What challenges were you facing in your role as CFO?

I was brought in on the request of the bank who weren’t getting the information they needed in order to get a good understanding of the business.

I was brought in at a time where there was quite a complex restructuring going on, as well as quite an aggressive growth strategy which required some significant bank support.

The numbers didn’t make a lot of sense. The business owners believed a certain thing, but the numbers didn’t reflect what they thought was their reality, and they couldn’t convey their ambitions to the bank. So there were quite a series of challenges.

At what stage did you introduce YRH Finance Team?

The Finance Manager who left had been a full-time employee. So the initial reaction from the owners was that they needed another full-time employee. Whereas I took a different approach. After assessing what was required, I didn’t feel that was needed.

I knew we needed someone very good, but that they could probably do it in less than five days. Which is why I was confident in recommending the YRH Finance solution to the owners.

YRH provides support three days a week, sometimes four, but is about 10 times more effective than they had in place previously, and is far more efficient, completing the work in probably two thirds of the time. Therefore this is a much more cost effective solution for the business. So it has absolutely been a win-win all round.

Describe the difference bringing in YRH made

I needed someone to come in who could bring in some best practises. The procedures that were in place were very inefficient, very cumbersome, and I needed someone to roll their sleeves up and to look at how they did things. The difference they have made has been immeasurable and invaluable.

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