The Virtual Finance Director
Specialist Financial Planning, Business Transformation, Recovery & Support Services
Take your business to the next level with a Virtual Finance Director
A Virtual Finance Director (VFD), often referred to as a Part-time or Portfolio Finance Director, is an experienced senior finance professional who specialises in connecting the dots, bridging the gaps in your finance function and giving you the support and tools you need to transform your business exactly when you need them. Your VFD can open a door to the very best expertise to be gained from the world of finance and financial management.
Think of your VFD as your very own flexible, accessible, part-time finance director. A dedicated service that will support you and your business in achieving your goals, whatever they may be at a time and cost to meet your budget.
Here at the Virtual Finance Director, we can provide or source a VFD or Virtual Financial Controller (VFC) to assist with all aspects of your business, from business rescue and turnarounds to acquisitions, mergers and exit strategies or from financial planning and analysis to business support and transformation. Whatever your needs, VFD offers the perfect hybrid solution no matter your business size or sector. With a proven track record based on more than 30 years of experience working across every facet of business finance, VFD is able to effectively manage all the duties of a finance director but remotely and/or on a part-time basis, saving you and your business time and money while delivering highly skilled services with tangible results that you and your bottom line can see.
Virtual Finance Director Services
Financial Planning and Analysis
Business Rescue and Turnaround
Business Transformation
Acquisitions and Divestitures
Business Support
Financial Planning and Analysis
Individual, one-of-a-kind, bespoke – however you want to label it, VFD knows your business is as unique as you are, which is why our approach will always be tailored, created to best support your business and the approach you favour.
Strategic Direction Setting
Understanding your journey to date, how far you’ve come and how you got there is a major step in helping to develop a strategy for where you want your business to go in the future. Setting medium and long term organisational goals and, more importantly measuring progress towards their achievement, is an important technique for ensuring your business grows in the direction you intended with the results you desired. Remember, a goal is a specific target or end result and therefore, in the context of strategic planning and direction setting, a goal is a place where you want your business to be.
For example, are you looking to increase sales in a particular market or geographic area? VFD could look at your customer base, help you understand which customers or sectors are yielding the highest margins or which geographical area’s possess the greatest opportunities for growth. Whatever the goals, VFD will help you develop the strategy and set objectives for their achievement
Budgeting and Financial Planning
Think of your budget as a short term plan (usually the next twelve months or next financial year), presented in financial terms. It would normally consist of a profit and loss account as a minimum but might also include a balance sheet and/or cashflow. At the end of the day, it’s your business and your budget should consist of whatever financial measures you need. Budgeting is a necessity for most companies and good practice for all and represents a solid benchmark against which you can measure your future performance. VFD can work with you on your existing budget, to determine whether it is realistic or help identify why it is not being achieved.
If however, your budget needs to be challenged or reworked, zero-based budgeting is the concept we look to. Not a new idea by any stretch of the imagination, zero-based budgeting involves a full review of your business, diving into all aspects of your profit and loss account, to start from a zero base, building a budget from scratch around your business’s individual situation, approach and goals. An in-depth process which involves every expense being justified, if you want to start a business off on the right foot, or get it back on track, talk to us about budgeting.
Financial planning is not just about profit, everyone has heard the often over used phrase ‘cash is king’. With VFD leading the process and liaising directly with your finance team as it exists, we can work with you on cash flow, debtor collection and creditor payment strategies, creating a robust and efficient financial plan, coaching and developing your team as we go.
Financial Processes and Controls
Larger businesses will be familiar with audits and auditing as it will form a significant part of your post year-end timetable but if you’re not audit ready, it could tie up your finance team for weeks or months on end at a time when you need to be looking to the year ahead and how you are going to achieve those strategic goals.
Managing and understanding your balance sheet are vital things to have under your control as a business owner. Without due diligence, you can find yourself being left open to all kinds of issues including fraud, which is why regular audits and monitoring of financial controls are of such importance. VFD can take any audit or internal control projects off your hands, liaising with all involved, freeing up your time to make those bigger decisions and when we’re done, you will be presented with a financial procedure manual ensuring that everyone knows what, how and when things need to be done. Challenging audits will become a thing of the past.
Management Information and Decision Making
Decision making is crucial in every business but effective decision making is about having the right information to hand to not only make the most informed decision, but to make it quickly and efficiently, ensuring that no opportunity is missed. It is therefore no surprise that management information for effective decision making should be the backbone of any successful business.
From start-ups through to businesses which are well-established and already trading successfully, VFD can work alongside you helping to maintain your accounting records or assisting with your reporting for management or other external purposes. Through comprehensive review and/or maintenance of your accounts, VFD can prepare weekly, monthly and annual reports targeted to any specific audience.
