How much in control is your control function when it comes to marketing?
Does Marketing know and understand the terms of the suppliers?
Does Control understand the agreements in an extent that it can perform its function well?
How is the communication between Marketing and Control?
Which processes and procedures are in place in for budgeting, monitoring the spend and approving and paying invoices?
CFO fashion brand:
“Some months after I joined the company, I hired MiM. Although I learned a lot about our marketing function, I was not aware of, I was most dazed about the fact that our controllers were not able to control marketing expenses in a proper way. When our marketeers approved invoices, as they were concluded to be in the line with agreement terms, they signed them off for payment. But in fact, they were not in line with the contracts. And our marketeers did not fully realise the consequences of some of these financial terms and processes in supplier contracts. This way of working had grown historically. Moreover, the communication between marketing and control was not up to scratch. MiM solved this all of this by drawing up a process on how this all has to be controlled, making us fully understand these financial terms.”