Category: News &amp; Views

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

“A smooth sea never made a skilled sailor.”

A great quote by FD Roosevelt. We feel that the same applies to accountants.

It’s through the turbulent times though that we learn, in life and at work. When things don’t go quite as planned, we have an opportunity to learn, to become a better sailor – or, in the case of our clients, become a better business, and our candidates – to become better accountants.

Enjoy the smooth sailing when the seas are calm. But when the surf swells and storms brew, remember: that experience brings the ability to cope with headwinds.

The same is true of accountants and all finance professionals. From credit controllers who can free up much needed cashflow by reducing outstanding debtors to a strong Finance Director or Financial Controller who can win that key tender or negotiate better rates with that new tender. Hard experiences teach finance professionals how to cope in difficult situations.

Our Astute seafaring ode to accountants everywhere: –

What is a business, without an accountant at the tiller?

Assessing performance, the greatest biller?

Forecasting growth, future success,

How to improve profits, stakeholders to impress!

Through recession, through growth, the bad and the good,

None can enlighten like a great accountant could.

Through the choppy waters of business life,

A strong accountant can solve financial woes and strife.

A seasoned finance professional,

Can bring a steady hand and deliver the exceptional.

Financial accountants; “How much are we owed?”

Payrollers processing pay for those furloughed.

Credit controllers to keep debtors down,

Managing relationships with a smile not a frown.

Part Qualified and Finalists, improving analysis,

Working hard to avoid performance paralysis.

Accountants in the office or WFH,

Rest assured, their value alone,

Will see your business thrive and grow.

So #BeAstute, use the finance recruitment firm ‘in the know!’

Contact our team ‘in the know’ for your career development or to source an experienced accountant in your finance team: –

57,600. A special number. Why?

Not my salary 🤣

Not how many fans will be at the next game at Wembley ⚽🤞

Nope.

Give or take, 57,600 is the number of hours I’ve spent at work in my career spanning 30 years.

That’s more than I’ve roughly spent with my family, friends and partners in all that time.

(happily married last 17 years👫).

I bet I’m not alone.

You can calculate your own career clock with some simple sums for fun.

But my serious point is, how much of my career clock is left? How much longer do I have to achieve my professional goals?

That’s not such a large number for me. (I love my job, but I don’t plan on working at 70 🧓). I am mindful that I only have a finite time left to achieve remaining professional goals.

If you do your sums, you can calculate how much of your very own career clock you have left.

The answer may surprise, appall or enthrall.

The difference between your ‘time served’ and ideal working career left tells you, in a nutshell, how long you have left to achieve your ambitions.

A time line.

Most people don’t think about this, wrapped up in layers of today’s problems. But if you are thinking of changing job/ applying for that promotion/ studying for your CIMA/ACCA/ACA/ AAT or other professional exam, you absolutely should know what the time is on your personal career clock.

Everything you work for, the job you do now to the people you work for, the exams and qualifications you select to acquire, should be helping you to achieve your ultimate career goal.

Knowing your ‘why am I doing this’ will make sure you are doing the right job for the right reasons, at the right time for you.

It could be to secure a job with better work /life balance now, while the kids are small but with a business that can give you promotions and growth in the future?

It could be you are an aspiring FD and need a role offering more man management / controls / commercial or other experience to fill that skill gap on your cv.

“Better three hours too soon than a minute too late.” – William Shakespeare.

As the Bard says, ’tis better to spend time waiting for the opportunity to take an action than miss the chance. But you need to recognise what those chances are, at the right time for you, seize them, and make those decisions to keep your life and career on track and on time.

The quote references Shakespeare’s “The Merry Wives of Windsor”, a character who suspects his wife’s infidelity, but it could be applied to any situation when you need to take a chance to change things and not miss the opportunity.

So, what’s the time left on your career clock?

It might just be the most important question for you and your professional aspirations!

If you would like confidential career advice you can contact Mary Maguire or our call our experienced team at Astute Recruitment Ltd on 01332 346 100.

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

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

Recruiting the right team will get the right results.

Every time.

On a warm June evening, Gareth Southgate led his England team out onto the Wembley turf. To the thousands of England and German fans there in the balmy air plus the millions watching on their TV screens, it promised to be an exciting evening and did not disappoint.

