What is financial management?
Businesses can often be preoccupied with increasing sales, but as the old saying goes, “a penny saved is a penny earned”.
Consequently, it is as important to reduce expenditure as to increase income.
Why is financial management important?
Whilst some types of expenditure are unavoidable, and indeed desirable if they produce a positive return-on-investment (ROI), others are simply an unnecessary waste of money.
And the worst kinds are those that could have been easily predicted and avoided.
Health and safety in general, and wellbeing in particular, is a good example of one of these unnecessary financial risks.
The impact of ignoring health and safety obligations goes well beyond the direct financial costs of defending legal action and settling fines or compensation claims.
The consequent brand and reputational damage can result in major indirect costs relating to the negative impact on customer sales, employee recruitment, staff retention, business relationships, strategic partnerships, and investor confidence.
And crucially, not only is this a financial risk for the business, but also for corporate officers personally.
Once again, as the old saying goes, “a stitch in time saves nine”.
How can we help you with financial management?
In the first instance, we can undertake health & safety audits and wellbeing surveys, so that you fully understand the current risks to your business.
We can then work with you to put appropriate processes and procedures in place to mitigate against these, and train your managers and other senior staff in how to effectively implement them. Consequently, we can ensure that everyone is aware of their legal obligations.
We can also help you take effective action to deal with any issues that are currently ongoing.
Should you become involved in employee disputes, we can assist you with mediation, settlement, or tribunal representation.
All of which means we can help you minimise financial risk and focus your resources on what really matters.