What our team get up to outside the day job……
We thought it would be amusing to disclose what our professional team is involved in outside the “day job”. Watch this space for the rest of the team………
First up is our MD David Griffiths (“DG”), who set up Sterling 23 years ago. Yes, he’s still here and will tell you he is only 50 plus vat; he’s still the accountant amongst us!
Confession – “He plays chess !”
DG has played chess for over 50 years (He’s getting the hang of it now).
He plays for a local chess club in West Bridgford and has represented Nottinghamshire at the County level.
He is also a trustee of a charitable trust set up to promote chess in Nottinghamshire.
Any chess-related funding requirements considered.
DG comments, “Besides the chess itself, this activity completely removes me from the “day job” I enjoy mixing with people of different professions, ages and abilities and pushing some pawns over a pint or two. A total contrast from the day job of Commercial Finance.”
However, we see similarities to the day job!
We have explored the analogy between chess and commercial finance, highlighting the similarities and drawing parallels.
Strategic Planning:
Like chess, where players must think several moves ahead, commercial finance requires strategic planning.
Just as a chess player considers the strengths and weaknesses of their pieces and their opponent’s pieces, a business must consider its financial strengths and weaknesses, as well as the market conditions and competition.
Before making any financial decision, companies must analyse their current financial position, set their goals and objectives, and develop a roadmap to achieve them. This may involve forecasting cash flows, analysing financial statements, and evaluating the risks and rewards of different financing options.
Risk Management:
In chess, players need to anticipate and manage risks associated with their moves, and the same applies to commercial finance.
Businesses must identify and manage various financial risks, such as credit, interest rate, currency, and market risks. This involves evaluating the potential dangers of different financing options and developing risk mitigation strategies.
Execution:
Executing moves in the correct sequence and timing is crucial for success in chess. Similarly, in commercial finance, strategic execution is critical. Once a business has planned its financial strategy and identified the risks, it must execute the plan effectively. This may involve negotiating with lenders, structuring financing deals, managing cash flows, and optimising working capital.
Competitive Advantage:
In chess, players constantly strive to gain a competitive advantage over their opponents by controlling the centre, developing their pieces, and exploiting weaknesses. Businesses must continuously evaluate and leverage financial opportunities to gain a competitive edge.
Conclusion:
The analogy between chess and commercial finance highlights the strategic nature of financial management. Both require careful planning, risk management, strategic execution, and seeking competitive advantage.
So DG, it may not be the “contrast from the day job” you thought.
Keep pushing those pawns!
