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Why SME’s shouldn’t ignore Risk Management

Many people think that risk management is only for large corporations. This is not correct!  Risk management is a NECESSITY FOR  EVERY BUSINESS. The hard part is to properly align risk management processes to each unique individual organisation.

 

The world is undeniably riskier. Change was increasingly ever more rapidly, and this is accelerated by COVID. Increasing digitisation of business processes will inevitably increase cybersecurity risk. The world is still highly connected,

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Strategic Management – A Simple Guide

Strategic Management – A Simple Guide

David King, CEO, Eastern Australia and NZ, is a Newcastle-based CFO with extensive experience in a variety of industries, including manufacturing, industrial, property and professional services. Here at The CFO Centre, we interviewed David and tapped into his knowledge on Strategic Management…

What is the definition of “Strategic Management”?

It’s a process that allows the business owner or manager to clarify their purpose, their goals and their vision,

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Thriving in the New World

There can be no doubt the Covid 19 pandemic has led to unprecedented change for most businesses. Revenue levels have plunged for some firms while others are experiencing unexpected increases in new customers and unforecasted demand levels. Supply Chains have been disrupted. Optimising employee productivity and satisfaction have become more art than science.  Short-term cash availability and longer term capital requirements are highly uncertain. Even the most confident experts are reluctant to make a call on the economic climate we are likely to experience a year from now or even six months from now.

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Exit Planning: What do I need to Consider?

One of the areas often overlooked by business owners in their planning is an exit plan. Whilst they may not be considering exiting the business in the near future, there will possibly come a time when you are considering it’s time to move on and you will want to ensure to the business is in good stead when you walk away which is why exit planning is so important.

There are any number of reasons the owner may wish to exit a business that they have invested (not just financially) so heavily into.

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Why every business needs a CFO

Why every business needs a CFO

A typical company finance function can be divided up into 3 areas, however many businesses believe the finance role is principally to produce accurate accounts.

Ask any bank manager and he or she will tell you the bank’s most problematic customers are those who don’t truly understand what is going on in their business. Some customers ask for finance or expect to maintain an overdraft,

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How Much Cash Reserve Cover Should Your Business Have?

How much cash reserve cover should your business have?

Recently in discussions with clients the focus is still on effective reporting, strategy, banking relationships and the 4 levers that drive a business, but in these uncertain times a new question is being asked… how much cash cover should our business have? We currently have ($ x) based on an internal theory and are building with multiple bank accounts for key items etc.

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Is your business in good shape for 2021?

Is your business in good shape for 2021?

Well what a year that was!

Many businesses will have had to make some significant changes to their strategy during 2020, and now can be a good time to reflect on these and see what has happened, whilst at the same time, looking to stabilise the business in preparation for moving forward in 2021 post Covid-19.

Peter O’Sullivan, Regional Director for The CFO Centre in Victoria provides a checklist for businesses on how to ‘stabile’ for the future:

The best businesses know exactly where they stand.

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Under the Spotlight – The Leader

The CFO as a ‘Leader’

In the context of the 4 Roles of the CFO  (Chief Financial Officer), the role of Leader is viewed as the catalyst who brings the other 3 roles of Strategist, Operator & Guardian together to support & deliver the business owner’s expectations of long term growth. They will look to:

Challenge/Shift the thinking of small business owners
Look to drive competitive differentiation
Deliver funding through profit growth to drive long term value

 

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When Does a Business Need a CFO?

Recently, I read a great and thought challenging article from a few years ago, highlighting the key message around why organizations need a good CFO in their business – especially in these trying times in being able to provide sound stewardship in developing structures and creating sustainable financial success for the business that aligns with the pillars of success.

Key to this success is in developing the CFO role and understanding the business operating mode.

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Under the Spotlight – The Guardian

A CFO can act as a guardian for your business, by forecasting your cashflow and profitability, setting meaningful targets and helping you monitor your progress against them so you achieve your goals.

Looking Ahead – Forecasts

While most accountants are very good at telling you what has happened, not everyone is good at looking ahead. Historical accounting records are vital to any business, but so is a forecast. A forecast acts as a red flag,

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