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In the first half of the year many companies in the services sector
have been focussing on the front office especially within the following areas; headline growth, new revenue streams, profit contribution, operational and customer service excellence.
In the second half of the year I am expecting a focus on the back
office in particular finance and other high profile projects that require board level sponsorship.
The reason for this is that many companies are waking up after the recession with an over leverage problem that needs to be resolved. As the five year bank facilities that were negotiated in 2006 / 2007 are approaching renewal, paying down existing debt will become the prioity yet again in the service sector.
As most of my regular readers know; I operate as a generalist across all functions and my knowledge of finance is much broader than it is deep. I would be especially interested to hear contributions from any Interim Finance Directors that have experience of refinancing under difficult circumstances and would consider themselves experts at managing cash.
Mark Kitchen is Head of Support Services at Interim Partners.
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