespeoplecanaccesstheinformationdirectly;however,thatwillinevitablyproducevariableresultssincenoteveryonehasthesameaptitudeforthissortofanalyticalwork,sothere’sstillaneedtoinvestcentrallyinaBusinessIntelligencecapability.”
“ Over the past 10 years we’ve seen a steady expansion in the amount of internal process and administrative work taken on by the finance team.”
Martin Reynard Finance Director FSTTechnologiesLimited
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How can technology help the finance team to do “more with less”?Whenround-tableparticipantswereaskedtolisttheprioritiesfortheirorganisationsastheyprepareforgrowth,ITwasthejointsecondmostpopularanswer,quotedby40%ofrespondents.
Technologycanmakeasignificantcontributiontowardsthefinanceteambeingabletomeetthenewdemandsbeingplacedonit,accordingtoNeil Easson, Head of Finance – International Banking at Lloyds Banking Group.Hecomments:“We’relookingtotransformoursystemslandscape,togivepeoplebettertoolsintermsofmanagementinformation.”
Fortheirpart,financialtechnologyprovidersaregearinguptotakeadvantageofthismarketopportunity.InitsTechnology M&A Insightspublication,PricewaterhouseCoopers(PwC)states:“Agreaterfocusontransparencyandriskmanagementiscontributingtoalargeincreaseinthevolumeoffinancialdatabeingprocessed,helpingfueldemandforintegratedsoftwaresolutions…Forthesoftwareproviders,thereisanopportunitytocapturesynergiesinafragmentedmarketthatisripeforconsolidation,managingthecostbasedownwardsandfocusingonefficiencies.”
Anothertechnologicalinnovationbeginningtogaintractioniscloudcomputing–wherebyusersgainaccesstothecomputingpoweranddatastoragetheyneedthroughtheinternetinsteadofrelyingonin-houseITfacilities.
PwC’sTechnology M&A Insightssaysofthistrend:“TheprospectofsignificantcostsavingsandabilitytohandlelargedatavolumesismakingCorporatestakenoticeandbecomemoreopentoexploringthecreationofaprivateCloudorofoutsourcingtopublicCloudproviders;payingathirdpartytohosttheirdataandapplicationsandtakeresponsibilityforitssecurity.Whileinitialinterestmaybeconfinedtolargercompanies,theSMEsectorcanalsoachievesignificantbenefits,particularlyfromthepublicCloud.”
Forfinanceleadersmanagingtightbudgets,thepotentialcostsavingsfrom“outsourcing”technologyinthiswaycannotbeignored.ThisisespeciallytrueforCFOswhoalsohaveadditionalresponsibilityformanagingIT,asituationthat’snotuncommonintheSMEsector.
“ We’re looking to transform our systems landscape, to give people better tools in terms of management information.”
Neil Easson Head of Finance – International Banking LloydsBankingGroup
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Conclusion
Anoverwhelmingmajorityaimtobepartofagrowthstory–manyalreadyare–andthey’rebusypreparingthemselvesandtheirteamstosupportthegrowthagenda.
Thattherewillbechallengesinbringingtheirteamswiththemisnotinquestion.Somefinancestafffindthefunction’smoretraditional,“backroom”rolemoreappealing;othersarekeentogetclosertotheactionbutneedfirsttobearmedwiththeskillsandcommercialbehavioursthatwillenablethemtodoso.
Thefinanceteamwillbelookingtoitsleadershiptoguideitintothisbravenewworld:theCFO/FDmustshowapassionforbusiness,activelyparticipateindevelopingcorporatestrategyandstrivetobreakdownthebarriersbetweenfinanceandtherestoftheorganisation.
Atthesametime,cashremainskingevenforbusinessesingrowthmode.Thefinancefunctionmustensurethatstrivingforgrowthdoesn’t“breakthebank”.Inrealitythismeanscarefullyassessinggrowthopportunitiesanddiscardinganythatmightsoakuptoomuchcashorwouldnotachievethesizeandspeedofpaybackthatbanksandothersourcesoffinancearepresentlywillingtoback.
Finally,itwasclearthattechnologyisgoingtoplayamajorpartwithinthegrowthagenda,particularlyforthoseorganisationswhereheadcountremainstight,andsothere’sarequirementtodo“morewithless”.Innovationssuchascloudcomputingremainintheirinfancy,buttheforward-lookingfinanceleaderwillalreadybeinvestigatingtheirpotential,sinceanycompetitiveadvantageislikelytorestwithearlyadopters.
Lookingtothefuture,wherenextforthegrowthagenda?Judgingbythewiderangeofeconomicpredictionsmadeinourroundtables–whichfluctuatedfromadipbackintorecessionthroughtoanOlympics-inspiredresurgenceinconfidence–itseemsthebestadvicemightbetoprepareforalleventualities!Whatisnotindoubtisthatbusinessgrowthremainsanachievablegoalfororganisationsabletoformulatetherightstrategyandworksingle-mindedly,andcollectively,toachieveit.
