Management Support
In general the role of Woolford & Co. is to supply management support to our clients. Specific services include:
- Director support
- Management consultancy
- Strategic planning
- Succession planning
Director Support
Running a business can be a difficult and lonely job, and at Woolford & Co. we aim to alleviate as much of the burden as possible. This may include regular meetings to advise on financial administration and legal matters or by supplying non-executive directors or executive directorships on the Board of our clients' businesses.
However, if Woolford & Co. becomes involved in the management of a business it cannot also act as auditor to the company.
Management Consultancy
We are often asked by the management of a business to review either the business as a whole, a certain area of it or perhaps an opportunity that the management perceives as being available for the business to expand into.
We evaluate the position, liaise with the management and staff and produce a report with recommendations for the action that should be taken. Once the action plan has been agreed we can assist management with implementation.
Strategic planning
Strategic planning involves looking ahead and developing a plan that takes advantage of opportunities and counteracts problems that might arise through the years. Often the management of a business is too involved in day-to-day issues to be able to take an objective look forward over a period of years and produce a strategic plan.
We strongly believe that management should be totally involved in the preparation of the strategic plan and we therefore work closely with senior staff to formulate the plan. Once the plan has been produced and reviewed by the management team it should be signed off and presented to staff so that all individuals in the business understand the direction that the business is taking.
Succession planning
Often a few key individuals are critical to a business, and it is often overlooked that in time these individuals will move on, retire or perhaps be affected by accidents or ill health. We can assist companies in succession planning, ensuring that there is more than one individual to cover each critical position and that younger members of staff are being properly trained to take over the critical positions.
We also advise owner-managers how to distance themselves from constantly needing to manage the business, making it possible for them to take time away from the business, have vacations and even retire.
Succession planning is critical if the intention is to sell the business, as a business that is totally dependent on the owner-manager is often of little interest to potential purchasers unless the vendor will remain closely connected to the business for a number of years.
