As part of a series of collaborations, our MD, Mary Maguire is working with specialists across Finance, Accountancy, HR, and Recruitment. Thank you to Mr John Hepworth for his insightful piece on what a CFO needs to know in 2020…..

The challenges of the last 9 months have meant a very bumpy ride for many businesses and it is likely that the road will not be much smoother in the coming months. Having had to react to the rapid lockdown of the economy through the furloughing of staff, transitioning to home working, making applications for government support grants and loans, ensuring workplaces are safe for employees and customers – the list could go on!

As a CFO, you must now ensure that your business is ready for a future which is likely to be somewhat different to what has gone before.

Oh, and then there’s Brexit!

The recent focus for the CFO is likely to have been managing cash and mitigating the short-term risks brought about by the precipitous economic slowdown. Having steered your business through that period it is now incumbent on us as CFOs to ensure that our businesses take all the opportunities afforded, whilst avoiding costly pitfalls.

To do this I see that there are several things that we need to have in mind: –

A Proper Business Strategy

Depending on our markets, we may need to continue with a defensive strategy i.e. strengthening our balance sheets, building cash reserves, rebuilding, or changing revenue streams, cutting costs and potentially downsizing.

Alternatively, if our market remains buoyant, we may want a more aggressive strategy of investment and growth driven by innovation, enhanced revenue streams, or acquisition(s).

Whatever our strategy, we as CFOs, must know how it is going to be financed and be ready to influence and secure commitment from the Board and senior management to approve bold, strategic moves.

Agility To Adapt!

We need to keep our finger on the pulse of the business, our markets, and our customers, and understand the speed at which things change. We should also chart closely the course of the pandemic and of course be ready for potential changes to our business and operations when we exit the Brexit Transition Period on 1^st January 2021. All these changes will have potential impact on our busines and will help inform our strategy.

What changes to keep.

To continue to support the business over the lockdown and beyond, many CFOs have had to make massive changes to the ways that their finance functions operate, be it increased working flexibility for our staff, greater utilisation of technology for communication, and automation of processes.

Some of these changes will be robust, but other may be temporary solutions that require more development. Many of these changes will be beneficial in the longer term and we need to ensure that they are embedded into our processes.

For the technological changes, it is likely that capturing the opportunities offered by AI through invoice scanning or building of bots to carry out mundane repetitive tasks may be the differentiator between business failure and success.

Now is the time to act.

As well as process improvements, we have undoubtedly stripped cost out over the last few months. The canny CFO must work closely with departmental heads and budget holders to manage things to ensure that these costs do not drift back unnecessarily.

Embrace The Power Of Forecasting

We all know how important forecasting and budgeting is for our business, but things have just got way more critical. We need to utilise scenario planning more, using best, expected, and worse case scenarios.

Budgets of old will become a thing of the past. We should now aim to deliver and utilise dynamic forecasts that are updated and reviewed with management quarterly if not more frequently, ensuring that our strategic direction remains appropriate. KPIs should be set and monitored to enable quick identification of problems or a requirement to change course.

Emerging data tools including Power BI and Power Query and having the interim or permanent expertise in your team to deliver the very best in analysis and forecasting is key. As is the plan for knowledge retention for these skills to be developed and retained in your Accounting function.

Speed and flexibility must be permanently built into the forecasting and planning process to facilitate faster decision making. Remember too that accurate and timely reporting and data is even more crucial during times of turbulence.

Taking Our Teams With Us And Having The Right Talent!

We may have had to let team members go over the last few months, but it is vital that we invest in the finance team and ensure that all staff has a Covid secure environment in which to work.

It is also critical to ensure your team has the right skills to ensure the delivery of business objectives. This may involve training, but exceptional leadership is imperative especially when managing team members who are working remotely.

Alternatively, for businesses doing well, the success of a CFO will be measured on the continued performance of their operational, production, and finance teams. Ensuring you have the right talent and the best possible people for your business is critical.

