Increase in self generated turnover
Increase in profit
Our clients, a couple owning a domestic service business that has a reputation for high quality work, were referred to us by an existing business owner client. In the period they have grown the business from a turnover of £80,000 to £1.2m, with a bump in the road along the way.
The purpose of the business was to give them the life they wanted, which included building their dream ‘grand design’ home for which they had the plans drawn up by an award winning architect.
Relying on the continuity of a single large source of work (that had been highlighted) was soon to cause a big problem.
A source of work was lost that accounted 37% of their turnover and for the first time ever they made a trading loss. This meant that they had to find new customers quickly and building the dream home was put on hold…indefinitely, a bitter blow after the hard work put in.
Immediately we suggested to our clients that we work together; creating a plan that not only detailed what they wanted to achieve but also how to achieve it. This included as a main objective to build a marketing and sales process that was totally controlled by our clients so that they would never rely on third party work providers.
It put monthly, weekly and daily numbers on what they needed to achieve to make it happen, so that they could get the business to where they wanted it to be. It involved keeping track of all the numbers in the plan, reports to us on a weekly basis backed up by monthly progress meetings and management accounts.
The outcome was that in three years the company increased self generated income by 118% and increased profit by 4261%. The house is now built and the business generates all its own customers not relying on third parties to provide work. Our clients are continuing with the same process even though the original goals have been achieved, because what they want from the business has changed and we’re helping them build the business they need to have the life they want.
If you want to get better cashflow find out how we can help you by getting in touch with us at Andrew Price & Co on 01803 296678 or emailing firstname.lastname@example.org. Acountants in Torquay, supporting business owners to have better cashflow and improve profit.