An experienced manufacturing, operating, storage and logistics provider to international Oil & Gas and Road Construction sectors. Founded over 25 years ago, the company is a pioneer in its field and their flagship product is a British innovation that has repeatedly set new standards for the market since its introduction.
With a small team of 3 operational and manufacturing experts, the founder was able to run a company with a high turnover for many years.
However, in the last 10+ years cheaper alternatives, low-cost producers and ever-changing market dynamics have caused the company to lose some of its competitive position, subsequently impacting on revenue.
This all resulted in the business revenue hitting a ceiling across the previous three years, and for this business – that wasn’t good enough. So they decided it was time to join our growth programme to build for the future, and regrow sustainable revenue.
Background & Brief
Whenever a business founder retires, there is always a changeover period. And that’s exactly what we experienced with our storage and logistics provider. Though the founder’s next of kin had been heavily involved in the business, and took over the responsibility of managing the business with esteemed confidence, they wanted the additional support of an experienced business mentor and business coach to help them further:
- Build an effective team that can run the company without the new CEO being involved in all the business details.
- Put new systems in place to make their team perform efficiently and consistently
- Find new targeted opportunities to grow the business exponentially and regain the company’s previous market position and revenue levels.
- Develop a modernised, futuristic vision for the company that fitted with the new market dynamics and competitive landscape
- Identify strategies that could carry the company towards its new vision in a steady and controlled manner.
So, they approached our HPeX board which is made up of a number of experienced business mentors from an array of industries. Each board member brings with them the experience of growing their business from scratch, and what’s more our founder, Shweta Jhajharia, is one of the leading figureheads in the business consultancy industry with over 70 awards to her name.
Together with our HPeX board, our high velocity growth programme offers a unique blend of strategic change, leadership development and peer-to-peer learning. Such a blend is a perfect fit when the business is seeking to reposition itself in the face of changing competitive conditions, as this logistics provider was trying to do.
Further, they knew that our approach would meet their needs by covering both ends of the spectrum. From strategy formulation and deployment, to providing the new business owner with an advanced level of personal and professional development that would enable them to manage more effectively while focusing on the things that they are passionate about.
Our consultants and their esteemed experience in transformation gave the director the confidence they were looking for to pursue their ambitious goals.
Our high velocity growth programme is unmatched, with the uniquest blend yet of tools and systems which can supercharge sustainable business growth. Get in touch.
Our Impact Together
At Growth Idea, we are proud to say that we have been able to achieve significant fast revenue growth for our client versus their previous stagnation over a number of years.
The business was able to meet its goal of expanding its geographic reach in North America and the lucrative sector of Road Construction. It also increased its gross margin in a very competitive market by an average of 3 points.
With new business processes and systems in place there is solid team performance with minimal involvement from the new Managing Director, and most excitingly the company is launching a completely new product for the first time in over 10 years.
And despite major disruption in supply chains worldwide due to ongoing economic issues, by exploring our highlighted recommendations for product sourcing the business has been able to sustain its performance and production throughout an uncertain production and manufacturing period.
Its overall revenue has increased from £2.5 to £3.5m, and they’re now on the way to deliver £5.5m revenue in the third year, whilst seeing their gross margin increase by 3 points (around a 13% increase).
As a bonus, the company has completed their most recent product development cycle and is set to launch an exciting new product for the first time in years.
Our 6M Framework to Achieve Results
A powerful performance management system
Our first priority was to maximise the outcome from existing team members and business opportunities. For that, we introduced a performance management system with specific KPIs, targets and action plans for each team member.
Old customers reactivated, and new markets explored
Next, we identified new business opportunities within the current products and solutions. This led to needed expansion in new geographical markets, exploring new customer segments and reactivating old customers.
To assist with customer acquisition and reactivation, we also refined the company’s marketing and sales tools, including its website, brochures, and key selling messages, which all together created a solid revenue growth of over £1m in just the first year!
A determined “capabilities gap”
We also determined the “capabilities gap” – between what the company currently has and what it needs to achieve the desired outcomes – and created an action plan to fill this gap utilising different alternatives ranging from strategic partnerships with suppliers and complementing service providers to hiring in-house team and a whole range of outsourcing solutions.
This roadmap resulted in us determining a new and streamlined organisational structure that was capable of supporting the growth plan in its different stages.
A new vision, new objectives, new measures and new targets
We worked with the managing director to determine a “state to-be” vision and turned that vision into strategic objectives, specific measures, and targets for each function. Those were linked to the individuals’ performance indicators creating the crucial internal alignment to get things done on time and within budget.
When we want to achieve a lot with a small team, focusing on the right priorities is key to our success. For that reason, we focused their resources on where the company can realise the maximum benefits by identifying the projects with the highest potential and best fit with the new business vision, and we marked those as priorities for implementation by developing detailed project plans and scorecards which led to a fixed launch date.
In Their Words
“The programme at Growth Idea has been instrumental in helping me to step back from working head down in the business and view it from a broader long term perspective. By applying the frameworks and systems learned through the sessions and fortnightly calls with my lead consultant, I have been able to create a solid growth plan for the company and have everyone within it working collectively to move it in the right direction.
Being a business owner can often be a lonely position, so being able to draw on a coach’s extensive experience and be in a network where people are facing similar challenges and opportunities is highly beneficial.”