As always, whether facing economic headwinds or not, talented accountants, sales, marketing, and other experts are in demand. You need to ensure that your business is front and centre in terms of employer branding in the sector you operate within.

Ensuring key relationships with trusted recruitment partners are maintained but also allowing exceptional local sourcing specialists such as Astute Recruitment Ltd, to alert you the best possible talent available.

Marketing, Branding, Position, and Perception

As CFO – the art of effective budgeting to inform critical decision making has never been so important. One of the truest ways to enhance a business is to ensure that social media channels are up to date, with relevant, high-quality original content. With usual sales presentations and pitches increasingly shifting online, there must always be a place on the balance sheet for marketing expertise to bring your brand and business to potential customers, clients and potential future hires.

& Finally, next time we will be ready!

I imagine that many businesses risk registers did not include a pandemic as a critical risk. We must rectify this and take all our learnings to ensure that we have robust processes in place for any repeat. We should also keep our contingency plans up to date in case of another serious downturn; this maybe being ready to downsize, liquidate assets, or secure additional funding.

As well as steering the business through the choppy waters of Covid-19 and Brexit we must not forget the CFO’s responsibility for sustainability and environmental protection. We must move on from the box-ticking exercise of CSR and ensure that in the new world sustainability becomes an inherent part of our business operations and strategy.

Not much to do then!

An article by John Hepworth. You can view John’s profile on LinkedIn by clicking below: –

What does a CFO need to know in 2020? Astute Recruitment provides the inside track

Have you got the right PPE for your career?

Is the job paying the most, the best one to go for? Why PPE is the true currency when looking for staff or a new job.

The current job market is so different to any other situation. In the last economic crisis back in 2008/2009, job boards were just starting to become ‘a thing’.

People’s individual brands were mainly about their cv, with LinkedIn and other social media just a useful addition for those in the know!

Now, for the first time, we have a fully digitised job market. Of companies vying for the best talent, recruitment agencies swamped with applications using anonymous algorithms to ‘sift’ candidates. Job seekers, desperate to make their experience shine above lots of others.

The result?

An often jaded customer experience by everyone from hiring managers to recruitment professionals and of course those looking for work.

Here at Astute, there is a new way forward. It doesn’t involve anonymous emails and forgotten banks of candidates.

During the Lockdown, we heard first hand, the power of the spoken word. Talking directly to people. From CFOs to HR professionals. From credit control clerks to aspiring part qualified and experienced management professionals in accountancy and finance.

Was our team expecting to pick up jobs? No. But funnily enough, we did!

Our strategy, as always, was to simply keep in touch with as many candidates and business contacts as possible.

How?

By a simple phone call!

That personal interaction, and conversation, was not about Recruitment. It was often just chatting about how people felt, giving reassuring advice, help, and support.

There were laughs. There were tears. But every call was an opportunity to say we are here and we are here to listen and help.

So, back to my original question. The best paying job isn’t the criteria to judge a potential new employer by or on which agency or advert to apply to.

No!

The best jobs should be judged on the company’s social and interpersonal currency. Ask yourself, “Do you get a personal connection with that company?”

This is where good recruiters come in!

As brand ambassadors and knowledge experts, we can advise our customers on the hidden things you never see on a job description.

What’s the culture like?
Does the company treat people fairly?
Will they be a really supportive employer?
What’s the real reason for the role?
What’s the real working hours expected in that business?

Equally, for employers, and hiring managers, we can steer them to the right person for their team. It could be someone more experienced than they thought they needed. It could be the overlooked up and coming person. Lacking experience but with that ‘something special about them’ who will be a star.

The trust, honesty, and relationships with all our people, our team, our customers, and the brands we represent, are about going back to the future.

Using the latest technology but never forgetting we are dealing with people.

Thats the true currency of recruitment, business and life.

Proper Personal Engagement.

PPE.

