High value lifestyle product company

CLIENT:
Specialists in the manufacturer of high value lifestyle products. Name withheld  for confidentiality.

ACQUIRED:
Introduced by a business referral

DURATION:
18 months and continuing

PROJECT DETAIL:

  • Improve the financial situation of the business
  • Bring the company into profit
  • Improve lead generation
  • Improve conversion rates
  • Improve manufacturing and operational processes
  • Improve sales and marketing processes
  • Identify manufacturing equipment and capex requirements to become more efficient

WORK UNDERTAKEN:

  • Complete financial review undertaken and improved systems introduced.
  • New costings templates introduced and implemented with key margin targets (KPI’s).
  • Refined monthly management accounts systems introduced and financial training undertaken resulting in the directors having improved financial literacy.
  • Cashflow forecasting model introduced.
  • Competitor market research undertaken.
  • Lead generation strategies reviewed, especially digital marketing.
  • Sales strategies reviewed and systemised.
  • Conversion rate strategies reviewed and new ones implemented.
  • Production and operational planning introduced with KPI’s.
  • Stock control systems and improved buying techniques introduced.
  • Financial targets introduced to maximise efficiencies and to introduce a bonus scheme for employees.
  • A new range of core products developed and introduced to equalise production capacities and to manufacture to stock.
  • Company profit centres identified resulting in a strategic alliance with a building firm, enabling all building projects to be outsourced, therefore manufacturing and installations can be concentrated on.
  • New dust extraction equipment installed throughout the whole factory resulting in improved working conditions and manufacturing efficiencies.
  • New automated manufacturing equipment identified a £25,000 CNC machine purchased.

CURRENT STATUS:

  • Company profitability re-established after 3 years of losses
  • Company credit card repaid
  • No ongoing cash-flow problems
  • Increased gross and net profit margins
  • Manufacturing team expanded by 40%
  • New core products developed consisting of a range of 6 products that can be sold individually and marketed to retail stores.
  • Second showroom opened in Suffolk
  • New company showroom (3rd) being developed on-site owing from the conversion of current buildings.
  • New website and integrated digital marketing introduced.
  • New sales and conversion rate strategies introduced.

PLANS:

Anticipating continued growth in the business following one of the most successful months ever. Plans in place to launch the new range of core products very soon!

No Comments Yet.

Leave a comment