Following twenty years of profitable growth, TGR Ventures encountered a series of major issues. The first annual loss in their history left the Directors overwhelmed and stressed. Feelings that were also new to them.
The Directors had developed skills and experience as the business grew into a sizeable SME, without external support. This approach couldn't cope with the critical issues in front of them, which also stifled growth ambitions.
Industry:
International Distribution, eCommerce, Regulated Markets
Service:
Business Turnaround, Strategic Mentoring, Operational Change, International Growth
What got us here won’t get us there
On the back of the large annual loss, the Directors realised they needed help to turn the ship around. A combination of complex IT issues, a difficult separation with an international trading partner and hiring too many staff had taken its toll on them and the business.
The business nous and previously successful year-to-year strategy were not enough to deal with the challenges in front of them. This resulted in hesitancy from overthinking and questioning their decision-making ability.
They decided to bring in an experienced mentor yet knew no one suitable in their network. Googling ‘business mentor’ one evening led Managing Director Tom to discover my website. Long conversations with Tom and Co-Director Nick helped us all realise how well we connected on both personal and business levels. When Tom and Nick were ready, we got to work.
Stabilise the business and develop a long term strategy
The lack of a strategic roadmap caused much of Tom and Nick’s hesitancy. So, I helped Tom and Nick define their long term vision for the business, then constructed the financials to deliver it. This was the foundation for the creation of a new 5-year strategy which they shared with the whole team.
The shared strategy provided clear direction and a secure future for the team. It also raised awareness of the importance of each role to its achievement. Engagement increased within and between teams.
With coaching and the adoption of my dashboard, the Directors now focus a smaller number of key metrics to monitor progress, control costs, and inform decisions. Prompt, quality operational and investment decisions soon became the norm as their confidence returned.
Bringing in an expert from my network resolved several complicated IT issues. These had plagued the business for a while. He also coached a senior employee to step up to IT Director, to ramp up internal IT capability.
US distribution issues resolved themselves when Tom and Nick acted on my recommendation to set up and staff their own warehouse. This removed reliance on third-party providers, making an immediate impact in this major market.
Now you can focus on sustainable growth
Mentoring Tom and Nick turned a significant annual loss turned into a £1.4 million net profit in the following year. Their business is set to achieve £2.5 million net for the current year.
Taking control of all aspects of US distribution delivered consistently fast order dispatch.
Immediately, sales increased and costs reduced. The facility is set up for significant growth, supported by a fully functional and well supported IT system. The latter positively impacting the entire business.
TGR Ventures turned round its fortunes. It is already seeing the results from implementing its new strategy to deliver UK and international growth. The issues that once overwhelmed the Directors are in the past, and their relationship stronger than ever.
Delighted with this progress, they have engaged me to advise them on brand positioning to enhance their growth trajectory.
Get in touch if you or your business has hit the buffers and would like help to turn it round.
Now we have a 5-year strategy, a US expansion plan, and the confidence to go after our international growth ambitions.
With your guidance, we turned a large annual loss into a £1.4m net profit last year, with a forecast £2.5m this year. The stress I felt a year ago has disappeared - I love business again.
Tom Raikes (Managing Director) & Nick Jones (Sales Director)