Laura worked with the MD of a design and marketing company who had recently lost a major client and was struggling to build the required new business. As a result the turnover was down and profitability was poor. The MD was working long hours, was stressed and in effect was just working to cover his staff salaries. He was neglecting himself and his family.
We worked on a number of areas across the business over a 12-month period. Firstly we assessed the cost base and found ways to immediately reduce overheads. This included renegotiating the lease and renting out excess space.
We also looked at the role of the MD. He realised that he was a cost to the business and we worked on ways to turn this around to become a profit centre. His marketing expertise could be used on a consultancy basis to bring in additional revenue whilst he also worked on business development. Various strategies were put in place to attract new clients on an ongoing basis with action plans and structured targets. This area had been previously neglected.
Finally we did a staff review – false loyalty to some well-paid employees was creating the need for an expensive London location. The MD’s family was 2 hrs outside London. We reviewed the staffing needs of the business and set up a new Head Office, locally to the MDs home. This allowed a dramatic improvement to his work / life balance (the ability to spend more time with his family whilst still putting in similar hours to the business) as well as significantly reducing his overheads. He was also able to recruit talented staff at reduced rates. The London address was retained on a “virtual basis”.
Within 12 months the overall cost base of the business was dramatically reduced and revenues increased. The company was in a much stronger position for ongoing growth with clear business development strategies in place.
More importantly the MD was less stressed, more motivated and enjoying more time with his family.