But lets turn the clock back a couple of days, even a few short hours before the game. Football experts, home-spun armchair critics and fans were giving their opinions.

Play X on the left, leave y on the bench. The formation has to be 3 4 3 or 4 4 2 or other.

Gareth gave a brilliant lesson to all in management.

He was on the ground, and he knew his players inside out.

He had trained with them.

Laughed with them. Cried with them on many a day and game before that summer evening facing their German opponents.

He knew what each player was capable of and when to deploy their strengths.

A certain fresh pair of legs in the second half gave just the right blend of creative endeavor, skillful artistry, and sheer energy at just the right moment to make the maximum impact. 2 goals in just a few mesmerising minutes.

That is the lesson for managers in business. To recruit and use the right talent at the right time. To listen to your own instincts and be guided by the facts in front of you. To play to your team’s strengths. Not to allow frustration to sap away energy when things seem to drag. Not to sacrifice the quality and professionalism of the team for a quick easy foul.

Instead, stick to your game plan, ensure that each member of your team knows their role inside out, what to do and when.

Most important of all, as a manager you are the creator of your team’s destiny. To get that togetherness and will to win, not just for each player but for them to want to win for each other.

That’s the true goal of every manager and the way for teams, whether in business or on the pitch, to win.

How to settle into a new job & prepare to return to the office… They aren’t that different!

Settling into a new job in lockdown – and preparing for a return to the office are not that different. We help highlight tips on transitioning employees back to the office, or wfh after furlough.

Cast your mind back 12 months. The first lockdown meant businesses, and employees were in survival mode. Most employers relied on the Government’s furlough scheme to remain in business, and keep their talented teams together with little or no revenue. But, as things began to settle down, companies pivoted, adapted, and improvised creating new ways to operate.

Hiring slowly returned.

Now, as we look ahead with optimism returning to the recruitment sector we’ve seen increasing demand for accountancy professionals at all levels. From transactional to qualified and part qualified accountants, Finance Analysts, Management Accountants, finance business partners, and more.

The Labour Market Outlook from the CIPD revealed overt half (56%) of employers planned to recruit in Q1 2021. We’ve certainly been busy.

With recruitment appetites returning, successful candidates have been faced with the challenge of starting a new job whilst in lockdown. How have they coped?

Starting a new job remotely via Ms Teams, Zoom or other.

Starting a new job is a daunting prospect at the best of times, but being removed from the usual office workplace has made it an almost surreal experience.

Jessica Doyle who joined The Irish Times digital team during the first lockdown said this of the strange situation: “The funny thing about starting a new job remotely during the coronavirus pandemic is that all the usual social rigmarole of the occasion goes out the window.

“Everything you learn about making a good first impression – give a firm handshake, introduce yourself to everyone, make eye-contact – means nothing as you’re reduced to a disembodied head on a screen.”

The connectivity provided by online platforms including Zoom and Microsoft Teams has been a critical tool working from home, but nothing totally replicates face to face human interaction when you are trying to integrate in a new environment.

In Lockdown 1.0, the Zoom craze was a catch-all, adopted by all with huge enthusiasm.

Companies held online events. Quiz nights and virtual drinks became routine.

However, as time dragged on, ‘Zoom fatigue’ set in, with online socialising becoming rarer.

Now as we near the end of lockdown 3.0, many are admitting It has become harder to make connections in this latest lockdown.

Think of a pre-covid first day in a new job. At your new office, you would be bombarded with new information, meeting too many people all at once.

Usually you get a bit of time at your new desk to chat to your new office colleague(s), or accept an invitation to join them at lunchtime and bond.

This is the biggest challenge for new starters, to gain sense of belonging without spontaneous office chit-chat – the so-called ‘water cooler’ moments.

Instead, faced with a screen full of strangers, it’s harder to build personal relationships. Virtual conversations can be stilted & open to misinterpretation. In bigger groups, the louder characters tend to dominate virtual group discussions.

