Profits, Wage Structuring and Lack of Growth
MD Chris Park was taking over the business from his father and was unhappy with the poor profits, wage structuring and lack of growth that the business was experiencing.
Chris wanted to grow Power Testing, which meant altering the business model to retain profits and address the issue of high expenses and overheads.
In order to grow the business, Chris wanted to ensure Power Testing had the financial support to prepare for expansion which meant addressing the businesses history of debt.
Chris was seeking a whole new direction, he wanted to strengthen his support staff, motivate his team and create long-term strategies that would create clear aims for the future.
Improve Cashflow, Take Control of the Business
Fluid Business Coaching worked with Chris to develop his management style and business understanding to address issues he was facing with the succession of Power Testing.
Chris made effective changes to the business model ensuring that everyone was aware of the businesses new positive direction. This involved investment and change into how Power Testing would operate.
Chris worked on this restructure, retaining profits and reinvesting them to improve and update procedures resulting in improved cash flow and overall control of the business.
Chris created various systems to motivate his team, this improved his scheduling and performance monitoring which increased his control and interest in Power Testing.
A 240% Increase in Profit in 12 Months
Chris feels working with Fluid Business Coaching has “injected enthusiasm” to his personal development.
His team have adapted well to the new business model, creating a surge in new business and securing contracts that previously would have been out of reach to Power Testing.
His success of taking over the family business has improved his understanding and given him clearer focus for growth.
Chris and his teams hard work has made considerable improvement to cash flow and achieved a 240% increase in net profit in just 1 year.