Insourced financial management support to power growth
SMI provides branded workwear for clients across a broad range of industries. The workwear can be anything from a fleece, to steel toe-capped boots to high-visibility jackets. The business has undergone steady growth over the past four years fuelled by the vision of the business owners, the Prisgrove family.
In late 2014, the company developed a 6 year strategy – their ‘Triple 20’ plan – which was to turnover £20m by 2020 and identified a gap in their financial capability to be able to support and direct this plan. The Managing Director, Blake Prisgrove approached us to discuss how we could help them by taking an active role within their finance team. Financial management support to help improve the company’s management reporting and to also provide Finance Director support to the business through its growth plans.
Having spent time reviewing the finance function, we identified areas where we could provide value-added support, such as new management information reporting for the directors and managing the workforce payroll to free-up resource for other areas of operation. One of our management accounting team was seconded to carry out the preparation of management information, reconciliation activities and other ad-hoc analyses required by the directors. We currently prepare annual budgets and cash flow forecasts to help fund growth. Being on-site means we can both respond to specific business needs as they arise and pre-empt any issues that might slow down decision-making.
Jeremy Gardner, Business Advisory partner, also meets with all of the directors monthly at board level. As their virtual Finance Director, Jeremy looks at the financial results, provides a sounding board for the directors to explore any issues such as funding, tax planning, stocking levels or even property.
It is now over two years since we began working together and SMI is well on track for their target ‘Triple 20’, having achieved in excess of 10% annual growth, through the focus of the ambitious and committed director team supported by Roffe Swayne’s financial expertise.