Examples of how we are able to help your business include, performance measurement; Quite simply, measuring your actual performance against your plan and directing your attention to those areas which need focus. Profit centre or customer profitability; VFD will take an in-depth look at your business, whether you have one income stream or many. We will examine the revenue from each stream, identifying how we can capture costs against them, highlighting individual project lines and allowing an in-depth view of profit margins as well as a corrective approach necessary. Multi-dimensional reporting; In addition to standard management accounts reporting, VFD can offer further management reporting services in line with your own, your group or your parent company’s requirements, for example, bespoke debtor and creditor reports, Key Performance Indicators (KPIs) or cash flow statements.
Investment Appraisal
We have worked with great entrepreneurial minds, from which many ideas take flight and whilst every idea has wings, not all are worthy of progressing beyond the runway – or in our case, beyond the board room.
VFD will understand your business and whether it is a return on capital or speedy payback that you need, through a good business case and investment appraisal, VFD will take an idea and develop it into a clear, robust and measurable plan providing the assurance, supported by the numbers, that an idea is not only a good one but a good one that will add value to your business. Perhaps more importantly, an investment appraisal carried out by VFD ensures your valuable idea can be brought to fruition within any time frame crucial to a return.
Project Management
Marrying your needs and requirements with VFD’s expertise and guiding hand, we can take on the management of entire projects - in the financial sense. Effectively, VFD takes ownership of a project from start to finish, ensuring a smooth and consistent execution, from liaising with external parties and compiling information to directing staff to make sure the project runs as it should, garnering the results you require.
Strategic Direction Setting
Understanding your journey to date, how far you’ve come and how you got there is a major step in helping to develop a strategy for where you want your business to go in the future. Setting medium and long term organisational goals and, more importantly measuring progress towards their achievement, is an important technique for ensuring your business grows in the direction you intended with the results you desired. Remember, a goal is a specific target or end result and therefore, in the context of strategic planning and direction setting, a goal is a place where you want your business to be.
For example, are you looking to increase sales in a particular market or geographic area? VFD could look at your customer base, help you understand which customers or sectors are yielding the highest margins or which geographical area’s possess the greatest opportunities for growth. Whatever the goals, VFD will help you develop the strategy and set objectives for their achievement
Budgeting and Financial Planning
Think of your budget as a short term plan (usually the next twelve months or next financial year), presented in financial terms. It would normally consist of a profit and loss account as a minimum but might also include a balance sheet and/or cashflow. At the end of the day, it’s your business and your budget should consist of whatever financial measures you need. Budgeting is a necessity for most companies and good practice for all and represents a solid benchmark against which you can measure your future performance. VFD can work with you on your existing budget, to determine whether it is realistic or help identify why it is not being achieved.
If however, your budget needs to be challenged or reworked, zero-based budgeting is the concept we look to. Not a new idea by any stretch of the imagination, zero-based budgeting involves a full review of your business, diving into all aspects of your profit and loss account, to start from a zero base, building a budget from scratch around your business’s individual situation, approach and goals. An in-depth process which involves every expense being justified, if you want to start a business off on the right foot, or get it back on track, talk to us about budgeting.
Financial planning is not just about profit, everyone has heard the often over used phrase ‘cash is king’. With VFD leading the process and liaising directly with your finance team as it exists, we can work with you on cash flow, debtor collection and creditor payment strategies, creating a robust and efficient financial plan, coaching and developing your team as we go.
Financial Processes and Controls
Larger businesses will be familiar with audits and auditing as it will form a significant part of your post year-end timetable but if you’re not audit ready, it could tie up your finance team for weeks or months on end at a time when you need to be looking to the year ahead and how you are going to achieve those strategic goals.
Managing and understanding your balance sheet are vital things to have under your control as a business owner. Without due diligence, you can find yourself being left open to all kinds of issues including fraud, which is why regular audits and monitoring of financial controls are of such importance. VFD can take any audit or internal control projects off your hands, liaising with all involved, freeing up your time to make those bigger decisions and when we’re done, you will be presented with a financial procedure manual ensuring that everyone knows what, how and when things need to be done. Challenging audits will become a thing of the past.
Management Information and Decision Making
Decision making is crucial in every business but effective decision making is about having the right information to hand to not only make the most informed decision, but to make it quickly and efficiently, ensuring that no opportunity is missed. It is therefore no surprise that management information for effective decision making should be the backbone of any successful business.
From start-ups through to businesses which are well-established and already trading successfully, VFD can work alongside you helping to maintain your accounting records or assisting with your reporting for management or other external purposes. Through comprehensive review and/or maintenance of your accounts, VFD can prepare weekly, monthly and annual reports targeted to any specific audience.
