When Kyle first came to us he was averaging around £6-7k pm in revenue. Within 4 months he had a £21k month, and now consistently averages around £16-17k pm in revenue in his business.
They also now have money set aside for tax – VAT and corporation tax.
A team that is now aligned to the outcomes the business wants to achieve and Kyle is taking home more money from the business, consistently, than he has ever done before.
An awesome turnaround and some great work from Kyle.
How did he do it?
With the a Profit Plan, Profit First and focus.
Step 1 – Where are we now
We looked at the business, got the numbers in order, accurate and making sense.
Step 2 – Where do we want to be
We draw up a forecast and financial plan for the business.
Step 3 – Addressing the Money Leaks
We looked at where money was leaking from the business, and there were quite a few places that the leaks needed to be plugged.
Step 4 – Tweaking the plan
We reassessed the plan now that we were plugging leaks.
Step 5 – Work the plan
We worked the plan, month by month, getting us closer and closer to the ideal position
Focus was a big problem for Kyle, and we made sure that we kept them on track which paid dividends in terms of the revenue growth.
Step 6 – The finance team
Kyle outsourced his entire finance function to us to make sure that everything would run smoothly and someone would always be keeping on top of the finances.
Step 7 – Daily, weekly and monthly habits
Together we established who needed to do what each day, week and month for his targets to be hit.
We worked out responsibilities and accountability structures which worked for the business and us, as the finance function.
Step 8 – Feedback loops & Dashboards
This is the stage we are currently implementing with Kyle – getting reporting loops fully in place and Dashboard reporting so that he can truly move into that CEO role.