Durham resisted the urge to move the company, which provides interim FD services, to larger premises as it expanded. Instead, he used the 720 square-foot office more cleverly. “We used technology to allow ourselves to work from home and to save on our premises cost," Durham says. "We used things like virtual private networks, Blackberrys, whatever people have needed."
When it was time to move to a larger office space (the company now commands a 2,500 square-foot area), Durham was just as smart, negotiating two years of fixed rent and an extra month’s free rent.
Durham set up FD Solutions 1991 with redundancy money from a PLC job. The company now has 28 full-time FDs on its books and a team of 20 subcontractors, finance controllers and book keepers. It turns over £34m.
Durham’s experienced his fair share of economic downturns but doesn’t believe the current situation is as bad as the press paint it. He says: “There is economic activity and I think that good businesses will continue to survive, prosper and thrive although there will be a lack of growth and entrepreneurs will need to work hard to do everything better than they did before.”