Organising Finance to Succeed
ECI invested in this fast-growing Telecomms business in early 2011. A new CFO, arrived shortly afterwards charged with supporting the business’ acquisition strategy and delivering more profitability through smart business analytics. The finance function inherited had done a sterling job on ‘the basics’ but now needed to raise its game.
David and Simon assessed stakeholder demands on the Finance function and then worked with the team itself to develop a picture of the current situation and the desired future. It also involved a review of the existing monthly management reporting timetable, identification of road blocks and process inefficiencies and a plan to deliver monthly reporting in line with ECI requirements. The review delivered a road map and plan for closing the gaps. Changes were made immediately to reflect a new recommended structure designed to give adequate focus to planning and analysis.
“Everymind’s approach stood out at the pitch. I knew I’d be working with two experienced FDs that could empathise directly with the challenges we faced. David and Simon’s experience and external perspective got straight to the heart of our issues in a way couldn’t have matched left to our own devices. The result is a clear plan which we are now working through."
Neil Conaghan, CFO, XLN Telecom
Responding to New PE Demands
Following an investment by Octopus, it quickly became clear that the capable CFO was stretched too thinly. He was struggling to run the business with the CEO and effect change in parallel. Octopus asked Everymind to work with the CFO to accelerate improvements and ensure that Octopus had the right visibility at Board level of progress.
David and Carolyn worked together with the CFO to deliver a two week diagnostic of the Finance function. This involved an assessment of the Finance team and recommendations for changing the structure of the team and assistance with recruitment. It also involved a review of the existing monthly management reporting timetable, identification of road blocks and process inefficiencies and a plan to deliver monthly reporting in line with Octopus requirements. The accelerated timetable was adhered to the following month.
“David and Carolyn have been a valuable support to me when I was spread too thinly. They provided good ideas around the structure of the team and supported the need to strengthen the Finance function. They helped streamline the monthly reporting process as well. I would have got there in the end but they clarified things in just two weeks."
Justin Phillips, CFO, OpEx Group
Seizing control of Finance for New Leadership Team
Octopus were so dissatisfied with the business performance of this £25m destination media specialist that they decided to part company with the senior executive team, including the CEO and CFO. Having lined up a new CEO they turned to Everymind to come in at short notice to become Interim CFO.
Everymind held the reins for a relatively short but highly intensive six week period during which additional finance for the business was secured. The focus during this period was very much on short term cash management including setting up daily and weekly cash forecasting. At the same time the financing requirements of the business were assessed which identified the need for additional financing above and beyond that originally contemplated.
“Everymind quickly got to grips with the cash situation at Brandspace and within weeks we had finalised the additional financing the business required – far sooner and with much greater confidence than we would otherwise have achieved”
Julian Spooner, Chairman, Brandspace
Fixing Key Processes to Release Cash
The new CFO of this privately owned £100m care homes business identified underlying issues in the billing and payroll systems which were contributing to delays in cash collections and unnecessarily high finance function headcount.
Everymind were appointed to diagnose the underlying causes of the problems being encountered in these two key business processes – billing and payroll. Detailed process mapping was conducted in each of these areas which quickly isolated the reasons for the problems that were being encountered and an action plan for resolving the issues was put to the Board within four weeks.
“As the new CFO I had a full agenda focused on business issues and I did not have the time personally to be able to devote to tackling these key business processes. Everymind brought experience and structure to the project and moved very fast in identifying the root causes of the problems and providing me with clear, practical recommendations for resolving them.”
Peter Hill, CFO, Caring Homes
European Shared Service Centre - Back on Track
One of the top 10 private companies in the world and a household name in bathroom products had embarked on the set up and transition to a European Shared Service Centre (ESSC). Progress was slow and painful. Processes were deteriorating rather than improving. Year end was looming and Corporate HQ feared audit issues.
Carolyn provided urgent hands-on help to reset the transition plan, hire staff to strengthen the team, reenergize the team, put in place standardised processes (P2P, O2C & R2R) and establish procedures to ensure that all balance sheet accounts were reconciled pre year end . After providing short tem fixes, she has gone on to improve processes across the ESSC and effectively manage the ESSC for the European FD, ahead of a permanent hire. Her contribution ensured the ESSC rebuilt credibility with the business and successfully got through the 2010 year end audit with no significant issues.
"Carolyn has been a firm hand on the tiller just when we needed it. Without her help the year end would have been challenging. I would have lost staff and we would have struggled to gain credibility with our customers. She has worked with me to put the ESSC back on track."
Richard Hastings, European FD, Kohler
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. Everymind quickly became an extension 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.
