Planning for Profitable Growth
Business Development efforts were aggressive and Client needed to prepare for profitable growth.
Based on an excellent work history a major account assigned several large contracts to our client. The need existed for senior management to react quickly and refine process, build staff and ensure profitable growth.
Biz360 was hired to supplement Senior Management. There were many pressing issues. As a first order of business Biz360 met with CEO and Senior Staff and identified certain priorities including staffing reviews and replacements, certain process issues, technology utilization, contract consistency and coordination between departments. We worked with CEO and Senior Staff and accomplished the following:
- Forced Ratings were used to assess staff performance; Performance Improvement plans and/or replacements were identified;On a quarterly basis this rating system and improvement plan created a vehicle for company improvement. After 4 consecutive quarters staff was stabilized and operational improvement was noticeable.
- Company software was used inconsistently. As an order of business the components related to work flow were given immediate attention. Workflow improvement resulted. Trafficking, tracking and on time performance supported the growth.
- Efficiency and cross functional work group cooperation resulted in staffing being maintained at nearly same levels as were required prior to growth.
- Backend accounting system refinements was identified for future attention.
- Documentation of all assigned work was reviewed and language, format, deliverables, timelines, payment terms and other terms were communicated to clients clearly. The end results of this effort included absolute compliance to SOW terms, full collection and client satisfaction while protecting the needs of our client.
- At the end of our engagement the client was enjoying 40% year over year growth in top line revenue, 50% over prior year growth in Operating Income and a healthy performance based compensation program. All of these improvements were to some degree related to the Biz360 engagement.
- In this case company CEO was astute and understood his needs to supplement his team. He retained Biz360 just as business was ramping up and it proved very effective.
- Insist on standard practices. In this company many departments were given latitude on process and systems. Although improvement was achieved, the practices and process improvement plans need to be ongoing.
- Be careful on software selection. A software system was purchased years before the growth opportunity and the system was not a great fit for this business.
- Forced ratings are an effective tool to supplement an annual review process. The Forced ratings, supported by a PIP helped move the company to greater efficiency.
- Use a Functional review to update the Organizational structure of the company as structure often needs to change when business changes.
Biz360 can help!