Project Description

Manufacturing Company - CAIM

Manufacturing Company – Poor Financial Systems

The Company operates in a tough market; an overall lack of measurement and accountability in the business contributes to high labour cost and low productivity.

Problem:

  • Poor financial systems – lack of measurement & accountability
  • High labour cost
  • Low productivity

Business owner required an experienced part-time Financial Controller with the ability to relate to all levels in the organisation as well as their auditors, tax and corporate finance advisers. A strong background required in manufacturing / operations & HR processes was important.

Solution:
The Interim Manager (IM) worked 1 day per week, generally at the client site with some additional support from time-to-time as required.

Action:

The IM:

  • worked closely with the in-house accountant to prepare timely monthly management accounts
  • produced summary of management report/financial analysis for monthly management reporting pack
  • developed daily dashboard to focus on relevant KPI’s and metrics
  • negotiated with Enterprise Ireland to extend lapsed Lean Start grant which resulted in efficiencies and improved plant lay-out
  • reviewed HR structures and implemented a performance appraisal process.
  • conducted a tax review which discovered miscalculation of capital allowances resulting in tax savings which outweighed cost of annual audit.

Results:

  • Labour efficiency on the factory floor was improved by 13%.
  • GP margin increased by 2%.
  • Absentee rates significantly reduced.
  • Suite of metrics available for CEO, which helps him to feel in control of the business and less stressed.
  • The IM is available at any time to give follow-on advice on a confidential basis.

Duration:
The IM works 1 day per week, generally at the client site with some additional support from time to time as required.