One saving grace of Zoom is that, at least, you can see everyone’s names at the bottom of their screens, avoiding first-day embarrassment of forgetting your new colleagues’ names! 🤣🤣

It is understandable to feel a bit of an outsider without physically meeting colleagues. You could easily assume everyone knows each other well (often incorrectly) and that you are on the fringes. An office or workplace is a social environment. Taking the social aspect away, can create feelings of loneliness and isolation.

Add to this the nagging worry about whether you are making a good impression. Away from an environment of instant feedback, how can know how you are doing?

Stanford University Professor Nicholas Bloom states how new staff struggle with unspoken rules: – from, ‘How many hours do people really work?” to, “When is it acceptable to take a break”, and “What do I wear on my first day?”.

Bloom raises the issue of ‘over-communication’. Where a new recruit will endlessly send unnecessary emails and Slack or WhatsApp messages just to highlight the fact that they’re still there.

Its never been so vital to have an onboarding plan, AND a ‘reset’ for existing staff returning to the office.

As it is so much more difficult for new employees to integrate, it is incumbent on the manager or business owner to implement an effective onboarding process. Extra thought needs to go into integration of new starters. From installing company ethics and ways of working, as well as the specific requirements of the job role.

Global management consultants, ‘The Boston Consulting Group’, calculates that companies that have effective onboarding processes in place achieve 2.5 times more revenue growth AND 1.9 times the profit margin as opposed to organisations with poor onboarding strategies.

Employee onboarding is a series of activities which educate new hires how to get to know their team and learn about the company’s attitudes, methods, rituals, and tools. For a new employee it’s an opportunity to get used to a unknown environment.

Onboarding can consist of formal training, workshops, and video calls, as well as shadowing people on the team and organised introductions. It can be a long, immersive process that lasts several months after initial induction sessions.

While a line manager may be the direct source of onboarding, the process should include meeting colleagues, by arranging video calls or assigning a ‘buddy’ to the new hire to provide vital support in those initial months.

A new starter should expect a proper and friendly introduction to the new company, but sometimes the new employee may need to reach out for help. In such a case, it is certainly worth asking a manager for introductions with other team members.

You should never be left alone to your own devices when starting a new job. If you are, then perhaps this isn’t the firm that deserves your services.

Preparing for the big return.

If all goes well, virtually all restrictions will come to an end by 21st June, and the big work from home experiment will come to an end. Although many people will continue to wfh, some of the time, most will return to the office in some capacity.

It may come as quite a shock.

While some people are counting down the days to freedom, others will be looking at the return with trepidation. Many of us have become quite reclusive during the lockdowns, and the social skills we used to take for granted can quickly become rusty.

Kelly Feehan, services director at wellbeing charity CABA, says, “Returning to the workplace after such a long period of time working from home will be tough for the majority of us. But for the people who started a new job during lockdown, and the working from home period that followed, it’s bound to be an even more daunting experience.”

In many ways, it will be like going through that awkward first day all over again. The only consolation is that everyone will be in the same boat.

Feehan says, “It’s hard to get a true sense of an organisation’s workplace culture when you’re working remotely, so you’ll want to spend some time reading the room and observing the different dynamics between your team members.”

The good news is that we pick up new habits and routines very quickly. Although we have become used to our own company, we are social animals by nature.

So, let’s celebrate! 👏👏👏 It’s nearly time to rejoin the human race and get back to near mormal!

Just make sure your existing staff and any new employees understand your expectations, and can access any help or support they may need.

Mary Maguire is one of the owners of accountancy specialist Astute Recruitment Ltd.

If you would like to see our company updates and industry insights, follow our LinkedIn page : – LI: www.linkedin.com/company/astute-recruitment/

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

As the weather heats up, will it be a bumper summer for business? The forecast looks good! 🌞

In 1976, like now, some boys hair was as long as girls, if not longer. 🤣🤣👭 Fashions were tank tops, and of course, flares! On the airwaves, Queen’s Bohemian Rhapsody, Bay City Rollers, Fleetwood Mac, Elton John, the Bee Gees, and more. 🎶

But, it wasn’t the clothes we wore, or the music we listened to that made 1976 stand out. It was the incredible heatwave!