An article by Mary Maguire

Managing Director
Astute | Accountancy & Finance | HR | Office Support

Suite One, Ground Floor West, Cardinal Square, 10 Nottingham Road, Derby, DE1 3QT

T: 01332 346100
M: 07717 412911

E: [email protected]

W: www.astuterecruitment.com

LI: https://uk.linkedin.com/pub/mary-maguire/18/73/553

7 astute steps to successful cash flow management collaboration by an expert!

Cash is King! Having an accurate measure of your company’s cash is always critical, now more than ever. Here at Astute, as part of a new series of articles, we are sharing 7 simple steps to guide you, in collaboration with a fully qualified accountant and expert in providing cash flow advice and more to SME businesses and larger organisations.

David Thorley is an experienced, fully qualified Finance Director with a proven career in managing the financial tillers of several businesses. Together, we wanted to share his 7 steps to achieve successful cash flow management.

Over to David….

“We need a 13-week cash flow!

An all too familiar phrase that I have heard over the years from banks and finance providers and in these uncertain times an especially challenging request even for experienced number crunchers!

You can, however, meet this challenge using the following simple tips: –

1. Communication with your finance provider is crucial – whatever the reason, DO NOT make promises you know you cannot keep and DEFINITELY DO NOT say it can’t be done!

2. Very few businesses can accurately predict cash flows, but everyone can make an informed forecast.

3. The past may not be an accurate predictor of the future, but it can be an indicator! Summarise the cash flows over the previous 6 – 12 months over key headings and use for forecasting future trends.

4. All forecasting relies heavily on assumptions that identify the key sensitivities (e.g. you could be predicting quarterly rent payments being agreed to be deferred or moved to monthly).

5. Look for seasonal fluctuations in income or expenses – right now this could be forecasting recovery of previous levels of sales over a 3 to 6-month period.

6. It’s not unusual for the balancing number (to keep within the facility), to be payments to creditors and, in times of extreme cash pressure, this is inevitable; but again, communication is vital to avoid going on stop with crucial suppliers.

7. You may need to prepare more than one forecast – based on different assumptions. Again communicate the basis of the chosen forecast when it is shared.

The most important point is to always try to anticipate potential issues. Banks particularly appreciate early warnings especially if it is a potential breach of facility as it indicates a degree of control.”

Great tips so thank you David!

If you need a cash flow expert in your team, call Astute and we would be delighted to assist you.

We will be issuing more articles and tips on a wide range of accountancy, finance, HR and recruitment issues in collaboration with experts in these fields.

If you have found this article informative and helpful, please let Mary Maguire at Astute Recruitment know as feedback is always welcome. Feel free to share this article with others who you feel could find this useful.

#cashflow #CashIsKing #accountancy #finance #financedirector #cfo #financetips #BeAstute

Temporary contact numbers for Astute Recruitment Ltd

Due to a temporary, technical hitch since moving offices, if you need to call us, please call one of our MDs and they will be pleased to assist you.

Mary Maguire: 07717 412 911

Sarah Stevenson: 07966 258 509

As soon as our landline communications are restored, we will let you know!

Happy Fathers Day to Dads everywhere!

On Fathers Day 2020, celebrate the Dads out there. Give them a lie-in, cook them a favourite lunch, make them a card.

Whatever you do, the best presents are free.

Time spent together means so much more, now more than ever!

So have fun and make the dads in your life feel special and make some lifelong memories at the same time!

All of us at Astute Recruitment Ltd are delighted to have been formally included as one of Derby’s top three recruitment agencies on the prestigious search website Three Best Rated!

With over 15 business awards and successful recruitment across the Derbyshire region, its great to be in our 10th year and receive this recognition.

Astute Recruitment was set up by our two founders – Sarah Stevenson and Mary Maguire, back in 2009.

Sarah had this to say, “Mary and I are thrilled to be ranked in the top three recruitment firms in Derby by Three Best Rated. To have our business featured as one of the top 3 firms cements our status as the ‘go-to’ recruitment agency specialising in jobs across finance and back office. This is brilliant news!”

Mary went onto say, “We have grown a lot – our team is expanding and we have an exciting new office move planned to further allow our team of experienced recruiters to grow. As Sarah said, to be included by leading search website Three Best Rated is amazing news and both of us and our team are delighted!”