Examples of how we are able to help your business include, performance measurement; Quite simply, measuring your actual performance against your plan and directing your attention to those areas which need focus. Profit centre or customer profitability; VFD will take an in-depth look at your business, whether you have one income stream or many. We will examine the revenue from each stream, identifying how we can capture costs against them, highlighting individual project lines and allowing an in-depth view of profit margins as well as a corrective approach necessary. Multi-dimensional reporting; In addition to standard management accounts reporting, VFD can offer further management reporting services in line with your own, your group or your parent company’s requirements, for example, bespoke debtor and creditor reports, Key Performance Indicators (KPIs) or cash flow statements.
Investment Appraisal
We have worked with great entrepreneurial minds, from which many ideas take flight and whilst every idea has wings, not all are worthy of progressing beyond the runway – or in our case, beyond the board room.
VFD will understand your business and whether it is a return on capital or speedy payback that you need, through a good business case and investment appraisal, VFD will take an idea and develop it into a clear, robust and measurable plan providing the assurance, supported by the numbers, that an idea is not only a good one but a good one that will add value to your business. Perhaps more importantly, an investment appraisal carried out by VFD ensures your valuable idea can be brought to fruition within any time frame crucial to a return.
Project Management
Marrying your needs and requirements with VFD’s expertise and guiding hand, we can take on the management of entire projects - in the financial sense. Effectively, VFD takes ownership of a project from start to finish, ensuring a smooth and consistent execution, from liaising with external parties and compiling information to directing staff to make sure the project runs as it should, garnering the results you require.
Business Rescue and Turnaround
Business can be tough but recent times have caused business disruption beyond measure. Countless businesses have suffered as a result of the challenges and uncertainty we have faced and as a result, many business owners are finding themselves in situations they may not have encountered before.
Their cashflow is not what it was, costs are rapidly increasing, customers are cautious and the thought of funding options lingers. Questions follow questions as answers are sought. How can you improve cash flow? Should you cut costs, source additional or alternative funding or speak to your customers and suppliers? Could you defer statutory payments? And if you keep trading, will you stay legal? How to turnaround your business is not always straightforward or obvious but thankfully, VFD’s years of industry experience hold some of the answers to get you out of the red and back into the black.
Cash Stabilisation and Recovery
Whatever the cause for poor cash flow, it is essential that decisive action is taken quickly to limit the business impact. While not always a result of poor operational controls, to address poor cash flow VFD needs to look at the entire process to correct or protect this critical resource. How can you speed up cash collection? Are your payment terms too generous? Are you adequately monitoring stock levels to optimise your stockholding? How can you avoid overtrading driven by rapid growth which if not controlled, can rapidly drain any cash reserves? These are just some of the questions VFD will help you answer to build your turnaround or rescue strategy and ultimately, your business’s future.
Lender and Creditor Negotiations
Owing money to creditors is never an ideal position but it is a fact of life in any business. Owing money to creditors without the ability to pay them, however, is a stressful situation for any business owner, whether you’re a micro-entity, a small or medium-sized business or a larger organisation. In our experience, you should always tackle creditor issues head-on, regardless of the stage they have reached, and this is where our experienced VFD can help. We know it is vital to address all debt issues with debt negotiation as quickly and amicably as possible, to preserve the good business relationships that you have invested both time and money into forging. Whether these are trade or financing creditors, these relationships may be required for your growth and future trading so look after them.
Refinancing and Fundraising
You’ve developed a new turnaround strategy, but it identifies a need for additional funding. Who is going to provide that? A high street bank? Challenger bank? A business angel or private equity fund? Knowing where to turn when it comes to selecting which form of debt/finance is right for your business can be a challenge. VFD however knows the best hunting ground for funding, and how to secure it on acceptable terms. We will also act as your compass, helping you to successfully navigate the whole process, from understanding your requirements and identifying the most suitable forms of finance for your business, to the preparation of financial models and final negotiations with lenders. The range of products and services VFD has access to is diverse and covers everything from lease finance, invoice financing and peer-to-peer lending to development finance, property loans and bridging loans. Thanks to our network of specialist partners working in business finance, whether you seek to secure a simple loan or need something altogether more specialist and better suited to your specific circumstances and business needs VFD can help you obtain every type of business finance you will ever need.
New Revenue Streams and Market Development
Reducing costs or streamlining services is often a ‘go-to’ strategy when businesses run into difficulty, particularly when that difficulty is a result of poor cash flow. However, working with VFD you can explore different options for increasing revenue without placing additional strain on your already tight cash flow. Reactivating old or previously lost customers, increasing spend from existing customers, or entering the international market for example are all viable options to consider when addressing revenue streams within your business. From identifying and taking stock of your key skills to championing your USP and seizing potential opportunities, VFD will work with you and your management team to develop and challenge a proactive market development strategy.
Cash Stabilisation and Recovery
Whatever the cause for poor cash flow, it is essential that decisive action is taken quickly to limit the business impact. While not always a result of poor operational controls, to address poor cash flow VFD needs to look at the entire process to correct or protect this critical resource. How can you speed up cash collection? Are your payment terms too generous? Are you adequately monitoring stock levels to optimise your stockholding? How can you avoid overtrading driven by rapid growth which if not controlled, can rapidly drain any cash reserves? These are just some of the questions VFD will help you answer to build your turnaround or rescue strategy and ultimately, your business’s future.
