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My Financepartner helps growing businesses to embrace change
Ruby Parmar, head of private business at PwC in Milton Keynes and the South Midlands, looks at the challenges facing businesses as they grow and reveals the new service from PwC designed to help companies tackle them.
THEY MAKE up over a quarter of economic output, but family businesses are often overlooked and underrated.
However, PwC’s latest study of UK family businesses shows the sector has emerged from the recession dynamic and resilient, with nearly three quarters seeing growth in the last year and 90% looking to expand.
The wider workplace is changing and it is important for family businesses to embrace this change. Tremendous forces are radically reshaping the world of work as we know it. Disruptive innovations are creating new industries and business models and destroying old ones.
New technologies, data analytics and social networks are having a huge impact on how we communicate, collaborate and work. Many of the roles and job titles of tomorrow will be ones we have not even thought of yet.
PwC recognises these challenges and has launched My Financepartner, a new accounting service that specifically helps small and medium-sized businesses get the professional support and financial insight they need to secure future growth.
The service has been designed specifically for smaller businesses, funded start-ups and more established companies and is particularly relevant for family businesses that are on a rapid growth trajectory.
It offers a qualified, commercially focused accountant - a Financepartner - who meets with them regularly to act as mentor and adviser.
By giving businesses a new way to engage with accountants, PwC’s My Financepartner service frees up time so they can focus more on growing their business.
According to PwC’s 2014 Family Business Survey, two thirds of family businesses are apprehensive about their ability to recruit skilled staff in the next 12 months and 61% see retaining skills and talent as a key issue over the next five years.
By thinking about where they are heading and their value propositions, businesses can reverse this statistic.
By 2025, it is thought that millennials will account for at least 50pc of employees so it is important that family businesses acknowledge this shift, make the most of the opportunity and ensure both the business strategy and corporate culture is right for them.
The millennial generation was born into a highly technological world. They have high values, expect variety, want regular feedback and rapid career progression. Firms need to attract, retain, engage and manage this new generation of employees by being agile, flexible and technologically savvy.
The ability for firms to plan for the long term is a big advantage as it ensures they have the right people, with the right skills in the right places to realise evolving goals.
Think too much in the short term and businesses may find themselves on the back foot, unable to catch up with sudden shifts in the marketplace.
ULTIMATELY, the most successful businesses will be those that recognise that long-term survival and success will depend on their willingness to adapt faster, innovate earlier, and become more professional in the way they run their operations.
Through My Financepartner, companies can get better insight into the business through powerful management information that can work seamlessly with existing accounting software.
There’s a secure cloud based accounts solution available as part of the package - if businesses need it - and a telephone and web support centre to provide accounts assistance when it’s needed.
In addition, many growth businesses are finding that they need a much more flexible model for accounting that can grow with them as their business evolves.
This is where My Financepartner can help – it gives businesses access to accounting support they need when they need it and sophisticated management information which will deliver the necessary insight for planning for future growth.
For more information about My Financepartner, contact Chris Ward on 01908 353289 or e-mail firstname.lastname@example.org
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