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8020 Financial Management UK Franchise
Company Facts
80:20 Financial Management provides small and medium sized businesses with strategic business development plans and financial management. A home-based white collar franchise business opportunity, 80:20 Financial Management is an associate member of the British Franchise Association.
How much does a 8020 Financial Management franchise cost?
The minimum total cost of an 80:20 Financial Management is £19,950.
Read about a day in the life of one of our franchisees
A day in the life of a 8020 Financial Management franchisee
Okay, so I've been asked to write about a day in the life of an 8020 Financial Manager as an insight into what to expect if you take up one of our franchises. Now the temptation to put together a hybrid of activities performed over a number of weeks wouldn't do this article justice. Why is that? Well for a start off I want to be absolutely honest with everyone reading this. I looked at many franchises before settling on 8020 and now looking back, it was the openness and honesty from the franchisor that gave me the confidence to know this would work for me and them. I come from a background where I am happy with numbers. You don’t have to be a expert though as everything is provided for you as part of the training (and its good training!). You'll see from what my day entails that it’s not just about crunching numbers. So here goes...8am - I'm at a local Networking group. There are lots of them around and if you are to make a success of your business then networking is a must. For me I network at least once per week and I have received lots of clients from it. It takes a while to get integrated into your group. It’s about building trust with other people and businesses, and when they know you, like you and trust you, the work comes to you rather than you going to it. Today I meet up with the usual people and we have a great breakfast. One of the guys tells me he has heard how I have helped another networker with their bookkeeping and management accounts. He wants to have a chat about a problem he has with his current arrangements and I am all too happy to listen and find out what his issues are. As it happens I can help him sort some things out. Common sense helps to be honest. I can see his issues with a fresh pair of eyes and fresh perspective. It turns out he has let his debtors get out of hand. He needs someone to tell him each month who owes what and how long it’s been outstanding. He doesn’t have time as he's so busy but it’s something we can do as standard. I set up a meeting with him later in the week to visit his offices and find out more. A great start to the day, a potential client!
11am – I’m off to see a bank manager now with one of my clients. They want to borrow some money to buy new equipment for the business. Now one of the things we're good at it forecasting profit and cashflow. We have fantastic software that allows us to input basic information and it spits out any number of years projections. Ever heard of the saying 'Rubbish in - Rubbish out' ? Well it’s very relevant here. I have used my knowledge of their business to put together some very accurate forecasts that will prove to the bank that they should be lending the money to my client. The forecasts took me about 4 hours the previous week to put together and discuss with the client. I feel confident that the bank will agree with me as I have all the proof that they need. The meeting lasts just over an hour and I'm there as the clients Financial Director so most of the questions are targeted at me. I love these meetings as I get in front of Bank Managers. These guys are a good source of introductions for me as I make their job easier by doing my job well. We leave the bank and I talk with my clients about what happens next once the bank has decided if they like our proposition.
1pm - I'm back in my office checking my e-mail and listening to my messages. I have a few calls to make to the tax man. One of my clients is behind with their VAT and I have been speaking to HMRC to arrange a repayment programme. It takes ages to get through but eventually I do and it's sorted. I get a bit of a buzz out of solving problems so I have a smile on my face when I call my client back to say it’s not something they need to worry about anymore.
2pm - I have some payroll to process every week and today is the day. I have an e-mail with the hours worked this week and I log into our payroll system and prepare the payslips and other documents needed. I e-mail the payslips to the company and keep electronic copies of everything for audit purposes. It takes about 25 mins to do this and to be honest its nothing too exciting. I see it as one of the weekly tasks I have to do.
2.30pm - I haven’t had any lunch yet so I take 30 minutes to have a coffee and sandwich (my wife is always saying I never eat properly!)
3pm - I have some bookkeeping to do but I look through my in-tray to see if there's anything else that needs more urgent attention. There is! It’s marketing for my-self! I always try to have a current list of potential clients on the go. I make a few phone calls and book a couple of meetings for the next week. Now back to the bookkeeping! I find bookkeeping a strange thing. I don't like doing it until I've started it and then I get a sense of achievement when it’s all keyed into Sage. It's quite good sometimes when you just want to sit quietly and get on with something that doesn’t need a lengthy debate.
5pm - I finish my bookkeeping and I go for dinner with my family. My office is in my home so it takes less than a minute to commute! What a perk of the job!
7.30pm - I go out for a drink with one of my clients. We've got to know each other quite well now as friends and although its social time I can't help but think we'll end up talking business!
Well that’s it for today. Tomorrow could be similar or as different as I want to make it. Yes there’s work to be done and clients to be served but the best thing about my franchise is that I reap the rewards of my effort and I plan everything I do to fit around my family. I help my clients grow their businesses and also get called in to solve some challenging situations that have got out of control. For me it’s everything I was looking for in a professional franchise and I've not looked back since.
In association with:
Contact Details
Glenn Lawrence
4 The Grange
School Lane
Sedgebrook
Grantham, Lincs
NG32 2ES
Tel:01949 844442
Fax:01949 844266
Web:
www.8020franchise.com
8020 Financial Management Case Study
Gordon Rigby
Edinburgh
I was a Financial Controller before joining 8020 so i was able to do what I already knew without having to spend time investigating and developing my own systems.
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