Lender and Creditor Negotiations
Owing money to creditors is never an ideal position but it is a fact of life in any business. Owing money to creditors without the ability to pay them, however, is a stressful situation for any business owner, whether you’re a micro-entity, a small or medium-sized business or a larger organisation. In our experience, you should always tackle creditor issues head-on, regardless of the stage they have reached, and this is where our experienced VFD can help. We know it is vital to address all debt issues with debt negotiation as quickly and amicably as possible, to preserve the good business relationships that you have invested both time and money into forging. Whether these are trade or financing creditors, these relationships may be required for your growth and future trading so look after them.
Refinancing and Fundraising
You’ve developed a new turnaround strategy, but it identifies a need for additional funding. Who is going to provide that? A high street bank? Challenger bank? A business angel or private equity fund? Knowing where to turn when it comes to selecting which form of debt/finance is right for your business can be a challenge. VFD however knows the best hunting ground for funding, and how to secure it on acceptable terms. We will also act as your compass, helping you to successfully navigate the whole process, from understanding your requirements and identifying the most suitable forms of finance for your business, to the preparation of financial models and final negotiations with lenders. The range of products and services VFD has access to is diverse and covers everything from lease finance, invoice financing and peer-to-peer lending to development finance, property loans and bridging loans. Thanks to our network of specialist partners working in business finance, whether you seek to secure a simple loan or need something altogether more specialist and better suited to your specific circumstances and business needs VFD can help you obtain every type of business finance you will ever need.
New Revenue Streams and Market Development
Reducing costs or streamlining services is often a ‘go-to’ strategy when businesses run into difficulty, particularly when that difficulty is a result of poor cash flow. However, working with VFD you can explore different options for increasing revenue without placing additional strain on your already tight cash flow. Reactivating old or previously lost customers, increasing spend from existing customers, or entering the international market for example are all viable options to consider when addressing revenue streams within your business. From identifying and taking stock of your key skills to championing your USP and seizing potential opportunities, VFD will work with you and your management team to develop and challenge a proactive market development strategy.
Business Transformation
Whether you have a team of two or twenty, you will find a strong finance team with robust processes and systems at the centre of every successful business.
Over the years and in numerous roles VFD has seen many businesses discount the value or ignore the ever-increasing size of its finance team to its detriment. Statements such as ‘it looks to be overstaffed’ or ‘we are not getting the best value for the business’ offer a warning that change is more than likely necessary however, a clear strategy and the drive to constantly evolve to meet the pace of change is often lacking. Optimising costs and efficiency should constantly be on your radar as a business leader but if you have hit a plateau or are unsure how to drive your finance function forward further, VFD can help you transform and succeed by developing a strategy and implementing the change required to deliver it.
Restructuring
Does your current structure, and we’re talking about finance function structure here, meet the ever-changing needs of your business? Are members of your finance team up to the task? No? To deliver increased value efficiently you may need to reconsider your approach. VFD can work with you to mentor and develop your existing team so that you get a better service and they get the job satisfaction that they deserve. We can strengthen your team by working with one of our recruitment partners or ‘virtual team’ members to ensure that you have the right skills in the right role. We can also advise on moving away from the traditional ways of tackling the structure of your finance function in favour of federated teams by operational business unit or by product. Whatever approach is required, VFD will ensure that your finance team is fit for purpose and ready to meet any changes head-on.
Technology Improvements
As a global society, our appetite for and dependency on technology is insatiable yet many businesses shy away from obvious technological improvements due to lack of in-house skills. For example, the delivery of business-critical finance applications via the cloud is becoming more and more commonplace in small and medium sized enterprises but choosing the right one for you is important. Implementing it correctly even more so. This is not to say that you should rule out an all singing, all dancing Enterprise Resource Planning (ERP) system but you should do your due diligence so that you’re not wasting valuable time or money on a system that you will never fully utilise. Whatever your need or business size it is important that you have the right system in place for your business to flourish and that you get the expected outcomes. At VFD we understand that the system should suit the business processes and that a business should never change simply to fit the system. That is why we will develop a robust selection criteria and implementation timetable to ensure that you get exactly what you need, when you need it.
Automation
Whether we are talking about basic controls or the seemingly endless processing of financial information, many organisations still rely on a high degree of manual input and repetition from their teams. Day-in day-out, week-in week-out, all that effort adds up in terms of both time and money. Improving efficiency to free up time and manpower is something many businesses should be looking to do and with the use of automation techniques, VFD can help. We’re not talking about the use of robots (yet) but we will release bottlenecks in processes, free up time across the business and guarantee that significant added value will be seen. No matter what sector you’re looking at, a move toward greater automation can improve efficiency and generate time across the board for more added value activities.
