In this Director First interview, Chris Worden sits down with Jason Sors, a seasoned fractional FD, to discuss the realities of business growth, the value of collaboration, and the lessons learned from decades in finance and restructuring. Whether you're a director, business owner, or aspiring entrepreneur, this conversation is packed with practical advice and honest reflections.
- Collaboration often outperforms competition in business.
- Growth alone doesn't break businesses—poor decisions do.
- Reputation and relationships are key to long-term success.
- Directors must understand their risk appetite and business goals.
- Cash flow management is critical for survival and growth.
- Chris Worden and Jason Sors share real-world lessons from insolvency and finance.
Collaboration Over Competition
Jason Sors highlights that while competition is often celebrated, true business resilience comes from collaboration. He shares examples from his time at Phones 4u and Anderson's, showing how short-term gains from competition can undermine long-term partnerships and stability.
Lessons from the Frontline
From investing millions at 19 to handling major insolvencies, Jason's journey underscores the importance of reputation and decision-making. He and Chris Worden discuss how the right advice at the right time can prevent costly mistakes, especially when directors face tough choices.
Building a Sustainable Business
Jason explains the roles of accountants, bookkeepers, and FDs, clarifying when a business needs each. He stresses that as companies grow, so does the need for accurate management information and strategic financial guidance.
Cash Flow: The Lifeblood of Business
Cash flow forecasting and management are non-negotiable. Jason's "cash is reality" test helps directors focus on what matters most—ensuring the business can survive and thrive, even in challenging times.
Networking and Reputation
Both Chris and Jason agree that networking is about quality, not quantity. Building a strong reputation and helping others without immediate expectation of return pays dividends over time.
Growth vs Stability: Finding Your Path
Not every business needs to chase exponential growth. Jason advises directors to reflect on personal goals, risk appetite, and what success truly means for them. Sometimes, a stable, profitable business is the best outcome.
Key Takeaways
- Collaboration builds stronger, more resilient businesses than relentless competition.
- Reputation and relationships are invaluable assets.
- Directors should regularly review their goals and risk tolerance.
- Cash flow management is essential—never ignore it.
- Quality networking and helping others lead to long-term opportunities.
- Chris Worden’s approach of honest advice and transparency sets a new standard in the industry.
Frequently Asked Questions
- What is a fractional FD?
- A fractional FD (Finance Director) provides part-time strategic financial leadership to businesses that don't need or can't afford a full-time FD.
- How does collaboration benefit business growth?
- Collaboration fosters long-term partnerships, shared success, and resilience, often leading to better outcomes than pure competition.
- When should a business hire a Finance Director?
- When financial complexity increases and management needs deeper insight for decision-making, a Finance Director adds significant value.
- Why is cash flow forecasting important?
- Cash flow forecasting ensures a business can meet its obligations, avoid insolvency, and plan for sustainable growth.
- How can directors decide between growth and stability?
- Directors should assess their personal goals, risk appetite, and what success means to them before choosing a path.