You can view our listing on the link below: –

Three Best Rated – Astute Recrhttps://threebestrated.co.uk/recruitment-agencies-in-derbyuitment Ltd

A heartfelt message from one of our candidates during the lockdown!

“Thanks Mary for your words of support and inspiration over the past two months whilst I have been searching for a new role. Our phone conversations and your posts on LinkedIn have helped me remain positive, inspired me to reach out to others and post more on LinkedIn, they have also helped me identify my strengths and also my weaknesses.

Your fantastic webinar by Richard McCann also inspired me to build my resilience, believe in myself and also show a more caring attitude towards others. Times are tough for all of us, we need to support each other and I wish you and all at Astute all the best for the future.”

Thank you Nick, this is why our team tries so hard to offer the personal touch and genuinely tries to help people by offering support and constructive advice to help them in their job search.

A great way to end a great week!

Furlough. With over 8 million workers furloughed, we wanted to ask employers, “Do your furloughed staff know you still care about them?”

When did you last talk openly with your furloughed employees?

Just a week ago was a Bank Holiday. The next one isn’t until the end of August. Between now and then, millions of workers will have been on furlough for approaching 5 months.

While employers and those still employed face ever-increasing workloads covering their businesses, how are the furloughed feeling?

Mental health week ended just a few weeks ago, but already the news is full of new, pressing economic shocks and doom.

Now, imagine you are a single parent, a breadwinner in your home? A recent graduate. A new homeowner with mortgage bills at the end of every month.

Imagine how they might be feeling on furlough.

Whilst furloughed, staff in the UK cannot contribute to their company’s business financial success, there is nothing to say employers have to neglect these armies of suspended talent whose passion and commitment to start working for your company again remains undimmed.

So, stay connected. Take the time to speak to your furloughed team regularly. Reassure them, be present and mindful of questions they may have. Be personal. Be open to any insecurities they may have. Encourage them to refresh their skills through online courses. Above all, be honest.

The businesses that survive the current situation will be the ones who can trade out of the furlough. With most of their staff refocussed, positive, upskilled, and confident in the knowledge their employer, boss and company are, and have been, 100% behind them.

Those companies will have the essential ingredients for business success in a turbulent economy. Loyalty. Passion, drive, and commitment. Happy, engaged workers are far more productive than staff who feel isolated, forgotten, or neglected.

If you can get that collective belief in your team, they will genuinely want to help the company and help you, return to profit. A motivated team is a successful team!

So, show your furloughed workers you really care about them. They will be worth their weight in gold when the market picks up and you need to retain your trained, talented people.

If you are a furloughed employee who is feeling neglected and insecure, please contact our team at Astute Recruitment Ltd who will be delighted to talk through your concerns and help you.

Our MD – Mary Maguire, is happy to take CVs and distribute them to our team. Simply email your CV with a mobile number and any message to [email protected] and she will be glad to help, advise, and support your career queries.

Mental Health Week Can Your Business Afford to Ignore Mental Health?

We investigate the key impacts, costs, AND savings to companies of mental health at work.

Mental health has increasingly been highlighted as a key factor in business and employee performance, success and productivity.

This year’s Mental Health Week has special importance with the global fight against covid sars 2. Millions of workers, everywhere, across the world have been impacted.

Some working remotely, some furloughed. Some facing redundancy. Some already recently made redundant.

People’s work suroundings and working conditions have been turned upside down in just a few, short months, and whilst efforts to crank up the wheels of industry are in motion, the working landscape is likely to have been changed forever.

Nearly 1 in 7 people, almost 15% suffer some degree of mental health problems at work.

Men in full time employment are half as likely as women to experience mental health problems.

Nearly 13% of all staff absences in the UK can be attributed directly to mental health conditions.

According to research, improvements to mental health frameworks at work could equate to over £8bn in savings for UK businesses alone!