Faster Close
A structured and timely approach to closing your weekly, monthly or quarterly reporting cycle, not only ensures you have up to date information – the dream of every business leader – but it means your finance team is working smarter not harder, an ethos that we believe should exist in every business. Being up to date with your business’s financial performance will not only enable you to act faster on the information reported but it will mean that any action required can take place sooner, giving you an edge over the competition or minimising any further drain of profit or cash. VFD can work with you to ensure your finance team spends less time on the mechanics of reporting, and more on the analysis and interpretation of the results, providing support with a true business partnering approach.
Restructuring
Does your current structure, and we’re talking about finance function structure here, meet the ever-changing needs of your business? Are members of your finance team up to the task? No? To deliver increased value efficiently you may need to reconsider your approach. VFD can work with you to mentor and develop your existing team so that you get a better service and they get the job satisfaction that they deserve. We can strengthen your team by working with one of our recruitment partners or ‘virtual team’ members to ensure that you have the right skills in the right role. We can also advise on moving away from the traditional ways of tackling the structure of your finance function in favour of federated teams by operational business unit or by product. Whatever approach is required, VFD will ensure that your finance team is fit for purpose and ready to meet any changes head-on.
Technology Improvements
As a global society, our appetite for and dependency on technology is insatiable yet many businesses shy away from obvious technological improvements due to lack of in-house skills. For example, the delivery of business-critical finance applications via the cloud is becoming more and more commonplace in small and medium sized enterprises but choosing the right one for you is important. Implementing it correctly even more so. This is not to say that you should rule out an all singing, all dancing Enterprise Resource Planning (ERP) system but you should do your due diligence so that you’re not wasting valuable time or money on a system that you will never fully utilise. Whatever your need or business size it is important that you have the right system in place for your business to flourish and that you get the expected outcomes. At VFD we understand that the system should suit the business processes and that a business should never change simply to fit the system. That is why we will develop a robust selection criteria and implementation timetable to ensure that you get exactly what you need, when you need it.
Automation
Whether we are talking about basic controls or the seemingly endless processing of financial information, many organisations still rely on a high degree of manual input and repetition from their teams. Day-in day-out, week-in week-out, all that effort adds up in terms of both time and money. Improving efficiency to free up time and manpower is something many businesses should be looking to do and with the use of automation techniques, VFD can help. We’re not talking about the use of robots (yet) but we will release bottlenecks in processes, free up time across the business and guarantee that significant added value will be seen. No matter what sector you’re looking at, a move toward greater automation can improve efficiency and generate time across the board for more added value activities.
Faster Close
A structured and timely approach to closing your weekly, monthly or quarterly reporting cycle, not only ensures you have up to date information – the dream of every business leader – but it means your finance team is working smarter not harder, an ethos that we believe should exist in every business. Being up to date with your business’s financial performance will not only enable you to act faster on the information reported but it will mean that any action required can take place sooner, giving you an edge over the competition or minimising any further drain of profit or cash. VFD can work with you to ensure your finance team spends less time on the mechanics of reporting, and more on the analysis and interpretation of the results, providing support with a true business partnering approach.
Acquisitions and Divestitures
Whether you’re seeking growth or a robust exit strategy, VFD can work with you to ensure your personal and business goals are met. For businesses actively looking to grow, expansion by acquiring or merging with another business working within the same sector may be a seriously smart move.
Whether you’re looking to acquire a competitor or invest in your supply chain, VFD can work with you to not only identify suitable targets but discover the ones that are the best fit, bearing your approach to business in mind. Alternatively, if you think your business has reached a value that will support your family’s future lifestyle and you just want to step away from the daily grind, we can also look at the most appropriate exit strategy that will secure your financial future and leave your legacy in capable hands.
Mergers and Acquisitions
Mergers and Acquisitions or simply M&A is a generic term for the act of consolidating two or more companies, a task which is no mean feat. That’s why you need to be confident that your process is managed by experienced hands. That’s where VFD comes in, to consider the options available, the pros and cons of each and to consider the style of deal which protects your investment once the deal is done. It goes without saying that VFD will also help to ensure the deal is struck at the right price by employing any one of a number of valuation methods. When two or more companies and, more often than not, multiple strong wills are involved you need to make sure that no stone is left unturned and every ‘t’ is crossed and ‘I’ dotted.
Whether you’re considering an acquisition, where each business continues to operate separately, or amerger, where two companies combine to operate as one or one of the many other types of deal that might be available to you, either way, this process is one that VFD can handle for you.
Post-Acquisition Integration
You’ve secured a new acquisition – now what? There is a lot to consider post-acquisition or post-merger and while our virtual team might be able to assist with areas such as marketing and brand strategies, VFD has got you covered on the finance side. First things first, don’t jump straight in with change, it is important to plan your post-acquisition or post-merger strategy, so to start with, focus on keeping things ticking over.
