Manufacturing SME Start-Up
In addition to designing financial, accounting, and business plans for a newly formed start up, the support provided by the Chartered Accountants Ireland Interim Managers’ expert solidified the financial credibility in the eyes of suppliers and bankers.
Problem:
The original business overextended itself, and ceased trading.
A small group of people from the original company decided to start a new business to take advantage of the unsatisfied demand vacated by the closed business.
The team had prospects, and sales and manufacturing expertise but lacked financial and administration expertise.
Solution:
Expert from Chartered Accountants Ireland Interim Managers joined as a non-executive director providing part-time finance and administration expertise as well as financial credibility with bankers, suppliers, and creditors.
Action:
- Full financial plan with five-year plan prepared to demonstrate the viability of the business
- The Chartered Accountants Ireland Interim Managers expert secured a substantial line of credit invoice discounting providers for the new business.
- Favourable supplier credit terms were negotiated by the Chartered Accountants Ireland Interim Managers expert.
- Favourable terms secured on a lease of premises, credit insurance, and other issues that emerge starting a business.
- Bookkeeper recruited and trained.
- A system designed for outputting reports extracting the costs and revenues for each custom manufacturing project.
Results:
At the end of the first year, the company was profitable and running smoothly, the involvement of Chartered Accountants Ireland Interim Managers expert ended happily.
In addition to designing financial, accounting, and business plans for a newly formed start up, the support provided by the Chartered Accountants Ireland Interim Managers expert solidified the financial credibility in the eyes of suppliers and bankers.