In today’s uncertain ecconomy, business owners, Finance Directors and senior management are more conscious than ever to seek good returns on investment and save money and more importantly improve staff engagement, morale and resilience.

What better way than to invest in staff?

But what are the cost benefits? How can this improve my balance sheet and company performance?

According to The Mental Health Foundation, workplace interventions including employee screening and care management strategies for those living with (or at risk of) depression was estimated to cost £30.90 per employee for assessment, and a further £240.00 for the use of CBT to manage the problem, way back in 2009 alone.

An economic model conducted in a company of 500 employees where two thirds are offered and accept the treatment, an investment of £20,676 will result in a net profit of approximately £83,278 over a two year period.

So, how can employers, HR teams, business leaders put in place policies to effectively improve employee wellbeing and mental health in their workforce?

Make it personal.

Employ personalised, tailored information for staff

Create bespoke advice specific to your staff, your business and working environment

Create risk assessment questionaires

Encourage staff to watch online seminars

Implement online workshops using experts

Use experts. You don’t have to do this alone. Use businesses like Precise HR Ltd, who can give honest, tailored advice specific to your company, workforce, industry and importantly, your budget!

The cost?

Approximately £80 for every employee, for 12 months.

The saving?

According to the Mental Health Foundation, for a company with 500 employees, where all employees undergo interventions, it is estimated that an initial investment of £40,000 will yield a net return of £347,722 in savings. Mostly due to reduced presenteeism (lost productivity caused by an employee working while ill) and absenteeism (work hours missed due to ill health).

In another article by Michael Parsonage and Geena Saini, their report highlights that mental health problems in the UK workforce cost employers almost £35 billion just 3 years ago.

They broke down the overall costs as follows: –

£10.6 billion in sickness absence;
£21.2 billion in reduced productivity at work, or ‘presenteeism’
£3.1 billion in replacing staff who leave their jobs because of their mental health.

So, conclusively, the costs of ignoring mental health for your employees, simply can’t be ignored.

More useful links for detailed reports, information and advice on Mental Health issues: –

The Mental Health Foundation

Precise Hr Ltd

The Centre For Mental Health

The UK Government’s Latest Advice on Mental Health and Wellbeing

…………. Below 2b curated…….

References

Lelliott, P., Tulloch, S., Boardman, J., Harvey, S., & Henderson, H. (2008). Mental health and work. Retrieved from gov.uk/government/uploads/system/uploads/attachment_data/file/212266/hwwb-mental-health-and-work.pdf

Stansfeld, S., Clark, C., Bebbington, P., King, M., Jenkins, R., & Hinchliffe, S. (2016). Chapter 2: Common mental disorders. In S. McManus, P. Bebbington, R. Jenkins, & T.Brugha (Eds.), Mental health and wellbeing in England: Adult Psychiatric Morbidity Survey 2014. Leeds: NHS Digital.

ONS. (2014). Full Report: Sickness Absence on the Labour Market, February 2014. Retrieved from webarchive. nationalarchives.gov.uk/20160105160709/http://www.ons.gov.uk/ons/dcp171776_353899.pdf [Accessed 28/07/16].

Sainsbury Centre for Mental Health. (2009). Briefing 40: Removing Barriers. The facts about mental health and employment. Retrieved from ohrn.nhs.uk/resource/policy/TheFactsaboutMentalHealth.pdf

Knapp, M., McDaid, D., & Parsonage, M. (2011). Mental Health Promotion and Mental Illness Prevention: The Economic Case. Retrieved from gov.uk/government/uploads/system/uploads/attachment_data/file/215626/dh_126386.pdf [Accessed 02/07/16].

Astute Recruitment Ltd explores VE Day 2020 uncovering the historic events that led to VE Day 75 years ago

Today people in countries across the globe are fighting a very different war with a very different foe. Fitting then that on the 8th of May 2020, we celebrate VE Day, but not just any VE Day. Instead, it is the 75th anniversary from when the Allies secured victory in Europe. Thats what V.E. day stands for. ‘Victory in Europe’.

