Process debt is destroying valuations. Not because businesses are badly run, but because they've never stopped to ask: "How would a buyer see this?" Process debt is the operational equivalent of financial debt - the accumulation of shortcuts, workarounds, and legacy decisions that once made sense but now hold the business back. It's invisible until someone buys your business. Then it becomes very visible. And very [...]
Credibility, clarity, and control - not just more spreadsheets. That's what a fractional CFO brings. And in 2026's cautious investment environment, the moment businesses need that higher level of financial discipline is arriving earlier and more abruptly than most owners expect. Here are the five signals that the time is right. 1. You need to be diligence-ready long before a sale or fundraise Diligence-ready companies can [...]
After 30 years working with mid-market businesses, I can spot the process debt that really matters. Not because businesses are poorly run. Because growth has exposed operational weaknesses, which they've not had time to address. Revenue is growing, in some cases fast. Profit is healthy. The team has expanded. Operations are getting more complex. And everything feels fragile. Half the processes only work because one person [...]
We're approaching mid-year. Most businesses will schedule formal reviews after the summer break. That's too late. Here's what I've learnt over 30 years as CFO and CEO: The businesses that thrive don't wait for formal mid-year reviews. They continuously test assumptions, identify what's working, and course-correct whilst time remains. Your January budget was built on assumptions. Customer behaviour. Market conditions. Cost pressures. Capacity. Timing. The first [...]
I've been watching Dragons' Den on catch-up recently. A great way to decompress in the evening after a busy day's work. But one pattern is impossible to miss: the pitch isn't just the product - it's the numbers. When entrepreneurs are confident in their figures and can explain them clearly, the Dragons lean in. When they hesitate on basics - sales, margins, customer numbers, unit economics [...]
Budgets were agreed late last year. Revenue targets were set, costs modelled, hiring decisions planned and cash flow forecasted. At the time, the assumptions were sensible and based on the best information available. However, forecasts built in November are based on expectation. By early March, you have some evidence. In many businesses, those two are no longer perfectly aligned. By now, most SMEs have two months [...]
Revenue growing strongly. Profit healthy. Cash getting tighter. This is the working capital trap, and it kills more businesses than poor profitability ever will. Why Profitable Businesses Run Out of Cash Strong sales growth. Good margins. Healthy P&L. Then suddenly the bank calls about the overdraft, suppliers are chasing payment, and payroll looks uncomfortably tight. What happened? Growth consumed cash faster than profit generated it. Working [...]
Private equity investors see hundreds of opportunities every year. Most don't progress beyond initial discussions, not because the business model is poor, but because the financial infrastructure isn't investor-ready. Last year, I worked with a CEO navigating their first experience with PE backing. Their testimonial tells the story, but behind those results is a lesson every ambitious business owner should understand: PE readiness isn't just about [...]
Amongst all the Budget changes, one stood out as genuinely positive: a significant expansion of the Enterprise Management Incentive (EMI) scheme, effective from April 2026. For growing businesses competing for talent, this could be a game-changer. What makes EMI schemes powerful: 🔵 Employees pay Capital Gains Tax (not income tax) on gains - potentially saving over 20% in tax for higher earners 🔵 Companies can reward [...]
According to McKinsey & Company, only 1 in 5 companies believe they have a high-quality strategy. More strikingly, the performance gap between those with and without one has more than doubled over the past 20 years. If you're among the 80% who feel your strategy could be stronger, you're not alone, but you're also leaving serious money on the table. There's a steep curve between the [...]
