Profit increase from the start
Our clients, a husband and wife team providing professional services to businesses had been running their own business for about four years. They had worked in this area before as employees and decided that by having their own business they could do what they were good at and be more in control of their lives, the business giving them options a job couldn’t – for them and their family.
They provided great results for their customers (and this is how we got to know about each other), but not so great results for themselves, because they didn’t know how to grow the business and make it deliver enough profit for them. It got to the point where they were so frustrated and disillusioned with the business they were at the point of giving it up and starting something different. They were only just about making a living and the business was not making enough profit to have the life they wanted, the home they wanted and the ability to invest for their future.
We’d been working with them on a number of joint projects and we got to know them well and after sitting down with them to find out more we knew we could help them. We had a proven system that helped businesses become more profitable and they were open to doing things differently.
The business they needed had to be significantly more profitable to help them support their growing family and to give them the lifestyle they wanted. They wanted a new home that would be right for them and their family and financial security so they could make choices they couldn’t do as employees. To do this the business had to be more profitable by at least fourfold.
Working with them, the desired outcomes were defined in terms of the amount of profit the business needed to make and the actions needed to achieve them were identified. From this we set the programme up of what they needed to do and when, broken down clearly enough for them to get on with it. The programme was backed up with accountability in terms of the actions to be taken and measurement of the results on a regular as clock work basis. It was hard work, but with support and regular analysis of the numbers the results started to show.
The outcome was dramatic! At the end of the first year profits increased:
The results were unprecedented, giving them the business they needed to have the life they wanted, which included buying their dream home, being able to invest for their future and giving them choices on how they could lead their lives that they wouldn’t have as employees.
In the words of the husband ‘Andrew Price has been instrumental in the success of our business as he has given us some great mentoring and helped us re-think the way we went about business’.
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.