Forthefinanceteam,theopportunitytomakeamajorcontributiontothatcollectiveeffortisonethatmustbegraspedwithbothhands.
In uncertain times for the UK economy, it was heartening to encounter the positive attitudes of the finance and business leaders who attended our 2011 Executive Round-Table Series
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AttendeesRobert Half Executive Round-Table Series 2011
Alison Jones Finance Director SSLInternational
Andrew Wilkins Finance Director VolkerRailGroup
David Jones Financial Director IGT-UKGroupLtd
Gary Slawther Treasury Director FinancialRiskAdvisoryLimited
Ian Plumb Associate Director EndlessLLP
Jill Barnard-Blom Chief Accountant BritishCyclingFederation
Jonathon Parker-Stafford Finance Director ManagedSupportServices
Mark Bullough Finance Manager GleesonCapitalSolutionsLtd
Neil McArthur Chief Financial Officer BifoldGroupLimited
Peter Cooke Chief Executive Bagnall&MorrisWasteServicesLtd
Robert Lucas Finance Director – Projects KerryFoods
Manchester
Andrew Churn Strategic and Commercial Leader RSAGroup
Boyd Robinson ESILtd
David Robson Finance Director
Ian Hughes Chief Operating Officer BBCEnglishRegions
Jasvir Sanghera Finance Director Floors-2-Go
Judie Green UK Regional Financial Controller ElectroluxProfessionalLtd
Kevan Taylor Finance Director UKAthleticsandEnglandAthletics
Mark Lee Chief Financial Officer CalthorpeEstates
Mark Llewellyn Group Chief Financial Officer LBPlasticsLtd
Nick Graham Interim Director of Finance
Nick Isaac Finance Director WBTheCreativeJewelleryGroupLtd
Nigel Gilpin Interim Finance Director
Richard Neale Finance Director HadleyIndustriesPLC
Roger Williams Commercial Director HulseLtd
Scott Brown Director
Sue James Financial Planning Director NordAngliaEducationGroup
Birmingham
Alan SievewrightEMEA ControllerBlackRockInternationalLtd
Andrew PL WallsManaging Director, Group Finance Company Secretary QuayleMunroLimited
Catherine Bland Finance Director MenziesDistributionLimited
Gordon Hutcheson Financial Controller Regenersis(Glenrothes)Ltd
Grant Findlay Group Finance Director HavelockEuropaLtd
Innes Chalmers Finance Director ChoicesCommunityCare
Martin Reynard Finance Director FSTTechnologiesLimited
Neil Easson Head of Finance – International Banking LloydsBankingGroup
Richard Bee Finance Director – Diageo Europe Supply DiageoScotlandLtd
Thomas Syme Commercial Finance Manager BAAEdinburghAirport
Edinburgh
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Patrick Wilson Director of Finance Simplyhealth
Piran Scott Commercial Finance Controller Lifetime
Trevor Morland Finance Director ClarkeBond
Victoria FitzGerald Finance Director BristolOldVicTheatreSchoolLtd
Will Godfrey Strategic Director – Corporate Services BristolCityCouncil
Adam Hurst Deputy Chief Financial Officer EntertainmentOneGroup
Ashwin Gadher Finance Director VaultexUKLtd
Baljit Johal Finance Director EuropeanCareGroup
Frank Lewis Chairman AsiaCeramicsHoldingsplc
Gavin Fox Chief Financial Officer Ansbacher&CoLtd
Jayesh Pankhania Financial Controller VallarPlcGroup
John Jack EMEA Controller BNYMellon
Jonathan Wyatt Managing Director Protiviti
Linda Foster Finance Director – UK region and Economist Online/Digital Editions TheEconomistGroup
Martin Saurma-Jeltsch Finance Director CEME
Muj Malik Chief Financial Officer DexiaBank
Neil Stevenson Executive Director of Brand ACCA
Nigel Addison Smith Finance Director ECGD
Phil Price Chief Financial Officer – Europe Reader’sDigest
Ray Perry CIMA
Rolfe Lakin Chief Financial Officer – Specialised Group Assets NationalAustraliaBankLimited
London
Alan Lunt Finance Director
Amelia Price Financial Planning Director (SW&W Region) FirstGroupplc
Andrew Lambert International Finance Director OmnicareClinicalResearch
Ann Sillwood Financial Controller DamarGroupLtd
Darren Xiberras Director of Corporate Services WRVS
David Bloomer Corporate Services Director RCUKSSCLtd
Ellis Organ Financial Director CliftonAssetManagementPlc
Graham Papworth Finance Director CMGroup
Ian Webb Finance Director Wilts
James Money-Kyrle Director of Finance and Support Services StJohn’sHospital
Jim McAuliffe Financial Director BristolAirport
Keith Brown Group Finance Director GerberEmigGroup
Mark Tweed Chief Financial Officer GMACUKplc
Matthew Wakerley Portfolio Finance Director RevelationBusinessSolutionsLtd
Max Campbell-Jones Finance Director RencolToleranceRings
Mike Scott Director of Finance PostOfficeFinancialServices
Bristol
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