East Midlands based Wiserways Ltd announces that Steve Nugent has been appointed as Director of Financial Coaching to provide support for manufacturing and engineering businesses throughout the UK. Steve joins the organisation from Foster Industrial where he was Managing Director for two-years.
Steve’s career has seen him work extensively at senior management and board-level. During this time, he has gained a wealth of experience in the retail, distribution, industrial, engineering, healthcare, and financial sectors in both B2B and B2C. As a former Financial Director and Chartered Accountant Steve also brings strong commercial experience to the new role at Wiserways.
“I am excited to add my skills and expertise to the business coaching team at Wiserways,” says Steve. “My role will be to work closely with manufacturing and engineering business owners, MDs and FDs across the country using our financial analysis software to help them understand exactly where their business is, and where it needs to be. Ultimately, I will be offering all the help, support, and benefits of a Financial Director at a fraction of the cost,” he continues.
“The stark truth is that pre-COVID-19 the ‘death rate’ of UK SME businesses was around 12% per annum, with 80% of these being attributable to cash flow problems. Now the UK economy is in a Coronavirus induced recession; companies must focus on their cash flow to survive, especially those in the manufacturing and engineering sectors,” he adds.
“Recently, we used the software and ran a diagnostic assessment on a £6m turnover manufacturing business. The data showed a crystal-clear growth plan. We took the plan and worked closely with the customer to increase its cash flow from -£15k to +£266k. Its net profit went from +£2k to +£340k with business value increasing from +£322k to +£1.9m in the space of 12-months. The numbers speak for themselves,“ adds Steve.
“It’s fantastic to welcome someone with Steve’s experience, drive and passion to our team. He was the obvious choice for this new position,” says Lawrence Duncan, Managing Director of Wiserways. “With his industrial and financial background, Steve can operate in any business with a clear plan as their virtual FD dealing with the facts, not the fluff. Steve will be focusing on a business’s ‘money’ rather than just sales. He will be able to tell customers exactly why there’s no cash in the bank and what to do about it,” adds Lawrence.