Remember, part of your deal value is likely to be achieved through synergies, so we need to think about the finance function and the collaboration between finance and IT systems to name just a few areas which could make or break your deal value. Whatever needs doing, this is a sensitive period in business and handling integration in the right way is VFD’s forte. Taking an impartial viewpoint, VFD will look at how to best handle the situation with the financial benefit of the business at heart. Independently handling the process means we take as much emotion out of the decision-making as possible, taking some of the weight off your shoulders to help your business achieve its end goals.
Company Sale and Exit Strategy
Picture this, you’ve built a profitable business over the years but if you didn’t know where you wanted to go it highly unlikely you will have reached your destination. You may already have worked with VFD on your strategic goals, in which case we will have linked these with your own medium term exit strategy in order to build business value which will support your plans. Whether this is to realise value and retire, manage remotely for a continuing dividend stream, pass to the next generation or simply to cash in and move on to pastures new and launch a new business idea perhaps.
When it’s time to sell or exit your business so someone else can enjoy the benefits, VFD can work with you to develop a suitablesale strategy ensuring you get exactly what you want out of the transaction. Remember, you will probably only sell your business once, so it pays to get it right. Acting on your behalf we Will go through a thorough preparation stage, ensuring your financials can withstand a challenging due diligence process because the better the preparation, the less likely the ‘deal’ is to fall out during the process. From preparing a wel thought through information memorandum to deal project management, VFD has got it covered allowing you to keep focussed on continuing to run your business.
Company Closure
A sad sight that recent years have made all too familiar across all industries and sectors, but closing a company is still a process that VFD knows companies and directors need help to manage and navigate. If you need to close your company, it is crucial that the correct dissolution or strike off procedure is followed otherwise the directors could be found personally liable for the debts of the business and could be fined or prosecuted and further, risk being unable to act as a director in the future.
Post-covid this has become all too common - businesses have suffered cash flow problems, supply chain challenges or debt has built up to an unmanageable level, all while struggling to keep afloat. When businesses find themselves in a hole they can’t get out of VFD is on hand to support them sensitively. We can provide business support, and with specialist partners in this field, VFD will ensure that the correct closure process is used for your business and following all requirements of statute, we will work with HMRC, banks and creditors alike to ensure debts are cleared lawfully. Importantly, we will also ensure there are no lasting effects on you, the director.
Company Restart
Despite many businesses having financial issues, many are also founded on a sound idea and with the right support, a robust business model. In such cases, VFD can look into assisting with the closure of your business and transferring the ongoing trade to a new company, free of debt. Whether your business has been swallowed up by arrears too large to manage or you are struggling with keeping on top of trade creditors this could be an option to consider. Business closure effectively kills off debt and arrears, leaving an opportunity to restart as a new company. VFD will work with you to transfer assets and go about building a budget for the new company from day one, so you can avoid making the same mistakes twice. Not only does a Company Restart allow you to turn over a new leaf, but it gives you as a business owner working in collaboration with VFD the chance to gain a more thorough understanding of your financials, so you can identify a red flag when you first see one.
Mergers and Acquisitions
Mergers and Acquisitions or simply M&A is a generic term for the act of consolidating two or more companies, a task which is no mean feat. That’s why you need to be confident that your process is managed by experienced hands. That’s where VFD comes in, to consider the options available, the pros and cons of each and to consider the style of deal which protects your investment once the deal is done. It goes without saying that VFD will also help to ensure the deal is struck at the right price by employing any one of a number of valuation methods. When two or more companies and, more often than not, multiple strong wills are involved you need to make sure that no stone is left unturned and every ‘t’ is crossed and ‘I’ dotted.
Whether you’re considering an acquisition, where each business continues to operate separately, or amerger, where two companies combine to operate as one or one of the many other types of deal that might be available to you, either way, this process is one that VFD can handle for you.
Post-Acquisition Integration
You’ve secured a new acquisition – now what? There is a lot to consider post-acquisition or post-merger and while our virtual team might be able to assist with areas such as marketing and brand strategies, VFD has got you covered on the finance side. First things first, don’t jump straight in with change, it is important to plan your post-acquisition or post-merger strategy, so to start with, focus on keeping things ticking over.
Remember, part of your deal value is likely to be achieved through synergies, so we need to think about the finance function and the collaboration between finance and IT systems to name just a few areas which could make or break your deal value. Whatever needs doing, this is a sensitive period in business and handling integration in the right way is VFD’s forte. Taking an impartial viewpoint, VFD will look at how to best handle the situation with the financial benefit of the business at heart. Independently handling the process means we take as much emotion out of the decision-making as possible, taking some of the weight off your shoulders to help your business achieve its end goals.
