Confidence, Rigour and Financial Management
Luminess Ltd is a specialist importer and distributor of premium European lighting brands. They cover all sectors of the lighting market; contemporary and traditional, decorative and novelty, hand-made or volume, single piece or container.
They also have their flagship store in Buckinghamshire.
We have been working with Sunflower since August 2016 and highly value the input we receive. For any growing SME, having access to high skilled personnel is vital and Sunflower deliver that for us. Their expertise has been invaluable and their involvement has given us the confidence to put development strategies into place that will deliver growth of 30% this year.
We decided to bring our accounting practices in house which meant we needed to train a staff member to assume that position. Sunflower in the shape of Chris mentored Leanne in the role and helped her to gain the confidence to tackle the most demanding of tasks; her AAT test scores of between 93% and 100% every time are probably the best testament to their efforts
Ian Dormer, Director, Luminess
As with many businesses, particularly family run business, the Senior Team were being pulled in many directions and as such needed confidence in their underlying infrastructure and financials.
In order to sleep at night, the Managing Director needed to know his Financials were in good order, enabling his focus on developing the business and making the right decisions.
With the closure of their Accounting firm and a key member of the team going on Maternity leave the Managing Director needed support quickly.
During the scoping meeting between Luminess and Sunflower it became evident that there were 2 stages which were needed, which required different skill sets.
The initial stage was investigative and to identify Financial and Operational Risk and set out a programme to reduce this and improve processes.
The second stage was to deliver this programme and to mentor the in-house Accountant to develop her skills and competences, whilst supporting her studies.
The Sunflower FD/FC solution meant we could allocate the first phase to the Finance Director and the second phase to the Financial Controller. This ensures the right skills and focus at the right level and keeps costs low utilising two different fee rates.
Phase one identified opportunities to strengthen both the Balance Sheet and Cashflow, and to improve operational processes.
Phase two delivered on these recommendations.
The Managing Director was able to have confidence in his Cashflow and stock turnover days were reduced, thereby releasing working capital to invest into the growth of his business. This and additional initiatives strengthened the Balance Sheet and provided a stable platform for Luminess to develop.
The Sunflower Financial Controller introduced a number of process improvements and insightful reports which gave greater visibility of the Company performance.
With these things in place the Managing Director was able to make informed decisions about how to grow his business and several key changes have been made.
Sunflower have coached and mentored the in-house Accountant and their skills and abilities are growing with Luminess. With the inhouse Accountants increased responsibility, Sunflower has been able to reduce their days and are now onsite half a day a month providing guidance where needed.