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Client: Speciality Contractor

Million Pound Dream Finally Comes True

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Business Profile

A speciality contractor in the heating & plumbing field. Started 5 years ago, and grew organically from a “one man band” to a small team of the owner and 3 people, and an approximate annual revenue of £300k. The company focuses on the residential segment within a limited geography.

Background & Brief

The business founder had a vision: to become a multi-million pound size company. 

Empowered by the business’s constantly positive customer feedback – and well known exceptional quality of service – the business founder became encouraged to try to find a way to achieve the exponential growth necessary to turn his dream into a reality. 

However, he was growing frustrated. Though the business tended to go through periods of clear growth, it would also just as quickly enter a period of slowed growth, which meant that overall the business was only moving the needle of growth marginally year on year. 

This led the business owner to realise two things. One: That he needed to find a sustainable path to exponential growth, and two: That he needed to feel confident his business was taking small, but impactful, steps on that path to growth, which also wouldn’t expose the business to high levels of risk.

And for that level of expert mentorship, the business needed us. 

Our expert HPeX Board comes with built in, experienced business mentors.

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Our Impact Together

Whilst working closely alongside us, the business owner developed and strengthened the essential business skills of building and leading a team of highly motivated tradesmen, delegating to different team members so they can maintain enough focus on growing the business while maintaining a healthy work-life balance, thorough strategic and operational planning knowledge, and improved performance management.

And there were tangible results too. The business saw a solid revenue increase year on year, sustained a healthy gross profit (which is otherwise difficult to do with fast revenue growth) and saw an increase of a third in their gross profit, which is particularly significant.

The size of the business increased by threefold, as did their number of enquiries, whilst the business revenue doubled in just two years with the business expected to deliver £1m revenue in the third year. 

Most importantly, the business owner now has a clear path to exponential growth, all whilst feeling less stressed at managing a significantly increased team. We empowered the business owner with essential business skills and insights that can then be passed onto the next generation (according to our client!).

Our 6M Framework to Achieve Results

A thorough business health check

The first stage in our strategy was to run a thorough business health check. While consultants typically focus on the existing business results, we prefer to dig a level deeper and look at the foundations of a business, which are the underlying drivers behind its results.

For our client, this included thoroughly reviewing their Business Model and Operating Model and objectively assessing their capabilities. This enabled us to determine immediate areas for improvement, a 3-year growth plan, and develop a feedback system to continuously assess the progress.

Improved marketing tools

Improvements to marketing materials can have profound effects on results, and so we sharpened the external branding across RTMs. We also helped them to create an effective brand promise and unique selling proposition. 

Additionally, we helped the business to also select the right business partners and suppliers who could help with external advertising, including a digital marketing agency and recruitment agency.

A new, highly scalable revenue stream

Loyalty programmes are great incentives for repeat business and provide a powerful, often overlooked source of sustainable revenue. So, we implemented one for this business. Not only did it give the business a new highly scalable revenue stream, it also provided a competitive edge and potential to produce higher customer lifetime value.

A new organisational design made for evolving 

Additionally, we implemented an evolving organisation design which included redefining roles, tasks, structure, reward, information, and decision making. 

The process of evolving the organisation design was to meet the increasing demand for capabilities and capacity, while increasing productivity and efficiency was key to making the growth possible, and more importantly, vital in maintaining resilience and a healthy profit outlook.

As the business grew bigger the need for streamlined processes became imminent. The consequence of not having those in time can be detrimental to a small business. 

A range of new system implementations

Due to our experience with hundreds of similar businesses and situations, we can see those coming before anyone else. So we acted quickly to put in place certain systems including Purchasing, Stock Management, Quote preparation and submission, Invoicing and Collection. 

Those may seem simple when the company is dealing with few customers, but as the number of customers and the turnover increases, these systems have the ability to scale alongside the business and become much more sophisticated.

Meticulous attention to detail. Sustainable results. 

Achieve your dream growth with Growth Idea.

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In Their Words

“In the beginning I was frustrated because I wanted to have significant growth, but I did not know how to do that. However, Growth Idea set me on a clear path for significant growth. Seeing and listening to the other business owners in the community, who are all very successful, made me confident.

So, I walked the path with confidence, and I saw solid progress every year. I am also more relaxed as we are continuously putting systems in place to mitigate risk and increase efficiency. I feel empowered as my knowledge in business and life is expanding and enthusiastic as I can pass this wealth of knowledge to my children”

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With Us

We have the capital, contacts, dedication, expertise and track record to be a supportive partner and engaged investor to businesses.

If you would like to have an obligation-free discussion about selling your business, please email info@growthidea.co.uk or call +44 20 7627 1234.

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