Fintech Insider Podcast by 11:FS
00:24:31 · Lauren Harvey, David M. Brear, S5, Nikki Adams, Lara Gilman
[00:24:31] S7: got great forecasting in place. We've got great spend management in place, but with the innovation and the real where the value add is for an organization where we are the default place to go to have the discussions about moving forward by having the right lending in place. [00:24:47] S0: Team lending really building bridges between all of the clients. It's nice. It's good. Feels like you're saying you win. [00:24:53] S5: Both that. [00:24:54] S0: This is very nice. Alright. Team forecasting, give us what you got. [00:24:57] S12: Well, I think this is all really nice. You know? We we need you all, but actually, you're not gonna get lending without a forecast. You're not... You don't really know what to focus on on payments without getting a forecast because, know, unfortunately, it's one of those areas that's the most difficult for small business to small businesses to understand. And spend management, you don't really know what you can spend without doing a forecast. So I'm sorry. Slam dunk. [00:25:21] S5: Yeah. Thanks for coming. This is a sat nav. You're you're damn right this is a sat nav. And we're gonna take you all home to the success for your business. So you're right. How do you know what to focus on? Because it's not all in the p and l. What about the VAT payments? What about HMRC? What about all those things? [00:25:38] S7: The money for the [00:25:39] S6: VAT payments. Know. Know.
00:25:39 · Lara Gilman, S5, Nikki Adams, S3, David M. Brear, Carlo Gualandri, Pranav Sood, Ben Johnson
[00:25:39] S6: VAT payments. Know. Know. [00:25:40] S5: Know? You don't know whether you're gonna have them or not. This is the point. Unless you have a forecast and you drive your car, you're running... You're driving it like this. You're not driving your car, you know, looking through the rearview mirror. [00:25:50] S12: I think... Yeah. Because you can you can drive without a sat nav, but hit... Who here drives without a sat nav? [00:25:57] S5: Not many. Not one of you. [00:25:58] S3: I mean, we're we're [00:25:59] S0: in Central London. Who here drives? Really? Let's be honest. [00:26:02] S5: This is true. You wouldn't recommend any of your friends start up a business without a plan and knowing where they're gonna go. [00:26:09] S8: Monica, honestly. [00:26:10] S0: Alright. So on that note Good argument. Well done. So what I'm gonna do is open up the floor and I want everybody to be reasonably friendly here so far. Like, I don't wanna have to separate you guys, but if you guys can now get... Go open to you. If you wanna kind of follow back, if you wanna, like, snap back to anybody's kind of point that they made, now is the time. [00:26:30] S10: Well, I think that was an interesting point [00:26:31] S2: by forecasting. [00:26:32] S0: Straight away. Well done. Yeah. [00:26:33] S10: About payments because Come on, John. If you got GoCardless and you know when your payments are coming in, why do you need to forecast that?
00:26:33 · Pranav Sood, S5, David M. Brear, S3, Nikki Adams, Lauren Harvey, Carlo Gualandri, Frankie Kay
[00:26:33] S10: About payments because Come on, John. If you got GoCardless and you know when your payments are coming in, why do you need to forecast that? [00:26:38] S5: But isn't that one element isn't that one element of business however? Payments is one element. What about the revenue side of things? What about the staff implications? [00:26:46] S0: What about the HRC? It's not about payments. [00:26:48] S10: Money in. [00:26:49] S5: You're all just one element. You're one element. Whole thing. The entire business. [00:26:53] S3: The better question is, sure, you have a sat nav, but where are going without an engine? [00:26:57] S12: Without? [00:26:58] S3: Without an engine. [00:26:59] S5: So the engine is the business. The engine is the business. No? [00:27:02] S3: What's the... Do you have a business if you can't collect payments? [00:27:05] S5: Absolutely. But you do [00:27:06] S0: I'm I'm glad I'm in between you two. [00:27:08] S7: Like That's a business. Is it, you know, like, that's Cash [00:27:11] S5: is business. Cash is the engine. And enough [00:27:13] S8: of this. [00:27:14] S7: Well, no. And what do you... Thank you for pointing it [00:27:16] S5: out if [00:27:16] S0: you don't. [00:27:17] S7: Yeah. But, no, we forecast. But what do you do when you don't [00:27:19] S0: have it? [00:27:19] S5: Thank you for forecasting. See? Yeah. Exactly. This team uses the forecast. [00:27:23] S9: Can we [00:27:23] S5: can we invest two teams together?
