In the first of a series of articles, CFG’s Director of Finance and Operations, Sarah Ann Moore, talks about a recent review of CFG’s payment terms, and how this fits into a wider picture of digital transformation and continuous improvement.
One of the privileges of joining an organisation in a new leadership role is seeing it with fresh eyes. We tend to associate leadership with the big moments such as setting strategy, leading change and making investment decisions. Those matter, but some of the most valuable improvements come from asking simple questions about long-established processes.
Why do we do it this way? Does it still make sense?
At CFG, we're implementing a new CRM as part of our wider digital transformation. As colleagues learn new systems and refine how they work, it has given the finance team a chance to do the same. That prompted a series of reviews, starting with something that doesn't sound especially exciting – our payment terms.
When we looked at our debtor profile, we saw an opportunity to bring the timing of payments in and out of the organisation into better balance. As we know, good working capital management cuts unnecessary admin and gives us more certainty when we plan ahead. Reviewing payment practices is one of the simplest ways to strengthen those foundations and our resilience.
We decided recently to update our approach, and invoices are now due on presentation. We’re also encouraging card payments where appropriate, and we're increasingly asking for advance payment for events and other services and activities. Individually, these are small changes but together they create a more efficient and consistent experience for everyone.
The most useful lesson, though, wasn't the decision itself, it was how much communication matters, even for changes that seem minor. It’s often said that successful transformation is not just about systems, policies or technology, but about people. This has been an important reminder that this is where the finance team can really make a difference and lead transformation, not just be a passenger of it.
At CFG, we're increasingly embracing the principles of continuous improvement, inspired by the Kaizen philosophy of making small, incremental changes that build into meaningful long-term progress. Digital transformation isn't simply about implementing new technology. Often, the technology creates an opportunity to challenge assumptions, rethink processes and improve how we work. Importantly, those improvements aren't for the benefit of the finance team alone. The goal is to create a stronger, more efficient organisation that serves our members, partners and stakeholders better.
Payment terms may seem like a small detail to anyone outside finance, and perhaps to some within it. But this experience reinforced the idea that meaningful change is rarely a single dramatic event. More often, it's the accumulation of thoughtful improvements, guided by fresh perspectives, with a willingness to keep asking questions and sharing our learning.
This payment terms review was just one example and as our work continues, I'm sure we'll find others that we’d love to share.
In the meantime, I'll leave fellow finance leaders with a question: what process have you stopped questioning simply because it's always been done that way? Often, that's where the next opportunity for improvement is waiting.