Team Performance Turnaround Finance Function Transformation Case Study
The owner approached Emerson Nash because he was worried about his Finance and Admin team’s ability to manage cashflow and support the continued growth of the business. There had been some nasty surprises for the business. Staff were frequently leaving from this team (attrition rate 30%+) causing further problems and cost relating to recruitment, training and loss of knowledge.
The business had outgrown the skills and structure of the team charged with managing and controlling the business.
THE PURPOSE OF THE PROJECT
To understand what skills and experiences were needed to support the business and then to bring those skills into the business, either by training or recruitment.
To reorganise the team and provide longer term stability so the business could continue growing without ongoing problems and surprises.
Emerson Nash worked with the team for 5 months and we:
- Appraised the current team as to their skills, experience, attitudes, and approaches to problems
- Started a coaching & mentoring programme for the team members
- Provided clear responsibilities and accountabilities to each staff member, with follow up meetings to drive actions agreed
- Replaced the under-performing Finance Director. The business was very loyal to its staff and this was difficult decision for the owner to make. It proved to be a critical step in driving through the required change
- Recruited several high skilled staff to bring into the team
- Provided coaching support for the new Finance Director
Emerson Nash started the team’s step-change in performance, and this work was continued by the new Finance Director. The standard of the team’s outputs increased significantly, as well as did visibility of the business’ position and performance. The team also improved how they interacted with the operational teams across the business, leading to benefits throughout the company.
The improvement in the Finance and Admin team gave a lot of confidence to both the business owner and wider business to resume their growth targets of 20%+ during the following year.
The team were happier as evidenced by the large reduction in staff turnover: Attrition reduced to below 10%, which reduced recruitment and training costs as well as improved team working.
The investment into sorting out the Finance and Admin team resulted in this team adding to the results of the business – improved project performance, larger projects, more cash in the bank rather than being seen as part of overheads.
About the Business
- The business had been growing at over 20% per annum for over 5 years and was becoming more complex
- The Finance and Admin team was a 10-person team providing all the finance, admin, project management and other support functions to a 100-person business
[The client name has not been disclosed due to the sensitive nature of this project]