Company Sale and Exit Strategy
Picture this, you’ve built a profitable business over the years but if you didn’t know where you wanted to go it highly unlikely you will have reached your destination. You may already have worked with VFD on your strategic goals, in which case we will have linked these with your own medium term exit strategy in order to build business value which will support your plans. Whether this is to realise value and retire, manage remotely for a continuing dividend stream, pass to the next generation or simply to cash in and move on to pastures new and launch a new business idea perhaps.
When it’s time to sell or exit your business so someone else can enjoy the benefits, VFD can work with you to develop a suitablesale strategy ensuring you get exactly what you want out of the transaction. Remember, you will probably only sell your business once, so it pays to get it right. Acting on your behalf we Will go through a thorough preparation stage, ensuring your financials can withstand a challenging due diligence process because the better the preparation, the less likely the ‘deal’ is to fall out during the process. From preparing a wel thought through information memorandum to deal project management, VFD has got it covered allowing you to keep focussed on continuing to run your business.
Company Closure
A sad sight that recent years have made all too familiar across all industries and sectors, but closing a company is still a process that VFD knows companies and directors need help to manage and navigate. If you need to close your company, it is crucial that the correct dissolution or strike off procedure is followed otherwise the directors could be found personally liable for the debts of the business and could be fined or prosecuted and further, risk being unable to act as a director in the future.
Post-covid this has become all too common - businesses have suffered cash flow problems, supply chain challenges or debt has built up to an unmanageable level, all while struggling to keep afloat. When businesses find themselves in a hole they can’t get out of VFD is on hand to support them sensitively. We can provide business support, and with specialist partners in this field, VFD will ensure that the correct closure process is used for your business and following all requirements of statute, we will work with HMRC, banks and creditors alike to ensure debts are cleared lawfully. Importantly, we will also ensure there are no lasting effects on you, the director.
Company Restart
Despite many businesses having financial issues, many are also founded on a sound idea and with the right support, a robust business model. In such cases, VFD can look into assisting with the closure of your business and transferring the ongoing trade to a new company, free of debt. Whether your business has been swallowed up by arrears too large to manage or you are struggling with keeping on top of trade creditors this could be an option to consider. Business closure effectively kills off debt and arrears, leaving an opportunity to restart as a new company. VFD will work with you to transfer assets and go about building a budget for the new company from day one, so you can avoid making the same mistakes twice. Not only does a Company Restart allow you to turn over a new leaf, but it gives you as a business owner working in collaboration with VFD the chance to gain a more thorough understanding of your financials, so you can identify a red flag when you first see one.
Business Support
Looking from the inside in… it’s not a phrase we hear much, is it? Looking from the outside in however is. Let VFD act as a window into your business.
From our unique, outsider viewpoint, we can grow your business and help you to deliver on projects by providing you with the very best business support and cross-sector team management, be that part-time or during the recruitment process. VFD can step into the void to offer a superior management service, both across financial and commercial teams.
Group Financial and Commercial Management
Stepping into the shoes of management teams, VFD can work with both your finance and commercial teams, while your business undergoes leadership recruitment. From managing the CFO workload and leading commercial teams to leading sales and contract procurement.
Shareholder and Stakeholder Relationship Management
Sometimes, you need an impartial view. When it comes to managing relationships we act on your behalf, take the emotion out of relationship management and offer balanced judgement when working through situations that have given cause for dispute. Working with your team and stakeholders we can smooth out issues that crop up, manage the situation professionally and put a plan in place to ensure the likelihood of it happening again is minimal.
Commercial Negotiations and Contract Management
When contractual support is required, VFD can assist with reviewing contracts, guiding you through the terms and making sure any paperwork complies with your terms and conditions and company policy. VFD will also ensure your contract is future proof by for example, adding in contractual terms to account for price fluctuations for things like electricity and market sensitive raw materials making sure your business is as secure as possible. We sit around the table to support you, from negotiation through to signing on that dotted line.
Chair Meetings
It may seem like a small detail, but effectively and appropriately chairing meetings is an important one. From making sure all the right people are at the table to deliver the outcomes you need, an impartial chair will help you to streamline meetings to ensure they are time-efficient, valuable and fruitful.
Company Secretarial
A simple yet vital service, acting as a legal secretary VFD will advise your directors, and make sure your business complies with statutory duties and corporate legislation to ensure the protection and accountability of both your business and yourselves as directors.
Group Financial and Commercial Management
Stepping into the shoes of management teams, VFD can work with both your finance and commercial teams, while your business undergoes leadership recruitment. From managing the CFO workload and leading commercial teams to leading sales and contract procurement.
Shareholder and Stakeholder Relationship Management
Sometimes, you need an impartial view. When it comes to managing relationships we act on your behalf, take the emotion out of relationship management and offer balanced judgement when working through situations that have given cause for dispute. Working with your team and stakeholders we can smooth out issues that crop up, manage the situation professionally and put a plan in place to ensure the likelihood of it happening again is minimal.
