Fast Growth, No Controls - How a Fractional CFO Gave a Civil Engineering Business a Solid Foundation
A Fractional CFO helped a rapidly growing civil engineering business strengthen financial controls.
Civil engineering business, four years trading
Maple Tree had won multi-million pound contracts on the back of its owner's industry reputation. Four years in, it had no office, no premises, no warehouse, and financial controls that weren't keeping pace with the growth. The bank was getting nervous, and so was the owner.
In his own words: if he didn't get hold of the finances soon, the business could be in trouble quickly.
The challenge
The business was growing faster than the infrastructure around it. There was no shortage of work, but what was missing was the financial structure to manage it safely. Cash flow was tightening, controls were inadequate, and the reporting in place wasn't giving the owner or the bank enough visibility.
The owner knew his industry inside out, but finance was a different matter.
The approach
A Fractional CFO with a background in civil engineering, joined on a six-day-a-month engagement. The focus was practical from day one; putting in systems, monthly board meetings, and building a set of KPIs the owner could actually use, including on his phone.
The bank's confidence improved once proper controls were visible. Credit limits were raised, and the reporting that had been missing was now in place and working.
The outcomes
- Financial controls and systems were introduced across the business
- Monthly board meetings and management reporting established
- KPIs were built around how the owner actually runs the business
- Banking relationship was strengthened, with limits increased
- Business continues to grow with the right infrastructure in place
The impact
The business is still growing at pace, but the finances are no longer trying to keep up. The controls, reporting and experience are there now, and the owner can focus on winning work rather than worrying about whether the numbers stack up.
That's what a six-day-a-month engagement looks like when it's working properly.
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Frequently asked questions
Common questions about fractional services and how they work
What’s a CFO, and what do they do?
A Chief Financial Officer or a Financial Director (FD) is responsible for the entire financial function within a business or organisation. Often referred to as a CEO’s righthand man/woman, they are always looking into the future and driving the business forward.
What’s the benefit to a fractional CFO, and how do I know if I need a FT or PT one?
It is recognised that 99% of businesses in the UK with a turnover below £50m, do not require a full-time Finance Director to achieve their strategic goals. Often full time CFO’s within these businesses find themselves doing non-CFO work (finance control work, IT, HR). This is hugely costly to the business. A fractional CFO allows a business or organisation maximum benefits to a business without the costs of a full time CFO. It’s a very cost-efficient way of accessing a superstar CFO without the full time cost. The savings to a business can be enormous (>£100k pa) If you think hiring a superstar fraction CFO is expensive, try hiring an average full time and seeing the value difference…
What’s the difference between a fractional, part-time CFO, interim, external, outsourced FD?
They’re all the same!
When should a company hire a fractional CFO? How do I know if we’re ready?
As soon as possible! We help businesses at all stages, whether that’s a pre-revenue startup, rapid growth, scaling up, cash-flow issues, to successful exit. We have highly successful CFO’s who have stellar backgrounds at all these stages waiting to help.
Can they help raise significant funding and or investment for the business?
Yes, they have a unique approach around building a proposition for a funder and taking the funding project right through to conclusion.
Can a fractional CFO help with scaling?
Yes, they will be advising on every element of the business that can be strengthened to grow the business.
Can a fractional CFO help with exiting/sale?
Yes, typically a CFO will stay with the business right through the whole process, concluding when the money is in the back. To ensure continuity they can also stay on under the new ownership.
Will the CFO’s be qualified?
Yes.
Do they work remotely or in our offices?
They can be flexible as to your needs, working either in the offices or at home or a combination of both.
Do they typically attend board meetings?
Yes, they usually attend, and quite often chair or lead the meeting.
Can a CFO help bring AI automation into the finance team/throughout the business?
Yes, our leaders will be working to ensure the most efficient technology systems are running throughout the business.
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