For any business in the growth phase of its business life cycle, the degree of financial control in place will play a key part in the ultimate achievement of the goals and objectives.

The Chief Financial Officer has, for decades, been viewed as the gatekeeper of a company’s financial activities, largely backward-looking, focusing mainly on the upkeep of financial control. However, the role of the modern day CFO has evolved. CFOs now play a vital role in helping to formulate the strategic plan and, crucially, the ongoing appraisal and implementation of that plan in practice.

Hiring the right CFO is therefore a key decision for any business owner, and, if carried out successfully, can not only relieve the burden of maintaining a robust financial control and reporting system, but can also add real value for shareholders.

Starting up or growing a business can be a frantic time. At Lumina, we see this first hand through a number of clients who operate in industries where time is of the essence, and the pace of day-to-day activities frenetic. Their primary concern is not being able to strike a balance between retaining financial and operational control and reporting, without losing sight of the broader strategic objectives.

At present, we currently work as the CFO and finance function for several clients, either because the role is new to their business or they need the role fulfilled as they move through a growth stage in their business. Our interim solution offers clients the comfort that they have a qualified, experienced CFO to guide them and the business forward. The benefits include:

1. Lightening the workload of management allowing them to focus on the core competencies of the business and important strategic decisions.

2. Streamlining and integration of the accounting and operating functions of your business into a coordinated, controlled and efficient system.

3. Reducing costs – avoiding the budget and resource-draining staffing, recruiting and training costs which setting up a finance function can bring.

4. Benefiting from the expertise of multiple qualified specialists at a comparatively lower cost than hiring a traditional CFO/finance team.

5. Profiting from a forward-thinking CFO who can foresee any potential financial ‘pinch points’ and formulate plans to deal with them.

6. Bridging any communication gaps between shareholders and management. We take care of all management reporting and provide a physical presence at board or shareholder meetings. A key role in managing shareholder expectations through the business life cycle.

7. Assistance with the selection, appointment of, and liaison with external auditors.

8. Adding credibility, transparency and integrity to the financial information produced; a key attribute for any business looking to attract growth or exit capital.

 

To discuss the range of Shareholder Services that Lumina can offer you and your business, please contact Gareth Williams.