#EastMidlands Archives - Astute Financial

Here at Astute, we love to celebrate success, so tonight we are keeping our fingers crossed for one of our founders, and MD, Sarah Stevenson who is one of the finalists at The Business Desk.com’s prestigious East Midlands Leadership Awards.

After a couple of difficult years, it is brilliant for us to have most of our team together and celebrate an evening toasting the most talented leaders in our East Midlands business community!

Our table is booked at Nottingham’s Crowne Plaza.

TheBusinessDesk.com wanted to create the East Midlands Leadership Awards to celebrate the leaders in business who are role models within their organisations. The bar is set high this year with a great selection of business owners and leaders who have done so much for their organisations and teams.

The winners will show the qualities of extraordinary leadership and be able to demonstrate the positive impact this has had.

The Leadership awards offer a great opportunity to recognise and showcase the achievements and success of businesses in the region.

There are ten categories at this year’s awards evening, which will see the winners acknowledged in front of the cream of the East Midlands business community.

The judging panel for this year’s awards was: Amanda Fletcher of the Nottinghamshire Golf and Country Club; Reshma Sheikh of Octavian Security UK; Richard Blackmore of the CBI and Jude Weston of NG Chartered Surveyors.

TheBusinessDesk.com’s Midlands editor Sam Metcalf, who chaired the panel, said:

“The standard of this year’s entrants was higher than ever, displaying the depth and breadth of the leadership talent in the East Midlands.

“I’d like to thank our judging panel for their time and expertise and wish all the shortlisted individuals all the best for our awards evening in March.”

We’re all keeping our fingers crossed for Sarah, but we wish the best of luck to all the finalists this year. You have all done brilliantly to be shortlisted and all deserve to celebrate!

The Categories and Shortlists for this year’s business awards are: –

Young Leader of the Year

Adam Horton, Hortons Estate Agents
Louisa Hackford-Gentle, Autistic Nottingham
Roheel Ahmed, Forsyth Barnes
Samantha Wilde, Retail Assist
Stephen Mair, Andrew Granger & Co

Transformational Leader

Adrian Buttress, PermaGroup
Alan Forsyth, Hockley Developments
Bev Wakefield, Vibrant Accountancy
Roland Kendall, Retail Assist
Sarah Stevenson, Astute Recruitment

Public and Third

Sector Leader

Amo Raju, Disability Direct
Ann Bhatti, Connect Derby
Ian Cooper, Speakers for Schools
Marysia Zipser, Art Culture Tourism
Naomi Watkins-Ligudzinska, NW Counselling Hub CIC

Mentor of the Year

Adam Rhodes, Rhodes Wealth Management
Justin Donne, Art Culture Tourism
Kirin Abbas, Paragon Law
Laura-Jane Turner, Jigsaw24
Richard Fairey, Rushton Hickman

Emerging Entrepreneur Leader

Amad Tababa, Autify Digital
Daniel Connor, DC Personnel
Luke Draper, IDT
Rob Spence, Paragon Sales Solutions

Diversity & Inclusion Leader

Amo Raju, Disability Direct
Barjis Chohan, Art Culture Tourism
Kul Mahay, Ignite Your Inner Potential
Mark Esho, Easy Internet Services
Thalej Vasishta, Paragon Law

Professional Services Leader

Amit Sonpal, Barclays Corporate Banking
Andrew Robinson, Andrew Granger & Co
Carl Hilton, BSP Consulting
David Ryley, Ryley Wealth Management
Tony Sherwin, Retail Assist

Green Leader

Becky Valentine, Spenbeck
Gary Styles, Zellar
Lance Hill, Eight Days a Week Print Solutions
Roger Whittle, Jigsaw24

Non-Executive Leader

Jade Martin, Rushton Hickman
Justin Donne, Autistic Nottingham
Rita Carta Manias, Art Culture Tourism

Company Leader

(up to 100 employees)

Adrian Buttress, PermaGroup
Alan Forsyth, Hockley Developments
Arran Bailey, ALB Group
Edward Acres, Acres Group
Lance Hill, Eight Days a Week Print Solutions

Company Leader (100+ employees)

Ian Williamson, ITP Aero UK
Rob Darby, 200 Degrees Coffee
Stewart Vandermark, Nelsons

Leader of the Year?

