Wiserways Ltd, a business coaching service located in the East-Midlands, are happy to welcome their new Director of Financial Coaching, Steve Nugent. He will be aiming to provide support for engineering and manufacturing establishments across the United Kingdom. His previous role was with Foster Industrial, where he spent 2 years as the Managing Director.
As well as contributing extensive commercial expertise to the recent position, during his career path, Steve has also gathered an abundance of both B2B and B2C skills in multiple sectors including; distribution, engineering, financial, industrial and retail, through his work within senior management and above levels.
Steve, Director of Financial Coaching: “I am delighted to add my skills and expertise to the Wiserway’s business coaching team.” says Steve. “My role will be to work cooperatively alongside manufacturing and engineering businesses across the country using our financial analysis software to help them understand exactly where their business is, and where it should be. Essentially, 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,”
“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.
Lawrence Duncan, Managing Director of Wiserways: “With his extensive experience it’s great to be adding Steve, the ideal candidate, to our team. He brings a wealth of experience to the role. Steve will be great for focusing on business development regarding overall finances and not just sales. He will also have the ability to explain to an establishment not only why there are no accessible funds, but how to deal with it.”