Business advisory is one of those terms that gets thrown around a lot, but what does it actually mean and how can it make a difference to your business? Drew and Joe sit down to chat about what advisory services can do and how Nephos use the latest financial apps and technology.
You can watch the interview below, or read on and find out more.
Drew, what’s your background and why did you choose to join Nephos?
My background is from industry – I worked in the largest agricultural firm in the UK. My role was both a management accountant and finance business partner, and I was advising a business segment that turned over £100 million a year. My role was just to advise and to try and add value to that business segment.
What brought me to Nephos was the apps and technology we use. It's a really forward-thinking business, but also, I could see that the team really care about the clients and try and help them grow. I thought that with the skills that I've gained in my old role, I can apply this to small and medium businesses (SMEs) and help them grow as well.
How can you transfer those skills, working with big business, to helping SMEs grow?
At the end of the day, it's all about data analysis and knowing your numbers. It's just about delving into the data, feeding back what’s valuable to your stakeholders. It's not so much about the size of the business, it's just the quantity of transactions then that differs. Regardless of the size of the business, you need to know your own data from the bottom up – that’s something I feel I can really help businesses with.
What does business advisory mean to you?
Business advisory is more than just helping clients understand the figures – it’s assisting them with growth. You need to build that relationship – a real personal relationship – and understand your client's business to really be able to help them. I feel that I’m a personal finance business partner to each of my clients.
Why do you feel that a business should invest in business advisory?
It’s an investment because it's going to help your business grow. We delve into the data for you, analyse your numbers and provide high level analysis to you. For example, you could have various sales categories and we'd identify what your best sales are, what your highest margins per product are, what costs are necessary, what’s unnecessary. So if you've got a marketing spend there that's attributed more sales, we could analyse that for you, and feed back in a way that will help you make any changes you need.
In short we delve into your financials, then we feed the useful information back to you.
“I’m a business owner, I know my business best – why should I pay a company like yours?”
We don't want to know your business better than you. We want to understand every business that we sit in front of – if we understand as much as we can about that business, we can help you make those informed decisions. The more we know, the more we can support and the more we can advise with our financial expertise.
Business owners are fantastic at what they do, so they should spend their time in the business focusing on growth, and we can then provide you with useful, actionable financial information.
Joe, what's your background and what from that background do you think you could bring to SMEs?
My background is similar to Drew's. I started working in industry, working my way up in management accounting, and in finance departments. My financial reports required understanding of the business and data analysis. I frequently presented that information back to the owner, directors or sales managers.
For me though, there's a second element to it – I've got a very entrepreneurial mindset and a very entrepreneurial spirit. And the one thing that I love most is seeing business success stories and to be part of a business success story is just perfect for me. So I think I've got two strengths in that area – I know my numbers, I know what I'm looking for, and I know what analysis of data can do to help your business, but on the flip side, I'm hugely entrepreneurial and passionate and driven that I think that adds another dimension to the business owner as well.
What do you think Nephos offers that other accounting firms don't?
The term business advisory and the term management accounting is often spouted around in this industry. Firms think that they're offering business advisory by simply sending a profit and loss out from Xero. Some firms will go a bit further and maybe send a cashflow report. But for us, what we are trying to do is add much more value than that.
Firstly, we want to understand the business, this is true for every business we talk to. We try and understand their strategy and go along that journey of growth with them. We analyse the granular data behind their busines. Secondly, we are experienced management accountants, we're experienced in data analytics and provide useful commentary, that really is important. We give detailed analysis and commentary to every set of accounts that we send out. And finally, I think our passion and our drive to succeed and that entrepreneurial spirit just sets us aside from the rest.
Get a free consultation
We are offering a free one-hour consultation where we can discuss your business concerns and provide vital insight. These meetings can include, but are not limited to:
- Strategic advice
- Budgets and forecasting
- Data analysis
- Financial modelling
- Cash flow queries
- Further details on how we can help you grow
To find out more and arrange an appointment, contact Drew Norcup, our advisory specialist, by emailing email@example.com or by calling 07376 784847. Alternatively, call our main office on 01242 260590.