To be announced on the night !

We wish everyone the best of luck!

Newly promoted for the second time to Managing Consultant, Tom Norton, has finally moved into a new home. Here at Astute we always try our best to support our team in any way we can.

From our Friday pub lunch club, to our office treat box we keep topped up, we make sure we can have fun!

But all of our team have busy lives, and ‘stuff’ happens. From the renovations for a new kitchen (Matt Morgan) to repairing garden fences after storms (Richard Bowe). We’ve allowed them to WFH and have the flexibility to do what they do best – recruitment clearly) but to also enjoy their own lives and deal with that ‘life stuff’ that sometimes gets in the way.

Back to Tom. After numerous possible homes that fell through, finally he was able to exchange – but it was all a bit short notice.

He was a bit anxious!

His saved holiday from last year technically expired with the start of a new holiday year.

He needed a week off to move in and get all the plumbing, wiring and decorating sorted.

Then there were some internet delays and problems.

So how did our owners, Sarah and Mary, help Tom out?

They allowed him to carry over the holiday from last year.

They allowed him to take a week off at very short notice to move in – with their blessing.

The result?

Tom has just moved into his fab new home and we couldnt be happier for him.

(Plus, we’re all waiting for invites to the house-warming party!)

“In todays’ talent starved candidate pool, how many interviews is the right amount of interviews to get the best candidate?”

Born from a genuine conversation between a senior recruiter here at Astute Recruitment with a client for a Head of Finance role we are recruiting for: –

OUR CONSULTANT: “Great I’ll get the first interviews arranged, how many interviews did you want to have in your process?

THE CLIENT: “5, is that normal?”

OUR CONSULTANT: “Typically a 2-interview stage process is the norm. 3 stages are acceptable for a CFO/ FD role, but 4 interviews is getting silly, let alone 5! The candidates won’t be available for a 5-stage process, they are already interviewing for other roles which are 2 stop processes, and they will get snapped up.”

THE CLIENT: “Oh, I see, yes I’ll speak to the Directors, and we can streamline the process to 3 as we are pretty confident with the shortlist you have provided! Thank you for the advice!”

So, we wanted to raise this question.

“In todays’ talent starved candidate pool, how many interviews is the right amount of interviews to get the best candidate?”

As a niche specialist in sourcing finance professionals, our team regularly give consultative advice around this and other recruitment issues. Why do we feel the two-interview process is best?

We give you example ‘A’.

A UK Group FD needs a senior financial reporting accountant for a permanent role. The client realises that the role profile is a difficult one – someone ACA or ACCA with original practice background who is looking for their second move from practice, already having a role in industry.

We shortlisted 2 great options and the client agrees that they would like to arrange interviews in short order. We have told them that both are in play for other roles.

The client’s process.

Initial interview consisting of a presentation around key objectives in the role and around what the candidate’s envisage their first 3 – 6 months looking like. What they plan to bring in and how they would deliver specific projects etc. The second part of the first interview will be to discuss these with the FD.

The second interview? Aiming to drill into more depth about the candidate’s vision, aspirations and attributes relevant to the role and business they are interviewing for. There would be 2+ representatives from our client and a good opportunity for open, two-way questions from the candidates and the client.

Then a decision would be made, with an initial verbal offer and a ‘meet the team’ opportunity.

Example ‘B’.

A global corporate and valued client has been looking for a qualified accountant to work in their Global Head Office. Specific criteria mean that FBP and analysis skills are essential requirements.

The client’s interview process?

After shortlisting just two exceptional applicants, a first interview was conducted with the overall line manager for the team. This detailed interview enabled the manager to ask incisive questions around the candidate’s expectations, where they wanted their career to develop and why they would be great for this role.

The second interviews, which have just been concluded, consisted of online interviews with senior stakeholders the relevant candidates would be working with should they be successful! The client’s stakeholders were able to give a ‘warts and all’ appraisal of the role, the good, the bad and the ugly if you like!

The line manager specifically wanted this honesty in the process, and we entirely agree!

Then there would be a ‘de-brief’ with the feedback discussed internally and an offer of employment to one of the candidates within 24-36 hours. As the preferred recruitment partner for our client – we are completely aligned with their process, can ensure our candidates are aware of timelines and everyone’s expectations can be fully managed.

