Frustrations of business ownership, flat sales over the past 4 years, lack of employee productivity and accountability, and a partner that was disengaged from day-to-day operations while continuing to take a significant salary were all symptoms of the pain being experience by this service provider to the financial services industry.
An existing client referred this business owner to Advanced Business Coaching in hopes that we could provide a path through the challenges they were experiencing. After a thorough Evaluation / Alignment with the client, team members, vendors and suppliers, we were able to see a clear picture of the current situation and present a 36 month Road Map to achieve the longer-term goals envisioned by the business owner.
Immediate focus was placed on expense reduction and strengthening the balance sheet of the business. Cutting costs, liquidation of assets and alternative financing options were evaluated and implemented over the first 60 days to stop the ‘financial bleeding’. During this period, we also developed a clear understanding of employee productivity and how that related to Margin contribution to the business. Development of a new compensation plan that rewarded high performing employees was implemented within the first 90 days. Adjustments in employee new-hire process, employee assessments, supervisor deliverables and clear understanding of the roles and responsibilities of all employees created a pro-active environment of growth and profitability for the company.
Over the first 12-24 months, regular team meetings focused on short-term deliverables for each department, combined with updates on company successes and failures, created an culture of trust within the team and a willingness to work together to grow the business. At the end of the second year of working together, revenues had increased by 135%, while net profits grew to 11.5% monthly.
The strength and commitment of the team was proven when the owner was afflicted with a life-threatening health condition. He was completely disengaged from the business for over 6 months. During that time, the Advanced Business Coaching team provide leadership insight and guidance and direction the business leadership team. During that time away, the business revenues grew by 27% and net profits increased by 32%.