Industry/ Sector |
Manufacturing, Wholesale, Retail |
Category |
Growth, Scale, Business Model Reviews,Team Structure, Family Business, Succession |
Brief |
Develop a strategy to turn around declining profitability, implement internal succession planning, and restructure the leadership team. |
Challenges
- Staff retention was difficult and owners were unclear of the reasons why
- Revenue fluctuation was high due to annual and seasonal demand
- Net profit margins were low due to inconsistent revenue
- Cashflow was limiting growth
Strategy
Client and product analysis revealed that only a small percentage of the existing potential market was aware of the company.
A channel strategy was developed to allow direct communication campaigns to be built and delivered in-house.
The sales model was redeveloped to accommodate more advanced bookings and additional products were added to sell in the off-seasons.
A new strategic plan was developed in conjunction with the leadership team and a system was created to integrate the plan into the business on all levels.
Action
An on-the-job training strategy was implemented for in-house delivery and career paths were developed for all employees
Leadership responsibilities were redefined and SMART goals were created for all
A new approach to communications was implemented and tools were added
Systems integration and automation were added to increase capacity
Outcomes
- 3 successive years of 100%+ revenue
- 300%+ increase in profitability for 2-3 years
- Staff retention issue completely uncovered and remedied
- Strong international presence established
- Lucrative opportunities created, which are ongoing
- Building underway for a scale-able branch model throughout Australia
- Flattened seasonal curve with new product offering
- Developed a new licensed product business model to deliver significant capacity and revenue increase with minimal investment