For lower level/ more junior roles across transactional finance, swift interview processes with agreed timelines are equally important to ensure that good candidates are not lost due to quicker recruitment processes elsewhere.

Key points to take away:

According to a survey 62% of finance professionals say they lose interest in a jobif they don’t hear back from the employer within two weeks – or 10 business days – after the initial interview. That number jumps to 77% if there is no status update within three weeks. Our qualified recruitment team totally agrees!

26% of respondents to the survey said they would leave a negative comment anonymously on review sites if they felt like they were being strung along, potentially harming the chances for the company to attract top talent down the road.

If a company is indecisive, it can provide a candidate with crucial insight into the company’s culture. “If the decision-making process is this difficult for the organisation – if they’re not able to pull the trigger after three or four interviews and you’ve done everything asked of you and they’re still unsure – then that’s a key indicator of what it might be like to work for that organisation and those managers,”

An often missed point in a recruitment process is that the process itself is an opportunity for the employer brand to really shine!

Not just to the successful candidate but to all candidates who are part of the process.

A good, professional recruitment process can provide a glowing image of the business and the way they conduct themselves. This can mean increased perception in the market as an employer brand of choice and can create an appetite in potential hires that they want to work for such a great company that take their employee selection process seriously.

It can also create an appetite amongst key recruitment partners whether internal recruiters, external HR professionals or specialist recruitment agencies/ consultants that this is a great company to flag to talented new applicants/ candidates.

“So, be Astute and to recruit the best

candidate for your opportunity.

Make your recruitment process the

best, smoothest and most efficient it can be.”

You could be attracting an A Player of the future, even a business referral!

Our Qualified Team are happy to give confidential advice if you are a client thinking about a potential recruitment process, or if

you have any other questions around recruitment.

Our Qualified Recruitment Team: –

Andy Lilliman – Recruitment Manager

Qualified Permanent – City of London & Greater London [email protected]

Richard Bowe

Interim Qualified – East Midlands [email protected]

Tom Norton

Qualified Permanent South Derbyshire, South Notts, Staffordshire [email protected]

Harry Langridge

North Derbyshire, North Notts

[email protected]

Matthew Morgan

Nottingham City Centre and Central Notts [email protected]

This topic is discussed in more detail with some great comments from actual people – from recruiters to real candidates – discussing their experiences: https://www.bbc.com/worklife/article/20210727-the-rise-of-never-ending-job-interviews

Why have we strived to secure business awards?

Over to one of our MDs – Mary Maguire – who does all our award entries herself, and manages all Astute’s marketing and social media.

“The biggest hurdle setting up a business and brand is getting that brand and what it stands for ‘out there’. Being able to showcase multiple business awards is a brilliant way to show your target audience that you are a recognised expert in your field. It flags to potential clients that they can have total confidence in using your services.

Winning business awards also builds trust for potential staff who may be researching local businesses to see whether they would like to work for that company too. So, from an Employer branding point of view, success in winning awards is key.

As most people recognise, there is a talent shortage of workers skilled in several business sectors currently, from finance and accountancy professionals to skilled IT software developers to drivers, healthcare specialists, hospitality workers and so many more.

So, What better way to help your business and team attract the very best staff than to demonstrate credibility from successful business awards! You could be flagging your company to potential clients, but also raising your company’s profile to potential staff of the future as a credible potential employer!”

For Astute Recruitment Ltd, this means that our current and potential clients can see that we’re a thoroughly professional business and are acknowledged experts in our field. Our awards have also been an additional attraction in our recruitment strategy to appeal to the very best potential recruitment staff wanting to develop their careers and also to experienced recruitment professionals seeking to utilise their knowledge and relationships in a really professional but friendly, fun environment!

Business awards are awarded by impartial business organisations. For different organisations, this means targeting specific awards relevant to your industry.

Sarah Stevenson, our MD of Astute Recruitment Ltd with Dominic Heale, after being presented with the IoD’s prestigious Director of the Year Award – Small SME Business

How to start winning awards for your business?

While Mary has been hugely successful in writing awards entries for Astute Recruitment Ltd over the years, this is not something that every business owner has the natural flair or time for.

