Case Studies

Case Studies

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So what have Essential Finance done so far?  Well here’s an example of the impact we’ve made on a small business already…

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Commercial Drainage Company

1) Assisted with the review of their financial systems culminating in a decision to move away from their current finance software to a bespoke database driven with a financial module.  We worked with the client to implement month end checklists delivering monthly reports (training non qualified personnel to complete all bookkeeping and management reporting tasks.

2) Held quarterly financial review meetings with owner identifying a clear strategy for growth and ensuring implementation – culminating in the introduction of a performance management system (based upon the balanced scorecard methodology) which provides the following benefits to the business :

• Cascades business plan objectives throughout the organisation and into each individuals role
• Provides a basis for recognising and rewarding good performance
• Adds a way of monitoring the businesses performance across all key areas quickly and efficiently

3) Reviewed their personal financial plan and aligned with business projections and targets – culminating in part sale of shareholding to his key team.  This allowed him to reduce his current mortgage commitments as well as provide an investment pot for other business related opportunities which he identified as a personal goal of his.

4) We now operate as their Virtual Finance Director and attend quarterly board meetings at which we discuss the firms overall strategy and opportunities for growth, funding and saving tax.

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Insurance Claims Handling and Repairs Service Provider

1.) The client was a medium sized Insurance Claims Handling and Repairs Service Provider who wanted to improve the management of their Facilities spend and consolidate the supply chain.  The spend was divided across multiple locations as well as a large Head Office location.

Within the supply base there were 20 suppliers and the client wasn’t aware of any details around current specifications, contractual positions and prices.

2.) A comprehensive review was carried out to create the right consolidation strategy,  with the best service provider at the best value for money to gain significant service improvements.

It was clear that we were unable to source a solution until we had developed a specification of requirements and understood the current contractual position and associated costs so we undertook a 2 stage approach:

• Stage 1 – reviewed a number of potential suppliers prior to engaging with a market leading partner to undertake a visit to all locations to develop a service specification.  In the meantime we worked with the existing suppliers to develop an understanding of current contracts/costs
• Stage 2 – Once the solution was finalised, a tender process was initiated with alternative suppliers

3.) A long term agreement with a leading Facilities Management provider was set up.  This solution consolidated the supply chain to 1 service partner and both improved and standardised the service.

• The company saw significant operational improvements from a best in class provider and the supply relationship moved from transactional to one that was strategic in nature.
• From a cost savings perspective the savings to the client were achieved through price reductions and specification optimisation.  In addition there were internal process benefits.
• Finally from a service perspective there was a significant improvement in cost transparency through very relevant and detailed MI reporting.