Pro-actions - Business Improvement Specialists

Helping you build a remarkable business

03333 440 517

Facebook Twitter LinkedIn Google+
Google+

Go back

The Case for Board Meetings (1)

Posted on 12/05/2016, 14:51

“The Board Meeting was the catalyst for change and made us look at the business in a completely different way. The guidance and support really helped us understand why these meetings were so important and they are now the first thing that goes into our annual company diary” Business Owner

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:

  • Getting everyone absolutely committed to the dates,
  • Agreeing a standard agenda,
  • Building a financial forecast,
  • Agreeing KPI’s to be measured and reported on,
  • Creating the basic reports
  • Tracking the forecast against results,

Together, these actions identified several key underperforming elements including: marketing and profitability, staff retention and operational in-efficiencies…

Conclusion:
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.

Want to talk further with your business coach?










captcha

People Series: Blog 4 – Performance Management

Our last newsletter focused on the importance of setting objectives and expectations for each of the roles in your organisation. Having done that it is vital to review performance against the objectives set.

Read More

People Series: Blog 3 “Objectives and Expectations”

So, you’ve now decided on your organisational structure, the roles you are looking to fill and started to recruit your team (see our previous newsletters). Now it’s time to start to think about setting the objectives for these roles and, just as importantly, your expectations.

Read More

People Series: Blog 2 “Recruitment”

Good recruitment always starts with being clear about what you are trying to recruit for.  This sounds simple but is rarely easy…

Read More