Instead, there are ‘go to’ experts who will be able to understand your company, and successfully craft an award-winning application for you. One such expert in crafting winning words for an array of businesses is the Founder of Derby’s ‘Ask the Chameleon’ – Rachel Hayward.

Rachel herself has had a tremendous 12 months in winning several business awards including: Female Entrepreneur of the Year, by East Midlands Chamber of Commerce (EMCC) and Derbyshire Live Business Awards in the Professional Services category.

Business Owner Rachel Hayward and some of her business awards in 2021

We asked Rachel to sum up why Business Awards should be a critical part of every company’s marketing and branding strategy. Over to Rachel!

“Awards really do confirm your place in the marketplace. They help in the buying decision and are hugely motivational for your staff team as well as yourself. Running a business is challenging and to be judged as excellent by your peers is extremely rewarding.

The key is often choosing the right category for you and your business. Certain categories will be hugely competitive, so consider other areas in your business that you shine. Maybe you have an excellent apprentice or can demonstrate consistently high levels of customer service? Maybe you go the extra mile as an employer, or you are a third-generation family business? With over 3,500 awards at any one time, there really is an award and category for everyone. “

“My top tips are:

Do your research, look at your competitors and peers, even those businesses/entrepreneurs who inspire you. What awards have they won?
Do you fit the criteria, can you prove it (you will always need factual information to demonstrate success)
Give yourself plenty of time to create those winning words.
Don’t wait for a secret nominator – many award organisers fully expect you to write your own application.

Make 2022 your year to gain your first award success”

We completely agree with Rachel! Its great to hear from Rachel being an award winning expert on winning business awards for her clients! Her insights and tips are really useful. You can contact Rachel at her business, Ask The Chameleon on her website askthechameleon.co.uk/about/

For our own team at Astute Recruitment Ltd, from the ICAEW’s award of Best East Midlands SME Business, to the IoD’s Small Business Director of the Year award, our awards have pride of place in our new office in Derby’s Cardinal Square and on our website!

What our business awards mean to us at Astute!

Business awards reward exceptional business success, ultimately building trust to use your company. Awards inspire confidence to our clients, candidates and potential staff of the future, as we continue to grow, that Astute’s team are unrivalled leaders in financial recruitment.

Sarah Stevenson and Mary Maguire receiving their award for Best East Midlands SME Business by the ICAEW for Astute Recruitment Ltd

We want to bring our business to the attention of new audiences to truly stand out, and for us, securing business awards

really is the best way to cement our reputation as the ‘go to company’ in our sector, Financial Recruitment.

So, be ‘Astute’ and give your marketing strategy a ‘reboot’.

Strive for awards to boost

your business to the next level!

Article by Mary Maguire, MD Astute Recruitment Ltd

IMPORTANTLY: BE CHOOSY!

CHOOSE YOUR RECRUITMENT CONSULTANT/ RECRUITMENT AGENCY CAREFULLY!

Recruitment consultants all offer varied services for candidates; they can vary in the way they interact with their candidates, the type of clients they focus on, the geographies they cover and of course the specialisms they focus on. Look at the website, have they any accreditations? Have they won any business awards? What are their testimonials like from candidates and clients they have worked with? How string are their reviews on Google? Check them out on LinkedIn.

A really professional recruitment consultancy will have positive testimonials, great reviews on Google, and super testimonials.

We do! A bit biased but we like to shout about what we do well.

Check out our 5* reviews from happy candidates and clients HERE.

To look at some of our candidate testimonials HERE

See what our client’s have to say about us HERE.

client range and career markets. Make sure you pick an agency that is compatible with you.

Remember it’s a partnership- both you and the consultant need to work together pro actively in order to reach the ultimate goal of securing you a new job. The measure of a good relationship is remembrance and re-occurrence over time; At Signet Resources we have had candidates contact us who we helped over a decade ago!

Here are a few words from our consultants….

‘It’s all about the partnership- It’s a two way thing’

‘The best candidate relationships I have developed start with Honesty right from the beginning with expectancies set from both sides.’

‘Keep open and direct lines of communication in order to develop honest and collaborative partnerships with each individual candidate.’

Here we have listed some key tips to help you develop and manage a really good relationship with your recruitment consultant.

