From scratch to £3 million turnover from the ashes of a bankrupt company.
Some of the challenges they faced:
- Starting from nothing – no systems, no controls, no people, no experience of running their own business;
- Taking on big contracts from people left in the lurch by the demise of their former employer;
- Choosing the right deal to buy new premises;
- Taking on staff, and building up and managing a workforce of 50;
- Planning for their future – strategically, personally;
- Making a profit on contracts where the scope has changed;
Our team helped by:
- Setting up systems to control costs, record stocks, and manage debtors and creditors;
- Evaluating 3 major proposals to buy and relocate to new premises;
- Attending board meetings to advise on the cost/benefits of different plans;
- Introducing staff management systems as the firm expanded;
- Setting overhead recovery targets and monitoring the results;
- Training their finance staff to run the new business.
They now have a very successful business, with their own internal finance staff, and directors confident about their ability to manage the future.