Like this year, April 2020 was one of the sunniest Aprils on record, and 2020 ended up being one of the driest springs on record too. Thats what happened in 1975, the year before we enjoyed one of the greatest, long, hot summers in the UK.

Our economy seems to be heating up too! Below we share the latest key statistics from respected organisations on staffing trends, employment and business confidence.

After the turmoil of 2020, 38% of firms surveyed by the Confederation of British Industry (CBI) said their outlook on the business situation had improved in the past three months.

This is the first positive reading since January 2020, before the pandemic shut down much of the UK economy and the highest since April 1973.

Factories are also stepping up hiring, with the measure of firms looking to grow their workforce over coming months at the highest since 1974.

The survey’s results also found that while manufacturing output was broadly flat in the past three months, orders for new work are picking up and investment plans are being accelerated to take advantage of a “super-deduction” tax break announced in Chancellor Rishi Sunak’s budget.

The release of the IHS/Markit purchasing managers’ index came after official data showed strong growth in retail sales in March when most of the lockdown restrictions imposed to halt the spread of the Covid-19 pandemic were still in force.

Overall PMI rose from 56.4 in March to 60.0 in April, well above the 50 cut-off level that shows whether the economy is growing or contracting. Service sector business activity rose from 56.3 to 60.1, while manufacturing output was up from 56.6 to 59.1.

Markit’s chief business economist, Chris Williamson, said it was the strongest showing in the 23-year history of the PMI other than a four-month period between August and November 2013.

Companies are reporting a surge in demand for both goods and services as the economy ‘unlocks’ and the encouraging vaccine rollout adds to a brighter outlook,” Williamson said.

“Business activity should continue to grow strongly in May and June as virus restrictions are eased further, setting the scene for a bumper second quarter for the economy.”

In more good news for business, The Office for National Statistics said that in March 2021 – a month in which there was only a modest relaxation of the curbs imposed across the UK to stop the spread of Covid-19 – retail sales rose by 5.4% – well above the 1.5% predicted by City economists, with sales in March 1.6% higher than they were before the pandemic began to have an impact on the economy in February 2020.

In good news for the high street and businesses with fixed premises, rather than just online revenue streams, the ONS said the proportion spent online decreased to 34.7% in March 2021, down from 36.2% in February 2021, still above the 23.1% reported in March 2020, the month when lockdown restrictions were imposed for the first time.

And what of jobs and employment trends?

New data from the Recruitment & Employment Confederation (REC), stated that business confidence in their ability to hire new staff continued to improve in the three months to February 2021.

Employer confidence in hiring rose to a net level of +16 in December-February 2021, six percentage points higher than in the three months to January. In February alone, this surged to net: +29, as the government’s roadmap for easing lockdown was announced and firms could start putting their re-opening plans into gear.

Neil Carberry, Chief Executive of the REC, had this to say:

“Recruiters report that this latest lockdown has been much less damaging than many feared back in January. The relative health of the economy and the jobs market is now being reported by business surveys, official figures and our own data. Our figures show that hiring companies are confident about bringing people into their businesses now, and that has to be good news for all of us.”

Employers are still being cautious, reflected in employers leaning more on interim and temporary staff.

Interim workers remain a great way for people to find work quickly and for firms to hire when the outlook is not certain.

Key statistics: –

Hiring intentions for temporary agency workers rose by eight points to net: +14.

Employers’ intentions to hire permanent staff in the short term fell by five points, but remained high at net: +19.

Employers’ intentions to hire staff in the medium term (over the coming 4-12 months) increased in December-February 2021, rising to net: +30 for permanent staff and net: +15 for agency workers.

So, the weather for business looks set fair, and the forecast for Summer 2021 and the rest of this year, looks very encouraging!

Could it be a record-breaker? We’ll just have to wait and see.

A bit of fun for those too young to remember the summer of 1976, here are some reminders.

1976 was the hottest, sunniest and driest summer people had seen up to that date. The government panicked about low water levels in April and May, and hosepipe bans combined with water restrictions were introduced. People were told to water their gardens with used bath water. I remember families including mine, collecting water from standpipes in their streets.

A minister for drought (Denis Howell) was appointed, promptly telling all to cut water consumption by half, or face water rationing until December! He also told people to pour washing up water into toilets instead of flushing.