Be CLEAR:-

About the specific job you want.
The areas you want to work in and contact relevant sector recruitment agencies accordingly.
Is career progression important to you? Tell the consultant!
What are the most important things you are looking for in the next job?
What are the best channels for quick communication with you throughout the recruitment process (texts/ emails/ WhatsApp)?
What minimum notice must you give?
Your availability for interview.
What areas do you need help with? (Interviews? Offer Management? CVs?).
How flexible can you be for meeting up/ online chat/ calls?
When is the best time to contact you about job opportunities?

Agreeing the above, will confer to the recruitment consultant that you are seriously looking for a new position and that you are ready to be fully active on the job market.

If you can show you are serious about looking for a job the recruitment consultant will take YOUR application seriously.

A consultant needs to know what you want. If you need advice/ help support be clear on this.

Remember recruitment consultants WANT to find you a job but they are not mind readers.

Be REALISTIC:-

Salary expectations:- If you are a part qualified accountant you are not going to command as much salary as a fully qualified accountant. Yes – salaries are creeping up but be realistic!
Have a reasonable timeline to secure a new job.
Time Management: Interviews and preparation for interviews take time. Make sure you have built in time for the next few weeks to attend interviews, take calls and research companies pre-interview. If you are about to enter the busiest point of the year work wise, (year end anyone?) then now is not the time to also squeeze interviews in. The quality of interview you give could be compromised. Instead allocate a month when you know attending interviews/ do an online MS Teams or Zoom recruitment call will be easier for you!
Hours:- Can you do overtime on a regular basis if that’s key? Or do you need to be home by 5pm/ 6pm for dependants etc. Be upfront with the consultant on this and they can work with you to flag the most relevant opportunities with the right mix of flexible benefits.

Be RELIABLE:-

Keep in touch/ Regular Communication:- Return all calls/ messages /emails promptly.
Follow instructions!
Be punctual for interviews/ agreed meetings;
Provide feedback as agreed;

If you can be CLEAR, REALISTIC, and RELIABLE, congratulations! You will be a sought after candidate to any recruitment consultant and you can look forward to securing a new role soon!

BACK TO BLOGS

I would love to hear your views on this as it is consistently one of the top 3 issues senior and junior accountants have raised whilst looking for new job. If you have enjoyed this post please click here to view other posts on our website.

Recruitment is a funny old game.

No two days are ever the same!

From arranging interviews, and sourcing jobs,

To building confidence, coaxing pre-interview nerves to stop!

Earlier today, a young chap called back

Relaying his interview feedback

He’s really keen and thanked me for the interview prep

He really wants our job and hopes he gets to the next step!

Then a qualified temp role to recruit, we needed CVs!

Onto the phones to drum up great interviewees 😊

A few calls later, we have a stellar candidate

Our client loved the profile, ‘Can they start on Monday around 8?

Then its onto reference checks,

Its important to ensure our candidate’s skills meet our client’s specs

Now to cover for a dear colleague whose very ill,

Ensuring continuity for their clients with their jobs we’re trying to fill.

Everyone is lovely and wishes our colleague all the best

So they can return soon, after having lots of rest (heart emoji)

Now its near home time for us in the office, the rest are WFH

Some are on annual leave, having a well deserved break from the phone!

Whether you’re a trainee recruiter, or a managing consultant

Recruitment is a helter-skelter, helping those needing a new move to those made redundant.

The ability to help guide those starting their finance careers

As well as to help FD’s and CFOs recruit amongst their peers

So if you’re looking for a brilliant new accountancy recruiter

Call our amazing, happy team – we really are ‘astuter’ 😊

With flexible working, and happy team vibe,

Your career in our family will really develop and thrive!

We are a multi-award winning and rapidly growing accountancy recruitment consultancy. We are recruiting for several opportunities, from Trainee Consultants to experienced Senior Consultants and Managers.

If you are looking for a genuinely original, caring, and fun team, who value integrity and honesty above all else, pop an email to Mary Maguire or Sarah Stevenson.

They will be delighted to arrange a confidential time to talk to you about what we can offer.

Remember: –

If you need to recruit

Call our team at Astute!

“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: –

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

E: [email protected]

W: www.astuterecruitment.com

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

LI: www.linkedin.com/company/astute-recruitment/

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

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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].

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