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Head of Commercial Finance supporting documentation & Achievements
1. Key Responsibilities:
Financial Strategy Development
Defining the commercial financial strategy for the business which will feature prominently to
set strategic priorities and give clear strategic direction. Define and develop the commercial
financial business model and provide full financial justification for strategic decisions.
Financial Leadership
Leading the commercial financial agenda of the business by defining the overall financial
business model and putting in robust financial frameworks to deliver the necessary controls,
financing and capital investments to meet overall strategic and organisational objectives.
Financial Performance
Managing financial performance to meet targets, organisational objectives and stakeholder
interests. Working with the Executive Board demonstrating whether performance expectations
have been met and steering the business through troubled-times and influencing the whole
future financial direction of organisations. Financial performance and outlook will therefore
dictate future direction by considering strategic alternatives like focusing on progressive
growth; aggressive expansion; retrenchment/cost-cutting; refinancing/stability measures.
Financial Risk Management
Guardian of risk governance, evaluating and managing risk exposure to different business,
market/competition and financial risk factors.
Financial Frameworks & Working Capital Management
Develop the necessary financial frameworks to implement financial business strategy, improve
organisational capabilities and deliver on financial performance targets/KPIs/metrics.
Develop Working Capital Frameworks to enhance the required decision-support infrastructure
using effective creditor analysis, integrated cash forecasting and stock reporting to take
informed financial decisions. Implementing effective financial controls, budget
management and process improvement measures to ensure fit for purpose financial &
business operations and to optimise the liquidity of the business.
Commercial Finance Acumen
Establish a high level of credibility demonstrating different facets of strengths contributing to
the overall financial success of the business as a strategist enabling growth, an operator
challenging processes and introducing new principles of working, an ambassador of change
and a guardian of profit.
2. Financial & Business Best Practice and Compliance
Demonstrate an understanding of the wider financial landscape of the business influencing the
executive board by delivering fully compliant financial operations, financial & non-financial
metrics and reporting.
Wider Stakeholder Engagement
Influence key executive decision-makers at the highest level presenting business cases and
investment opportunities / decisions and collaboratively, cross functionally overlapping
financial decision-making with other strategic functions like marketing, sales, customer
services, operations, human resources to integrate the wider business strategy with a ‘make it
happen attitude’. Facilitate stakeholder engagement across all departments, across all levels
removing any departmental silo mentality, demystifying finance and creating a comradery
between departments to achieve the organisational goals to ultimately achieve the targeted
trading profit.
Achievements:
Developed product, customer and publication net profitability models
presenting analysis to key executives to make informed decision to improve
profitability by re-engineering products / ranges and retaining more profitable
customers and de-selecting loss makers from distribution.
Reduced customer credit reject rates due to insufficient credit strength to buy
and improving sales by £12m relaxing unnecessary stringent credit strategies
introducing credit worthy new customers and increasing credit limits and open
to but (OTB) on existing customers.
Improved Lost sales by applying new buying principles reducing ‘out of
stock’ items and improving stock availability saving £369k per annum
Reduced customer cancellations by accelerating stock intake on fast moving
products and enriching customer communications to manage expectations on
order satisfaction and delivery fulfilment saving and improving Net sales by
£125k per annum
Project Managed a cross functional team encompassing buying,
merchandising, marketing, warehouse, QC, customer services, couriers and
key suppliers reducing Customer Returns Rate with a plethora of process,
product, packaging, quality & transport improvements saving £3.64m per
annum
3. Successfully improved / reduced carriage costs by £1.4m by improving
stock availability increasing items available to send per parcel (collation
factors) consequently reducing number of parcels sent per order and reducing
parcel delivery costs.
Lead all negotiations surrounding settlement of non-compliance and
unsatisfactory service with suppliers, i.e. late deliveries coupled with credits for
products returned to manufacturer under RTM agreements recovering £1.7m
in year 1 and £3.4m to date. Generating additional supplier income of £730k
per annum with negotiating new and re-negotiating improved rebate &
contribution rates.
Introduced Cost & Performance Management reporting recognising people as
the organisation’s greatest asset, demonstrating the cost of resource coupled
with the valued added volumetrics and activities performed in all departments
developing cost and performance report illustrating the ROI per call, per
collection, per parcel, per pick / pack, per catalogue, per customer and per
product justifying additional resource required or deploying surplus staff.
Reduced stock holding by £7.2m year on year and stock cover by 4 weeks
whilst maintaining stock availability on leading lines.
Rationalised SKU strategy and increased demand per SKU by 15% removing
non-selling / low-selling items and optimizing stocked items storage space.
Reduced wholesale & auction clearance channels by increasing return to
manufacturer agreements recovering 100% of the cost as oppose to recovering
only 20% through wholesale dealers saving £210k per annum
Training & monitoring direct despatch suppliers to ensure the EDI system is
updated when collecting returned products crediting customers more
efficiently and reducing customer credit queries and recovering credit notes
from suppliers
Commercially appraised contractual agreements with all non-merchandise 3rd
parties to ensure all service levels were adequately levied with penalties on
KPI non-conformance issues and performance reviewed and assessed on a
monthly basis recovering any losses incurred and credits issued from suppliers
within 3 working days. Examples include but not exhaustive, courier / haulier
delivery and collection performance, good lost in transit, print & mail
distribution and IT license & maintenance.
Forensically auditing courier / haulier invoices & charges on parcels delivered,
developing & reconciling with internal MI on parcels despatched and
identifying £145k of discrepancies which was challenged and recovered as
recognised overcharges credited over 3 months.
4. Additional achievements include pioneering innovative opportunities to:
Optimise Market Reach
Know the Customers
Know the Customers affordability
Build Great Ranges
Develop Sourcing Strategies
Strengthen Supplier Relationships
Improve Supply Chain
Establish Exemplary Service Levels & Reduce Markdowns
Optimise Working Capital Availability & Deployment
Inventory Management & Control
Cash flow Control & Forecasting
Optimise Operational Efficiency
Accelerate Decision Making & Execution
Strengthen the Team