SME Turnaround Multi site retailer and manufacturer
A UK based multi channel retailer of children’s furniture facing stagnating sales required assistance with short term cash management and developing a robust business model for the future. The company had been growing successfully for a number of years but had become over reliant on discounts as it sought further growth. The supply commitments linked to the central brand proposition of exclusivity were proving increasingly onerous. The business’s proposition had become blurred and its aims confused. The objective was to refocus the business on the core proposition and ensure clear management focus on the new business plan.
Ability to Integrate into Client Company
Following an initial meeting with the company’s directors a team consisting of Project Manager plus Marketing and Operations specialists was assigned to work with various members of the senior team to devise a short term action plan and a new business model. Daily “wash up” meetings on site and good working relationships with the SMT ensured tight focus on the key objectives throughout, with corrective actions agreed and commenced without delay. Full meeting of SMT delivered a new business plan with key priorities and KPI’s by dept with IB executives on hand to challenge and discuss.
Impact on Business
Valuable clarity of purpose for entire SMT already achieved, detailing A robust business model with £1.1m EBITDA 13% less sales on brand (overall -20% on Gross Sale Values incl OL) with opportunity to cut costs and grow from a product range reduced from 1493 – 590 SKUs
Achievement of Objectives
Initial assessment and report completed within 1 week. Implementation of plan commenced in part while project was live. Full plan completed within 2 ½ weeks of engagement.
Robust challenging of directors to allow a “re-set” of the thinking behind the business. Direct and collaborative engagement with members of SMT to ensure new plans were internally owned from a very early stage.
Focused on achieving monetary and time scale budgets through pragmatic and collaborative management style, supported by tenacious focus on deliverables where necessary.