We should take hope and heart that the most vicious of foes those years ago could be and was defeated and our current foe, COVID-19, will, in time, also be defeated.

For now, we need to remind ourselves of the sacrifices and heartache that our ancestors undertook to secure a peace that has lasted ever since in Western Europe. Take heart from the fact that we all have it in ourselves to be inspirational & courageous. Together, we can overcome any obstacle whether human or biological if we work together and stand united. And as the country unites in some much-needed celebrations, we wanted to put together a brief history of the key events that triggered and finally resolved what was the Second World War.

How we got to VE Day

In the 1930s, Adolf Hitler’s Nazi party took control in Germany with ambitious plans to expand beyond Germany. Early in 1939, Germany gained control of Austria, the Czech Republic, & Italy as an ally. The UK, France & others were concerned, but most countries were still wary of war after the horrors and impacts of the First World War. Following an invasion of Poland, and war was finally declared by the Allies in September 1939.

World War 2.

The war took many huge twists and turns, with the victorious side looking to be either Hitler or the Allies in equal turn. Germany was extremely successful using a method of quick, superior attacks – the ‘Blitzkrieg’ (lightning war in German). Eventually, the tide turned in favour of the Allies with German troops pushed back & conquered territories being liberated. By February 1945, the Allies had entered Germany and by late April 1945, Berlin was captured.

By the 7th May, both Italy & Germany had lost the very leaders who had taken them into war, & both had signed a total, unconditional surrender, effective from the 8th May.

Over 1 million people celebrated in the streets throughout Britain to mark the end of the European part of the war. In London, crowds thronged, cheered and gathered from Trafalgar Square along The Mall and all the way to Buckingham Palace, where King George VI & Queen Elizabeth, with Prime Minister Winston Churchill, appeared on the balcony of the palace before the cheering crowds.

The young Princesses Elizabeth (now our Queen) and her sister, Margaret, were given discreet permission to go incognito and celebrate with the public.

The End of the war.

VE Day only acknowledged the end of fighting in Europe, not the end of World War 2. Japan was still fighting against the Allies in May 1945. It wasn’t until August 1945 that Japan would surrender, with the official end of the 2nd World war signed and ratified in September 1945.

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Mike

16:04 13 Mar 23

Highly recommended! Josh and Sarah have been fantastic at Astute. They've found and placed me in 2 jobs now between them, both really responsive and excellent at keeping you up to speed with things. Very knowledgable about the roles and happy to talk to companies with any queries you have.

C R.

10:45 27 Jan 23

Great agency one of the best ones I've worked with! Liz has been a great help and support in helping me towards a new direction in my career life. She is very attentive and keeps me in the loop at all times! She makes the extra effort to work with my preferred requirements for work and even if it isn't completely attainable she meets me in the middle and does as much as she can to help! Also Liz is very funny might I add 😂 and I'm happy that I can now put a face to the name after all these years! Thank you again Liz for all your help and support! 😊

Christine

10:32 20 Dec 22

Josh and the Astute team was very swift to help me to find roles that matched my profile. They are really reliable and will help through every step of the recruitment process going out of their way to assist and follow up when needed. Could not find a better recruitment agency!

Helen Pinegar

16:19 18 Dec 22

Fantastic recruitment agency.. Josh was extremely enthusiastic, encouraging and clearly knowledgeable about what was needed from both the employee and the employers point of view. Extremely supportive especially in regards to interview preparation and endeavoured to procure feedback promptly. Wouldn’t hesitate to recommend Astute in the future to both candidates and recruiting businesses particularly for the right fit for the role!!!

Lisa Leigh

11:56 30 Nov 22

I have worked as a candidate for Astute and they have been excellent. Super friendly service and professional agents keen to fit the right person to the right job. It has been a pleasure dealing with them and I would happily work for them again in the future. Highly recommend this agency.

A Proper Business Strategy

Agility To Adapt!

What changes to keep.

Embrace The Power Of Forecasting

Taking Our Teams With Us And Having The Right Talent!

Marketing, Branding, Position, and Perception