Water companies issued a total of 139 drought orders.

Hospital admissions soared with many people suffering from sunstroke, heart attacks and a higher incidence of asthma.

The M1 and other motorways had problems with tarmac melting.

Large areas of woodlands and heath turned brown, and were sadly devastated by fires which in some cases had to be left to burn because of the water shortage.

The high temperatures continued through August with many parts of England exceeding 330 hours of sunshine and highs of 25-30c on many days. 🌞😎

Then the heatwave finally ended.

The last week in August saw the beginning of the end of the heatwave, with spectacular thunderstorms.

That historic heatwave was followed by an exceptionally wet autumn, with some places recording over 200% of their normal rainfall. Heavy storms and torrential rain continued on many days through to October, ending one of the worst droughts on record.

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

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

Think of St George and you’re probably picturing a heroic knight, slaying a ferocious, fire-breathing dragon! On the 23rd April we celebrate England’s patron saint, St George.

However, like many early saints, the exact details of his life remain a mystery. Here, we separate the facts from the fiction, establishing the truth behind the legend of St George. Here are 9 little-known facts about our own favourite patron saint!

1. ST GEORGE WASN’T ENGLISH!

St George might be hailed as a national hero, but he was actually born – in the 3rd century AD – more than 2,000 miles away from England in Cappadocia (modern-day Turkey).

He is thought to have died in Lydda (modern-day Israel) in the Roman province of Palestine in AD 303. It is believed that his tomb was in a place called ‘Lod’, a centre of Christian pilgrimage.

2. ST GEORGE WASN’T A KNIGHT!

Often portrayed as a knight in shining armour, the truth is less fanciful.

Whilst St George was depicted from the 11th century as a heroic knight or a warrior on horseback, it is more likely that he was a humble officer in the Roman army.

3. ST GEORGE WAS A MARTYR

Like many saints, St George was described as a martyr after he died for his Christian faith. It is believed that during the persecutions of Emperor Diocletian in the early 4th century, St George was punished by execution, for refusing to make a sacrifice in honour of the pagan gods at that time.

4. HE NEVER VISITED ENGLAND!

Yep, St George never actually visited England. However his reputation for virtue and holiness spread across Europe and his feast day – the 23rd April – was celebrated in England from the 9th century onwards.

He became popular with English kings. Edward I (1272-1307) had banners bearing the emblem of St George (a red cross on a white background) and Edward III (1327-77) had a strong interest in the saint and owned a ‘phial’ or ‘relic’ of his blood. It was not until the reign of Henry VIII, that the cross of St George was used to represent England.

5. THE DRAGON WAS ADDED LATER

The story goes that St George rode into Silene (Libya) to free the city from a dragon who had a taste for humans, but it’s a story that post-dates the real George by several centuries!

Images of George and the dragon survive from the 9th century – 500 years after his death. Originally these may simply have been symbolising the battle between Good and Evil. In the Middle Ages, the story was developed and popularised in a compendium of stories about saints’ lives called ‘The Golden Legend’.

6. ST GEORGE WAS A SAINT FOR 1000 YEARS BEFORE THE ‘HOLIDAY’

St George was canonised in AD 494 by Pope Gelasius, who claimed he was one of those ‘whose names are justly revered among men but whose acts are known only to God’.

A feast day of St George has been celebrated in England for hundreds of years on 23 April, which was possibly the date of his martyrdom. Following the Battle of Agincourt in 1415, St George’s Day became one of the most important feast days in the English calendar.

7. ENGLAND ISN’T THE ONLY COUNTRY TO CELEBRATE ST GEORGE

St George is truly an international saint and England is not the only country or region to claim him as its patron. Something that in todays multi-cultural England, ought to be celebrated!

England shares St George with Venice, Genoa, Portugal, Ethiopia and Catalonia among others as their patron saint and many of these places have their own celebrations and ceremonies in his honour.

8. PEOPLE TURNED TO ST GEORGE FOR PROTECTION

During the Middle Ages, people believed that St George was one of the ‘Fourteen Holy Helpers’ – a group of saints who could help during epidemic diseases. St George’s protection was invoked against several nasty diseases, many fatal and with infectious causes, including the Plague and leprosy. It is a shame we cannot invoke his name to defeat the Coronavirus!

