Getting finance functioning

 

           Bridging Finance at ITN

 

ITN is a major news and content provider owned by a consortium including ITV, United Business Media, Daily Mail and General Trust and Thomson Reuters. Today ITN produces content for ITV, Channel 4 and More4 as well as the leading UK mobile phone operators, YouTube, MSN Telegraph Media Group Yahoo and countless film producers and researchers worldwide.

CEO John Hardie arrived from Disney in July 2009 and quickly recognised he needed more from ITN’s Finance function. A process to find a new permanent FD was set in train but inevitably this would take time. ITN couldn’t just sit on its hands faced with several challenges including the demise of Setanta, an important customer.

Hardie opted for Everymind’s Interim Finance Team to bridge the gap. “I recognised the challenge of juggling the day to day and a number of commercial issues while also pushing through change was likely to be beyond any one individual in the short-term,” comments Hardie. “The Everymind option ensured high calibre, senior people dedicated to working with me and the business through a potentially turbulent transition.”

Progress has been excellent. A new three year plan has been devised and approved. The Finance team has been reorganised and strengthened with some new hires. A new full-time FD can look forward to inheriting an effective, efficient function when they take office in the New Year.

 

In demand, in control at Ideal Standard

 

Ideal Standard is a carve-out of the non-US bathroom and kitchens businesses from American Standard. The new entity is a LBO financed by Bain Capital.

 

Carve-outs are difficult transactions to manage from an organizational perspective. Significant head office functions are left behind and need to be replaced and re-built. Head Office finance was one such function that needed to be re-built within Ideal Standard.

 

Simon Hill and David Packford have spent much of 2008 advising Ideal Standard’s new CFO and former regional finance department in Brussels on how to address the challenges of building a Head Office finance function to address the needs of its private equity shareholders and consortium of acquisition finance providers – whilst at the same time getting to grips with the financial management of a large multi-national manufacturing business in their new capacity. The challenging economic environment of the final quarter has only increased the pressure on the finance group.

 

New hires, the clarification of roles and responsibilities and a considerable amount of day to day coaching from experienced practitioners have helped the team rise to those challenges far quicker than they would otherwise have been able to.

Rebuilding finance at Research Now

 

As a result of a desperately sad personal tragedy in January 2007, the finance function of this AIM listed online data collection business was badly affected. The acquisition of a sizeable Canadian business and the considerable organic growth rate of the core business placed substantial demands on the Group’s finance function straining it considerably - especially in the aftermath of such an incident.  David Packford became the interim Group CFO and spent the rest of 2007 helping to re-build the department in the UK and internationally, integrating the Canadian business and satisfying the needs of lending banks and shareholders pending the recruitment of his successor.

 

We are pleased to say that a new CFO was recruited in late 2007 to replace David and Research Now continues its successful, profitable growth curve.

Growth and glory at Thunderhead

Thunderhead is a high growth software business with big ambitions and a blue chip financial services client base. Recently it won the Deloitte Fast 50, Deloitte 500, Tech Track and in Glen Manchester, its CEO, has the current CBI Entrepreneur of the year. Behind the scenes, Everymind’s Carolyn Bresh has helped underpin these achievements by running Finance for the two years leading up to this exceptional level of recognition. Back in 2007, Glen Manchester moved to ensure the company’s financial management was in shape to support what he knew would be an unprecedented growth spurt for the business.

 

After a brief diagnostic project, Carolyn got more closely involved. In short order, the business benefited from a sound budget in line with its strategy, improved cash position and better support for decision making through insightful, timely management information.  Carolyn has gone on to improve processes in Finance, HR and Administration.  Her contribution in terms of cost savings and tax planning amounts to ca. £10million.

 

The business is in good shape, poised for further international expansion and who knows, further awards.

Planning and implementing strategy

Strategic planning at Sony Ericsson

Sony Ericsson designs, manufactures and sells mobile phones worldwide. The executive team asked Everymind to work with the in-house strategy group in developing the global corporate strategy.  Malcolm Locke quickly became a critical member of the Sony Ericsson team providing continued support over a period of 4 years.  In this role he helped develop communicate and implement strategy. Work included business and market analysis, assessment of strategic choices, programme management, workshop facilitation, and support to the executive management.  Sony Ericsson grew revenues to $13bn by 2007 and achieved its goal of being a top 3 player by 2008.

Facilitating planning at Mira Showers

Mira Showers is a £100m+ subsidiary of the Kohler Group. The new Managing Director and the Finance Director wanted to quickly develop a new strategic plan and involve the 40 most senior managers in the process. Everymind designed and facilitated a programme that included a series of structured workshops, supported by analysis and collective decision-making. Everymind led the programme from start to finish, designing and facilitating the workshops, directing the analysis and guiding decision-making. The result was a clear and comprehensive 5 year plan that the board could approve and the staff could understand.

Helping MTL's Board manage the strategic plan

MTL is a process instruments group with turnover of £85m+. The Board of Directors wanted a better process for reviewing, updating and communicating the corporate strategy during a period when they were preparing the business for a trade sale. Everymind established strategy mapping as the ideal tool for the purpose. We ran workshops with the Board to get them working with the technique and supported their communication programme. The business was successfully sold in 2008 to Cooper Industries.

Process & performance improvement

Customer service excellence at Fidelity International

Fidelity International is a leading financial services group with operations across Europe and Asia. The business wanted to raise its game in customer service by improving the speed, efficiency and quality of its customer interactions. Everymind's process mapping methodology helped them to quickly identify and prioritise improvement areas. Everymind then worked alongside the management team and staff to design and implement a comprehensive change programme that delivered the desired level of service.

Improving operations and management information at Harris Interactive

Harris Interactive is a market research firm with turnover of £25m+. The management team needed help to improve operations that were being stretched by rapid growth. Everymind re-designed and standardised business processes and led the necessary initiatives to embed the changes and realize efficiency gains. Management information systems were also improved to support future decision-making and operational improvements.

Measuring business performance at MPS

MPS is a mutual organisation providing indemnity cover for health professionals. The Finance Director wanted a better way to track performance of the business. Everymind designed and implemented a balanced scorecard to enable the management team to track both financial and non-financial performance of the business and to confirm priorities and compel progress in operational improvements.

People & management effectiveness

Shaping Tesco Mobile operations
into a performing team

Tesco Mobile is a mobile phone joint venture between Tesco and O2. The operations management team of the new JV wanted help in developing the operations plan and, at the same time, shaping themselves into a cohesive team. Everymind designed and ran a programme of workshops that helped them work better together, put-in place an action plan for achieving operational excellence, and gain buy-in from the wider organisation.

Developing the management team at Timber World to support growth

Timber World is a £100m turnover timber merchant with depots across the UK. Everymind is working with the second tier of management to help them better support the two-man executive team in growing the businesses. Individual development programmes were established for each manager based on personal effectiveness and business skill requirements. One-on-one and group coaching is helping them step-up their contribution.

Optimising the MBO team at Change

The Change Recruitment Group completed a management buy-out in December 2006. Everymind was brought in to get the MBO team working effectively and help them shape their strategy. This involved use of individual coaching and team workshops supported by use of psychometric tools such as Myers-Briggs. As a result the team were able to understand each others preferred management style, establish optimum ways of working together and gain consensus on differences that had been a potential risk to the deal.