Taking back control of a successful hospitality business
Rachel was in a similar boat to many of our customers. She had a good business, profits were fine, she could find new clients, and could put out the fires that appeared from time to time.
She first approached us wanting a review of her taxes to learn how she could decrease them. This was Rachel’s most pressing need.
At the same time though, she knew she wasn't getting the traction she needed for her business. She wasn’t moving forward, largely due to the fires she kept having to put out. She'd try to improve an aspect of the business, but then a fire would appear. By the time it was put out there was no time left to get back to improving her business.
The business also had two particular staff who were causing problems. They were technically strong, but treated deadlines as 'flexible'. There was no visibility on where they were with their work, and they wouldn’t communicate.
Rachel would get so busy managing those two staff that she didn't have time to do her own work. This held her back even further from working on (not in) her business.
What they needed
At the end of the day, Rachel went into business to earn more money, get more time back, and to get control over her direction. The money was there — the time and the control were not.
Once we had met with Rachel and had gone through our initial Tax Review, we moved onto the two difficult staff members. The solution was to create a plan to short-circuit the constant cycle they were going through.
This plan involved looking at his business as one large system — one in which all aspects of the business are related:
- The people problem came from not having properly designed processes to manage workflow
- The processes didn't contain accurate data
- The data wasn't telling Rachel who the profitable customers were
- This meant that the Marketing appealed to the wrong customers
- Which caused sales to come from unprofitable customers
- Leaving insufficient money in the bank to pay quality people
How we helped
For Rachel, it wasn't just a matter of demanding more from her people, as it might appear at first glance. It was a matter of identifying each of the moving parts of the business and creating a plan for each of them.
Since guiding Rachel to create her business plan, turnover is up 65% with a 40% increase in bottom line.
A few words from Rachel:
Hi, I just wanted to briefly run through the impact on my business from working with the team at Convex Accounting.
They've handled the tax and accounting as you'd expect. Prompt, clear, and made sure I understand the things I need to know.
More importantly, they've changed how I look at my business. I was making good money prior to working with them but worked too much. I had no time and felt out of control.
I'm now working with better customers, can pay my staff more, and know where I'm going. Now Convex Accounting hasn't done this for me, but they helped me create my plan to get there.
I don't hesitate to recommend them.