From around 1100, St George’s help was also sought to protect the English army. In William Shakespeare’s Henry V, the monarch calls on the saint during his battle cry at the Battle of Harfleur in the famous, “Once more unto the breach, dear friends” speech, crying “God for Harry! England, and St. George!”

Five hundred years later – during the First World War – a ghostly apparition of St George is said to have aided British troops during their retreat from Mons, and the naval commander of the Zeebrugge Raid, cited the saint as inspiration!

9. ST GEORGE REPRESENTS THOSE WE HONOUR

The Order of the Garter (founded by Edward III in 1348) is the very highest order of chivalry in the country, with Queen Elizabeth II at the helm as ‘Sovereign of the Garter’.

To this day, St George’s cross still appears on the Garter badge and his image is the pendant of the Garter chain.

In 1940 King George VI created a new award for acts of the greatest heroism, bravery or courage in the face of extreme danger. The George Cross, named after the king, bears the image of St George vanquishing the dragon. The image of St George also adorns many of the memorials built to honour those killed during World War One.

Last year, poignantly, thoughts on this day turned to the bravery, dedication and hard work of all critical workers and our NHS Heroes who worked so valiantly to help those affected by the Coronavirus and COVID-19. This year, with the huge success of the vaccine roll-outs and reduced infections – we are thankfully in a totally different place.

If an SME is in good financial health without a finance director (FD), entrepreneurs are often sceptical as to whether they need to recruit an FD.

Having the right people is what makes any business grow, and an inspiring finance director (FD) can contribute more than most. Yet entrepreneurs can be sceptical about hiring such a senior position.

It’s not uncommon to hear, ‘… but my business is doing well, and I already have an excellent external accountant. Do I really need an expensive over-blown bean-counter?’

The idea that an FD is just an overpaid number cruncher, can be a self-fulfilling prophecy. If an entrepreneur sets out to recruit a glorified accountant, that’s what they’re likely to get. In fact, an FD should be viewed as an essential part of any growing company’s senior management team. Someone to be an expert in planning and running the business AND someone who can add a lot of commercial and operational value to a business.

The FD should be able to provide management information that a financial controller or accountant can’t – information that will really help an entrepreneur make decisions. For example, how profitable an individual customer relationship is compared with others, so they can focus on the customers that really count.

Management information and advice from an FD will also help a company with its external negotiations. Once an entrepreneur gets his or her hands on solid information about changes in their overheads and the cost of sales, it becomes much easier to agree price rises with customers and ultimately protect profit margins.

FDs can also provide advice about which business opportunities to pursue. For instance, if an acquisition is on the cards, an experienced FD will be able to help assess the right target, negotiate and seal the deal, and then help bring the two businesses together. An FD should be a dynamic leader who helps a company to do profitable deals and put processes in place to make sure you realise that profit.

How to pick a Finance Director?

So what should an entrepreneur be looking for if they decide to recruit a Financial Director?

First, let’s look at what a good FD should already be doing and have on their cv: –

Own the numbers & be able to explain the numbers. Fully understand, and be able to explain to everyone else, how the business makes its money

A great FD will put systems in place to gather and analyse information to ensure that everyone in the business knows how profits and cash are generated, by product, service, customer, contract, geography, etc. With this knowledge, a management team can make informed decisions about which activities to focus on and which to stop.

Actively drive value in the business. Successful FDs are leaders, motivated by the desire to help grow business value as quickly and effectively as possible. They want to be influential in supporting and challenging business planning and decisions. A good FD will actually be keen to add value and if they can’t, that’s a common reason for them to decide to change job.

Cash is king. Understand the importance of cash flow. Securing future cash flow is critical to a company’s valuation. A good FD will handle Forecasting, managing cash flow, and championing ways of optimising a company’s cash generation model. This could involve extending supplier terms to re-working the business model and client’s payment terms. (i.e. should the business move from short-term contracts, with unreliable payments, to a long-term, regular recurring revenue model?)

