Flying Flo to Finance Freedom!

Published: 10th November, 2020

Financial Freedom is term associated with your personal finance rather than that of your business. In this session we worked with Hywel Griffiths Finance Lead @YourBigPic. Together we had a conversation that you could be having in your business or maybe a client of yours. It raises a topic that is central to the success of the business, the flow of Money In- Money Out, which is often kept within the confines of the senior management team. We’re seeking, proposing, a broader dialogue to include others in understanding their role in making the right decisions.

We didn’t just talk about it we got on with a collaborative exercise using our BIG PICTURE® Digital Kit. This helped us work through where each of us see ourselves in the business, nothing too specific in terms of business type, and make a connection to the Money and initially the Challenge Symbol. This encouraged an open conversation that you could be having within your team. Towards the end we turned the Challenges to Opportunities and prioritised them in the same way you would do with your team. A bit like a holiday snap- you remember the experience of being in the moment and as a result you’ll want to be a part of delivering the outcomes too!

“From Darkness, we don’t have enough Money, to the Light, where we do have enough Money, can you share how you might move from the Dark to the Light? Please move your Money and Challenge Symbols on the Board ..”

TAKE AWAYS

With the right prompts in place and the ability to express ourselves we can all share our own ideas as to how best manage your cashflow. On the call we had some specialists in their own right but detailed knowledge isn’t a pre-requisite. You might get a different kind of richness to the Challenges and Opportunities but the ideas are all equally valid. The reverse could well be true .. that the ideas from the team are more likely to be more innovative and useful as the conversation hasn’t happened before in this same way.

Some examples ..

PARTNERS & SUPPLIERS

Building an innovative charging structure into the creation and delivery of your Products and Services. This is a connection between the positioning of the Product by Marketing, where the value is explained, and the Supply Chain, where the value is created.

ADOPTION OF TECHNOLOGY

By delivering to Customers what they want and when they want an increase in revenue generated by better fitting customer needs. Combined with ability to speed up the time to respond to those Customer needs. More efficient use of tech to improve cashflow.

THE CUSTOMER AT THE CENTRE

By working back from a focus on the Customer a prompt to the Team how we can change what we do and the way we can do it to generate more Revenue and Reduce cost. This is a general principle to work through in terms of Money In- Money Out.

MANAGING ALTERNATIVE MONEY IN

To fully recognise the different kinds of funding that may now be more apparent within the business to ‘substitute’ the reduction in Customer Revenue. This could be external funding, from Government e.g. Furlough, or loans into the business. These are seen at the top and bottom of the Board.

FOCUS ON ASSETS

What other Assets do we have that we could focus on in the current circumstances? This could be bricks and mortar assets, but also Intellectual Property assets, that the business could refresh it’s approach to. Could they be flipped and positioned in a different way to create a new kind of Revenue.

An unexpected finding of the session was that whilst people appear to have many ideas around Money In- Money Out a proportion of them were expressed as principles which required unpicking with regard to what it means to the more technical side of cashflow in the business. Personally I was surprised by this and a note that we should embrace this in the way the expectation is set for the session. We’re always seeking to provide a fair amount of time to this activity as it’s where the magic happens.

An example was shared with Nick Betsy in the session connecting Marketing to the Supply Chain. This is an exampe of a non-straightforward, non-linear connection which is best unpacked through a series of hops. We’ll be helping you do this with a sequence of prompts. The fact BIG PICTURE® opens up the conversation across the whole business for what is traditionally a complex area, Finance, means we are up for the wholesome Challenge to translate this kind of connection into practical terms. We have the Process and Technology Symbols to support us on this.

We are well up for this and can be too with our support! Let’s have the conversation ..

WATCH IT!

The ‘webinar’ word doesn’t really describe what it is we do with our time in sessions. We love a conversation where everyone has the chance to contribute.

Participants are provided with the means to make connections thus drawing attention to the conversation that is going on around.

It’s how we roll!

WHAT NEXT ?

Please do ask us to help you achieve this same impact in your organisation. We can deliver this activity for you and at the same time upskill your team to take over the delivery. You can weave this into your Change and Performance activities which means you’re paying once for resources and deploying them many times across your organisation.

Find out more about our approach for Engaging Finance. You can have a go yourself by printing and writing on the resource within the brochure you can download. The stuff we care about is all over our YouTube channel @YourBigPic. I would love to take you through a taster of BIG PICTURE® in a Webinar you can sign-up for here.

Thanks for reading!