Why should a successful business with its own finance department use external business advisors?
As any thriving business will concede the secret of its success lies in meticulous, strategic planning. To ensure they get the best advice to develop a strategy that is right for their business, small and medium sized companies, like David Collins Studio turn to external business advisors, including chartered accountants.
Chartered accountants make great advisors because unlike the internal finance department they are less involved in a company’s day to day financial affairs. This allows them to take a more holistic view of the business and its aims. Working in collaboration with the finance department chartered accountants are business advisors who can help interpret the company’s financial data into meaningful and actionable business intelligence.
“We wanted to surround ourselves with inspiring people”
David Collins Studio, started thirty years ago by talented architect David Collins and business and economics graduate Iain Watson, creates luxury interior designs for both residential and commercial clients all over the world. Fifteen years ago they were at a crucial point in their growth and considering overseas expansion when they were introduced to Warrener Stewart. As Iain recalls, “Warrener Stewart suited us since they were small enough to ensure that we would receive personal attention.”
That personal attention came from Colin Edney who for the last fifteen years has been challenging Iain and his financial team to look beyond the numbers on their balance sheet. “Colin is brilliant at encouraging us to analyse and drill down to get a more thorough view of the business,” comments Iain. “He completely understands the environment we work in; as a result of his involvement we have learnt to delve deeper and to carefully consider our margins and how to manage and service ongoing client relationships.”
“It’s good to step back from the business”
By turning to an external advisor for business advice David Collins Studio has continued expand. Warrener Stewart has been instrumental in assisting them with their business planning and providing a sounding board for future business strategy. Throughout their fifteen year relationship Colin has regularly met with Iain and his financial team to discuss best business practice and take time to plan for the future. “Since we are so involved in the day to day business meeting Colin regularly provides us with a fantastic business barometer since he has a completely independent view of the business.”
“Meeting Warrener Stewart was a key turning point for us; Colin encouraged us to drill down and really examine the business, to gain an understanding of the true value that David Collins Studio brings to its own clients.”
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