IMPORTANT: If you are looking for a future exit strategy, an FD or CFO will often be interested in some sort of equity in return for their longer-term commitment right through to sale. This means it will be directly in the FD/ CFO’s interests to do a great job and stay in the role.

Be forward-looking. An FD should help the business plan ahead by providing analysis, insight and challenge to help the management team evaluate the company’s options for the future. They should help the business pitch their budget at the right level – making it challenging but achievable and then make sure this can be reported.

Good with detail as well as the big picture. Great FD’s are adept at contributing to strategy, but also want to get into the detail to ensure the information being used around the business is absolutely correct.

Be intelligent, qualified, experienced, and ambitious. Entrepreneurs should look for someone with a professional qualification and experience working with respected people. Another good sign is when a Finance Director maintains a network of professional contacts who can help them keep abreast of the latest industry developments.

So, while a growing, entrepreneurial business may have coped without a Financial Director up to now, and feel they can carry on without one, they run the risk that limited senior management expertise will actually hold back the growth of the business.

The very thing most important to the business owner.

With the right FD at the helm, growing companies will make better-informed decisions AND have the support to lead the company where the owners want to take it, whether that means a trade sale or towards extra PE investment.

If you are considering hiring an FD, CFO, or FC, and woud like some confidential advice around the best options available, please contact Mary Maguire, who will be pleased to help you.

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

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

The remit of a Financial Director (FD) is to direct the financial obligations, and financial reporting of a business AND help drive the company forward with the senior management team.

But that’s the easy bit. What genuine qualities lift an ordinary FD into an extraordinary Director of Finance?

This isn’t about which accountancy qualification you secured. The best, most brilliant FDs we have had the pleasure of recruiting and recruiting for, have had the full range of qualifications from CIMA, ACCA, ACA, CA, CIPFA, and QBE. The ability to pass exams, demonstrates academic rigour, but the modern FD needs much more than just letters after their name.

They need emotional and business intelligence as much as academic prowess. As the world emerges from the maelstrom of Covid into a new normal, MDs are looking for candidates who can own and understand the numbers, but who can also be intuitive to understand the power of having and keeping a resilient finance team intact.

To start with, let’s distinguish the difference between a Financial Director and a Financial Controller. The lines of duty can blur in an SME setting, but a crucial difference is an FD directs, while an FC controls the day-to-day operations of the finance function.

To effectively ‘direct’, you need to be able to command, lead, inspire. If you can’t influence people to perform their duties properly, this is a big problem.

Then we have the engagement /people bit.

You may have a great ‘number 2’ as a financial controller or finance manager, to manage staff day to day but it’s crucial you can also command the respect of the team underneath.

Don’t silo yourself but keep open lines of communication, at all levels.

A modern breakdown of the key attributes to being an exceptional FD: –

D Decisive

I Inspirational

R Reflective

E Emotionally intelligent

C Collaborative

T Tenacious

S Supportive

Let’s look at these in more depth.

Decisive: –

Decision Makers have to be able to make decisions. You’re in the wrong job as an FD, if you struggle to reach a decision, stand by it and take responsibility for the course of action you have taken. Hindsight is a great thing. There will be mistakes made. But the extraordinary FD will own their decisions and be able to deftly calculate a fresh course of direction weighing up the risks and benefits. There’s no hiding place for a great FD. You need to be seen to be a leader in your company, amongst your peers, and by your team. That’s how respect is earned.

Inspirational: –

To inspire is to be innovative. To think “outside of the box” through your knowledge and experiences, and to be creative in your thinking. The key here is application. How you apply your experience to specific, spontaneous work and business situations. As a mindset, the exceptional FD will have the dexterity to apply their interactions to a wide spectrum of situations, encouraging, and motivating their people and peers to achieve the best possible business outcomes.

Resourceful: –

This has become an absolutely crucial attribute. More than ever, the ability to adapt to many different functions or activities, the FD may have to step into other roles e.g. Interim Managing Director/ IT Director/ HR Director. They must be commercially aware and must understand the other areas of the business such as HR, Strategic direction, and IT amongst others.

Emotional intelligence: –

The Oxford University definition: the capacity to be aware of, control, and express one’s emotions, and to handle interpersonal relationships judiciously and empathetically.

