Overcoming risk, building resilience: interview with Nick Lakhani, CFO at calfordseaden

To say Nick Lakhani’s early career was shaped by challenge would be an understatement. Starting out during the global financial crisis, he quickly learned how to lead through uncertainty and manage risk under pressure.

Today, as CFO of calfordseaden, he brings that same discipline to a fast-paced property and construction consultancy environment — where cash, control and commercial insight are critical. 

In this interview, Nick shares how those early lessons continue to influence his approach to risk, leadership and building a high-performing finance function.
 

Welcome Nick. Could you tell us a bit about yourself and your journey to where you are today?

I have spent most of my career in professional services, with 25 years in the legal sector. I started at what was then CMS Cameron McKenna, where I worked my way up to Financial Controller, before moving into the role of Deputy Finance Director at Field Fisher Waterhouse and then taking my first Finance Director position at asb law.

I started that role the day after the collapse of Lehman Brothers. I had been brought in to turn around a demotivated, dysfunctional team and support better decision-making.

For the first couple of years, I found myself managing financial risk—dealing with creditors, banks and pension funds, and ensuring there was always cash in the business.

It taught me very quickly that finance has to sit at the heart of helping organisations navigate uncertainty. I live by a simple mantra: “turnover is sanity, profit is vanity, cash is reality”. We were able to remain profitable while continuing to invest in client relationships, training and IT infrastructure.
 

It seems dealing with risk has been a key part of your career. How has your role as CFO developed from your perspective on risk?

Yes, risk is something I take very seriously. As CFO, one of the first things I look at every morning is our daily cash report—what came in yesterday, what the current balance is, and what our upcoming outgoings look like. Without cash in the bank, there is no business. Cash ultimately underpins every strategic decision we make.

I also try to emphasise to our internal clients that the job isn’t done when the invoice is sent. We shouldn’t just be satisfied with delivering an excellent service—we need to be confident we’ll be paid for it. Otherwise, we’re effectively working for free.
 

When it comes to managing risk, how do you structure your approach?

When I joined the business, the aged debt book was in a poor state, so improving that was my immediate priority. In some cases, that meant pursuing legal routes to recover outstanding payments.

I’m pleased to say we reduced aged debt over 180 days from around 10% to just 2% by the end of the last financial year. More importantly, it highlighted the need for a robust process to prevent the issue recurring.

We have a Risk Management Group within the business. Its role is to ensure that our appointment letters — the agreements we sign with clients — are properly drafted, accurate and signed off. 

This marks the start of our working capital cycle: from appointment, to delivery of service, to invoicing, to payment. By involving our technical leads and legal counsel, we ensure there is shared ownership and accountability across that entire cycle. If we get the front end right, we can manage expectations around payment timelines much more effectively.
 

How have your experiences with risk shaped your approach to leadership?

I want us to be a best-in-class finance function, and that starts with mindset. I encourage a high-performance culture across everything we do — from forecasting and predictive analysis to understanding budget profitability. I want us to be consistently challenging our working practices and improving. Ultimately, it’s about helping the firm make better decisions that mitigate risk.
 

How are you helping the finance team become stronger business partners?

I’m focused on encouraging my team to spend more time engaging with key decision-makers across the business. When I joined, there was a strong tendency to stay behind the desk and focus purely on the numbers.

Now, I’m pushing the team to build relationships with group leaders and divisional heads — to understand their challenges and support better decision-making.

We’re having more discussions around pricing, profitability, how we can improve working capital, and what the business needs from finance. It’s about collaboration and commercial thinking — putting yourself in the shoes of non-financial stakeholders.
 

How does this translate to value creation?

The more we understand what drives profitable clients and projects, the more impact we can have and the more value we create. Business partnering isn’t just about relationships — it’s about translating financial insight into commercial action.
 

Do you see AI playing a role in this process?

I see AI as an enabler. There’s a lot of discussion about it replacing jobs, and there may be some truth in that — particularly at entry level.

But for me, the real opportunity lies in how it can support what we do. AI can help with data analysis, forecasting and freeing up time for more value-added, commercial conversations. The human judgement element remains critical.

I also strongly believe in developing people from the ground up —bringing in apprentices and shaping their skills and values. That’s something technology can’t replace.

Ask me again in a few years and the answer might be different —but for now, I see AI as a tool rather than a substitute.
 

Could you leave us some final thoughts on the role of the CFO today, and what wisdom would you pass on to other leaders?

Make sure you build and maintain a strong network, both internally and externally. The CFO role can be a lonely one—you carry significant responsibility and don’t always have peers within your organisation.

Having a trusted group to share experiences with, learn from and challenge your thinking is invaluable. I’m fortunate to be part of a network that meets regularly under Chatham House rules, where we openly discuss challenges and insights.

It’s also important to stay open to learning from other industries and perspectives. You don’t have to solve everything yourself — but you do need the right people around you to support and challenge you.
 

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