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Three great points taken from our April finance breakfast

26 May 09:00 by Ewan Rawlings

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Continuing our quarterly tradition, Argyll Scott recently played host to a number of senior finance professionals for a breakfast event. It was a great morning, with lots of insightful discussion around a variety of topics.

Here are three of the key takeaways, which you may find interesting;

 

Braced for Brexit? Bored of Brexit?

So, what do we know about the issue that’s dominated the headlines and political arena for the last year and how prepared are we? Brexit will impact business and the old proverb “fail to prepare, prepare to fail” springs to mind. But how… and here lies the challenge.

Many of our guests agreed that it’s been difficult to see any huge changes, or impact on their business so far. The lingering uncertainty of Brexit makes it impossible to react to, so it’s largely business as usual for now.

There was apprehension towards the wider UK economy, but because the outlook from each company was positive it’s a wonder where this concern comes from!

 

On keeping the team engaged…

One of our guests shared a gem! 

By sending staff to work on long-term projects across other areas of the business, both parties involved grew to have a greater understanding of the other and learnt to work more cohesively. 
This works particularly well in the finance division, where productivity can fall when the job starts to become too routine and isolated.

 

On technical challenges…

Effective forecasting seemed to be a hot topic that effected all in some way. Understanding the drivers, making accurate forecasts, and engaging the right people at the right stage of the process were the main sticking points. 

Discussion focussed around the use of MI, big data, and data analytics in driving the business. It was suggested that modern forecasting technology, coupled with strong organisation around process, and personnel, achieved the highest forms off accuracy and decision making capabilities for the future growth of the business. 

Solutions included the use of SME interims when looking at technology to use/implement. And again, implement changes, and sync with the finance function and wider business.

 

Did any of these resonate with you? Perhaps you know a great way of keeping staff engaged, or your view on the UK economy differs drastically to that of our guests? Keep an eye out for our next event, scheduled for the summer, if you want to have your say. We’re planning something special, so you don’t want to miss it!