“emotional intelligence is the key to both personal and professional success”.

People have been hugely affected by changes to their working routines. An FD needs to be more mindful than ever of the psychological and mental well-being of their team and lead their staff through the return to a new normal. An outstanding FD will be able to direct how their team(s) can be professionally steered during the transition from Lockdown to new normal.

They will also have honed great recruitment skills to select the talent they need, interview and challenge potential hires, and most importantly have a succession plan.

Collaborative: –

Collaboration at work means involving two or more people working together for a particular purpose for the benefit of the company. This means having the ethical, professional, and moral compass to know what needs to happen and how to work together, to bring the best results. Being emotionally aware of not just yourself but others at work is key. An exceptional FD will understand how to approach people at all levels and how to temper their language, tone and timbre to make the best possible collaboration work. Remote working and online meetings mean your efforts need to transfer even more clearly and effectively than in person.

Remember: Collaboration can be upwards, as well as cascading to more junior staff.

The FD needs to balance ambition with reality and needs to be the “wise counsel to the board without allowing entrepreneurial flair to become suppressed.”

Tenacious: –

Tenacity is the determination to consistently continue what you are doing. To see things through. From ensuring financial information produced stands up to scrutiny from external auditors, bank and other external, legal parties.

All stakeholders expect honesty and a “nothing to hide” attitude to be consistently delivered. The highest standards (ethics) must be maintained, the FD should be seen as the “Champion” of the organisation’s culture and ensure that good corporate governance is maintained at all times.

The exceptional FD will have this in hand.

Supportive: –

“Your support network is the solid ground from which you can propel yourself upwards” . Anna Barnes.

This is about your own support network as much as being a supportive FD.

The most successful business people will have great emotional and personal backup networks. From family, and friends to external services and people to make their personal lives run as smoothly, healthily, and efficiently as possible.

You can’t be an effective, exceptional FD if your personal life and own wellbeing are in disarray.

If you would like confidential career or employment advice around this or any other topic, please contact Mary Maguire and she will be delighted to help you or navigate you to one of our team.

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

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

#BeAstute – Childrens Mental Health Week 2021 “I’m enough as I am said the boy”

What inspires children can so often inspire all of us…

“What’s your best discovery?” asked the mole.

“that I’m enough as I am” said the boy.

I love this quote by Charlie Mackesy in his award-winning 2019 book, The Boy, The Mole, The Fox And The Horse.

My son was given this book to inspire him and all the then year, 6 pupils, in his school.

He’s kept it.

The other day, he came up to me in my upstairs bedroom (aka ‘office’ 🤣) and said,

“Mum, this is a really great book!”.

“Can I have a read?” I asked.

” ‘course you can Mum, but I want it back!”

Half an hour passed in the blink of an eye as I read beautiful and moving pearls of wisdom. Whilst written a couple of years ago, this is a timeless, wonderful book for kids and adults alike.

The gentle words wash over you, giving you a warm hug of reassurance.

And we all need a hug right now. ❤️❤️

Thank you Ashbrook Junior School!

Thank you Charlie Mackesy for creating such a heartwarming, wise and beautiful book.

A book for the best of times, and the hardest of times too. It’s a brilliant book to recommend to all those parents working from home for their children, especially during this special children’s week dedicated to raising awareness of child mental health.

It’s a beautiful, and rare book that can befriend a child and also captivate adults too.

A lot of parents are struggling to juggle their work and jobs from home whilst overseeing their children’s schoolwork at the moment. As a parent and an employer of staff with children, its really important to highlight and recommend great opportunities to help hardworking parents reassure their kids.

There is a great organisation called Children’s Mental Health Week

where you can access a video from their Royal Patron, HRH The Duchess of Cambridge’s video message to mark the start of the week.

Their Virtual Assembly with BAFTA and Oak National Academy is now available to view and share – featuring Jodie Whittaker, Oti Mabuse, Matthew Lewis, and many more…

If you would like to read more articles and posts on employment, recruitment, careers, mental health, and more, please follow Mary and our company page for Astute Recruitment Ltd on LinkedIn and Facebook.

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