Member Article

Haworths outsourced advice puts Optima in financial control

Blackburn industrial controls specialist, Optima Control Solutions Ltd, understands all about improving business performance to increase profitability: that’s what the company does for some of the world’s foremost manufacturers.

When it came to developing Optima’s own business and implementing strategic financial planning, however, directors Mike Hill and Dr Adrian West realised they didn’t have the in-house resources to achieve their goals and turned to chartered accountancy firm, Haworths, for help and advice.

CEO of Optima, Mike Hill said: “Adrian and I set up the business in Blackburn in 1995 and the leading edge technology that we supply to the likes of 3M, Dupont and Akzo Nobel helped us grow quickly and significantly over the following decade.

“By 2008 we had recognised that we needed to expand our management team’s capacity and financial expertise and turned to Haworth’s to help us take the business to the next level.”

Electronic control systems designed by Optima enable the company’s clients to generate production line efficiencies, ensuring that they maximise the value of their investment in sophisticated manufacturing sites and advanced management processes.

Mr Hill continued: “Our clients are already running very efficient production facilities that benefit from the knowledge and expertise of their in-house team but our advanced technology can add value by improving efficiency by up to 60 per cent.

“The same principle applied to our own business; we had a strong and ambitious management team in place and a very talented non-executive director in David Roberts but we needed to introduce greater financial planning and strategy into the company in order to build on our success.”

The company preferred not to hire a full time financial director and, instead, outsourced the financial director role to Accrington-based Haworths Chartered Accountants on an as needed basis, with Haworths director, Paul Spencer, providing all the financial expertise the company could ever need.

Paul remains directly involved in the Optima business as an integral part of the management team and Haworths plays a diverse role in the company’s financial management, including preparation and review of monthly management accounts, taxation matters, year-end accounts, personal tax advice and pension planning.

Mr Hill added: “Paul is there for whatever financial matters we need help with and has very much taken on a strategic role, bringing ideas and advice to the table.

“For example, he helps us with budgeting and funding advice on financing growth and his input has had a major influence on how we have conducted business over the past few years.”

Paul Spencer meets the Optima team once a month to discuss current financial matters and the company’s strategic plan.

“It’s the ideal solution for us,” Mr Hill concluded. “We can access all Haworth’s knowledge and years of experience, which adds enormous value to the team and the business, without the cost and commitment of adding full time financial professionals to the in-house team.”

This was posted in Bdaily's Members' News section by Simon Malia .