Filling in the gaps - Facilitating growth with an outsourced finance function - PAGES - Flipbook - Page 4
4 | Facilitating growth with an outsourced 昀椀nance function
SECTION 1:
IDENTIFYING THE GAPS
The demands of running a business have always been high, but in
today’s economy, the pressures and complexities are greater than
ever. From navigating changing 昀椀scal policies, tax changes and
regulatory requirements, to responding to geopolitical shifts. Staying
on top of business 昀椀nances has never been more di昀케cult, or more
important.
TACKLING THE CORE CHALLENGES:
of business leaders say 昀椀nancial management
and budgeting are their biggest distractions
from core leadership responsibilities
cite HR and recruitment as their major
distraction
As a business grows, there inevitably comes a point when the
management team needs to expand and leaders are faced with
major decisions about who to bring in, and into which roles. This is
particularly true during periods of rapid growth, which many SMEs
experience early in their business lifecycle. At this stage, pressure
points often emerge due to a lack of both people and time, leading to
reduced productivity and strain on leadership.
At this stage, every hiring decision is critical. But knowing who to
recruit, whether that’s a Finance Director, a Bookkeeper or another
role, is not easy and the choices made can have a huge impact on
business culture and operational success. In the meantime, business
owners often 昀椀nd themselves increasingly squeezed, sometimes taking
on multiple roles – from 昀椀nancial management to product development
to HR – all of which can have a huge impact on internal capacity and
potential business growth.
If this sounds familiar, you’re not alone. Menzies recently polled
over 500 business leaders as part of its Greatest Leap report, which
examined the biggest challenges businesses face when attempting to
scale. Not surprisingly, the “people problem” stood out: almost one in
three leaders (32%) reported di昀케culty in building a competent senior
management team to help them grow. Furthermore, nearly one in 昀椀ve
(18%) said that HR and recruitment was their biggest distraction from
strategic decision making.