00:27:23 · S5, Frankie Kay, Pranav Sood, Lara Gilman, David M. Brear, Carlo Gualandri
[00:27:23] S5: can we invest two teams together? [00:27:25] S9: Let's just go back to basics that all companies need to understand spend management. Granted, these guys as well. We need the money to come in. [00:27:32] S10: But what if you haven't got any money to spend? [00:27:34] S9: Well, you need to spend money to make money. You need to... [00:27:37] S5: You can't spend money anywhere. If a business just spends, it's not a business. [00:27:41] S9: No. Absolutely. Education comes back to the the small businesses need to understand us first. They need to understand every principle about business first before they even get to your end of the stage. Because if they don't understand it But that's the point. Realize how important it is. [00:27:55] S5: Exactly what the implications of those [00:27:58] S9: decisions forecast if you don't know what you're able to spend or why you're spending it and understand the base [00:28:03] S5: of your expenses. What you can spend versus your revenues. That's the whole point. And then you bring in a solution to help you do those things. [00:28:09] S6: But you... But to be able [00:28:10] S5: to understand whether your business is viable, you need a forecast to begin with. [00:28:14] S9: Day one, you need to understand spending. [00:28:16] S0: So so [00:28:16] S5: so so it's that [00:28:17] S8: you can't spend more than your revenues. [00:28:19] S9: Yeah. Most of companies do that. [00:28:21] S0: They are... [00:28:22] S8: Here exactly for that.
00:28:22 · Carlo Gualandri, David M. Brear, S5, Frankie Kay, Nikki Adams
[00:28:22] S8: Here exactly for that. [00:28:23] S0: I mean I mean, you you can spend more than your revenues, but you're pretty screwed at that point, aren't you? To be fair. [00:28:28] S8: It's it's a time question. Of course, to build a business, you spend more than your revenues in order than to have higher level of revenues. That's that's the the engine of growth for...... [00:28:40] S5: Forecast that you're overspending, if you don't know what the behaviors that you are undertaking today, what the impact that they have on the future, you're screwed anyway. So if you, you know, if you're spending faster than you're collecting Yeah. You're screwed. [00:28:52] S9: Back to the [00:28:52] S5: education now. If you then take funding and you don't know the implications What falling into the trap? You're to have on your business, you also are. [00:29:00] S8: Yeah. But we're falling into the trap, [00:29:02] S0: he wants [00:29:03] S8: us to... He wants the blood. [00:29:05] S0: Hey. What's on? It's not about me. Don't make this about me. He's not me. No. You want one. Of course. Blood sells... Is the business...... Than long. Can I? But but [00:29:16] S8: thing is... Yeah. Yeah. We can argue a little bit. Just one thing. You said it's spend management. It's not expenses. [00:29:25] S0: Absolutely.... Management means...... Thing, [00:29:29] S12: isn't it? But if [00:29:29] S8: you Outgoing transaction. [00:29:31] S12: What keeps a business owner awake at night? [00:29:33] S0: No. No. [00:29:33] S5: That... Was the thing.... Where they are.
00:29:33 · S5, Carlo Gualandri, Nikki Adams, David M. Brear, Pranav Sood, Lauren Harvey
[00:29:33] S5: That... Was the thing.... Where they are. [00:29:35] S8: When you were saying it should...... [00:29:36] S12: Knowing if they've got enough money or if they haven't got enough money. So, you know, that... So that's... It's the hardest concept. Think for, know, cash flow forecast is the hardest thing for an SME business owner who's got no financial knowledge. It's the hardest thing for them to understand, in my opinion. [00:29:52] S0: Alright. On that note on that note, I'm gonna draw it in. One. Because I I feel we might be at smashing glass territory down here. [00:29:58] S10: It's it's just good to move on at [00:29:59] S0: this stage. Anil, I saw the rage in your eyes. So we're gonna move on in [00:30:04] S7: bad list. [00:30:05] S0: Wish you had [00:30:06] S7: if it goes really nasty. [00:30:07] S0: Well, save it for the later rounds [00:30:09] S10: is all I'm saying. So alright. [00:30:10] S0: So that concludes the opening arguments and and to be fair, it's clear the competition is clearly heating up. So what we're gonna be doing is going on to the next question. So which category has seen the most digital innovation? So it's gonna be really really interesting to see this. So I think in terms of each team having two minutes on the on the clock and I think getting that that view of of kind of where we where we go to. So, I mean, starting with you guys, has... How has your area seen a significant digital disruption?