Posted on 12/05/2016, 14:51
This family business had been trading ten years and the owner/manager had become very focused on the operational elements of the business. Financial data was available but never really looked at owing to time pressures. There were also issues with cash flow. The owner had an objective to step back from the business but couldn’t see how this could be achieved.
How did we support?
The business owner asked Pro-actions for help. One of our first recommendations was to start running board meetings. We then facilitated several key aspects to enable these meetings to happen and really add value such as:
Together, these actions identified several key underperforming elements including: marketing and profitability, staff retention and operational in-efficiencies…
The business was brought back into profit in the first 4 months by focusing on the key issues. A hole in the balance sheet was repaired and the business was subsequently positioned for a trade sale with options to purchase secured from buyers within 18 months of our initial involvement.
In or last article, “Measuring What’s Important” we discussed key performance indicators or KPIs. There are lagging KPIs such as financial measures that tell you what just happened and leading KPIs that indicate what your financials are likely to look like.Read More
Following on from our previous blog in this series, “The Most Important Thing”, the next step is to translate your goals into action. For this, setting your targets and measuring your performance against them is vital to making them happen.Read More
What do you want to achieve in your business? Every owner manager had their reasons for why they started out on that journey – what are yours? And more importantly, are they still valid, are you on track, or are your hopes and desires being frustrated?Read More