Commercial Negotiations and Contract Management
When contractual support is required, VFD can assist with reviewing contracts, guiding you through the terms and making sure any paperwork complies with your terms and conditions and company policy. VFD will also ensure your contract is future proof by for example, adding in contractual terms to account for price fluctuations for things like electricity and market sensitive raw materials making sure your business is as secure as possible. We sit around the table to support you, from negotiation through to signing on that dotted line.
Chair Meetings
It may seem like a small detail, but effectively and appropriately chairing meetings is an important one. From making sure all the right people are at the table to deliver the outcomes you need, an impartial chair will help you to streamline meetings to ensure they are time-efficient, valuable and fruitful.
Company Secretarial
A simple yet vital service, acting as a legal secretary VFD will advise your directors, and make sure your business complies with statutory duties and corporate legislation to ensure the protection and accountability of both your business and yourselves as directors.
About Nick Vessey
ACMA MAAT Dip Eng Law (Open)
With a career in accountancy and finance that began in the early-90s, Nick founded his consultancy in 2008 and more recently, began trading as the Virtual Finance Director after more than 30 years of experiencing every aspect of the industry, including Finance Director and Chief Financial Officer positions help since 2015.
From Clerical Assistant to Management Accountant, Finance Manager to Financial Controller, and eventually, Financial Director to CFO, Nick spent years supporting high-profile, established companies in achieving their goals, outperforming budgets and increasing revenue streams but more recently, found his niche achieving the same objectives for SMEs.
But like so many who grow accustomed to working for one organisation, Nick grew tired of traditional employment and instead chose to seek out a new challenge helping a wider business community as well as like-minded individuals seeking to pursue a portfolio career.
“I have been fortunate enough to be exposed to a wide range of businesses with very different needs, therefore developing a broad skillset which I am now able to use for the benefit of multiple businesses and business owners.”
Now working ‘on the ground’ as he describes it, Nick has the opportunity to apply his golden touch to support businesses that have a varied level of experience and in-house finance support to hand. He is now delivering his unique skill set to a wide variety of businesses with great results, from smaller SMEs who typically can’t afford to access a CFO to firms turning over upwards of £12 million a year.
Nick’s services can be called upon ad hoc, or on a regular part-time basis. Flexible, accessible, effective and always balanced but most importantly, working with you rather than for you.
What Our Clients Have Said
I have known Nick for many years from when we introduced the first Matisa machines into the UK. It has been a pleasure to have Nick work with Matisa Matériel Industriel S.A. again on a number of projects and his ongoing support for Matisa (U.K.) Limited has proven invaluable to myself and the team in the UK.
CEO - Franz Messerli, Matisa Matériel Industriel S.A
Having had the pleasure of working with Nick I have experienced first hand, not only his excellent understanding of accounting standards and the application of those standards but also his drive and determination to excel in whatever his role requires. I wouldn’t hesitate in recommending Nick to any organisation looking to bolster their finance function with a top level finance professional.
Director - Dan Batham, Q Accountants Ltd
Nick is one of the rare finance professionals able to undertake the role of second in command to the CEO or MD whilst also commanding the respect of the operational management team. In my dealings with him he was always honest, professional and imaginative and someone I went to as a sounding board when finance and commercial issues arose in my other businesses. His role in winning a five year framework contract with the most difficult of clients which secured the long term future of the business has lasted in my memory for many years.
Managing Director - Andrew Mackenzie, One Stop Business Finance Ltd
Welcome to the vfdnet North East Hub
Operating in this arena for more than 20 years, vfdnet is a market leader in the provision of its experienced associate Virtual Finance Directors and adding value for its clients. Having operated as an associate of vfdnet since starting his portfolio career, our own VFD, Nick Vessey is proud to have been invited to establish a vfdnet hub in the North East of England covering Lincolnshire, Yorkshire and the North East
Whether you are a business looking for a Virtual Finance Director or an experienced Finance Director or Financial Controller considering a portfolio career and seeking an invaluable support network, click below to arrange a chat to discover the benefits of working with VFDNet. Here at the Virtual Finance Director and VFDNet we value all of our relationships and therefore if you would like to collaborate with us so that together we can better support our business and/or Finance Director community then I invite you to choose a convenient timeslot to allow us to discuss the mutual advantages of doing so.
I Am A Client
If you would like to find out more about our virtual finance directors or virtual financial controllers and how they might be able to support you and your business then click here to arrange a convenient time for a no-obligation chat.
I Am An Associate
If you would like to find out more about our virtual finance directors or virtual financial controllers and how they might be able to support you and your business then click here to arrange a convenient time for a no-obligation chat.
I Am An Advocate
If you would like to find out more about our virtual finance directors or virtual financial controllers and how they might be able to support you and your business then click here to arrange a convenient time for a no-obligation chat.
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