Cannot manage day to day and build revenue!
We know our business but day to day management suffers.
Situational Summary
This professional services firm had invested significantly in marketing. The number of cases under management was impressive and growing by the day. Staffing needs were pressing. Responsibilities on partners kept them from full focus on settling cases.
Partners hired the Biz360 team to review and manage day to day operations. The effort required HR review and policy and staff changes, financial systems and process review and policy and staff changes, day to day work with partners and constant refining of the most profitable business lines.
Results
Biz360 worked closely with partners. Recommended their focus on case settlement and Biz360 focus on business management. HR needs were most pressing as some staff members had become complacent and unwilling to change with the needs of the firm. Financial practices required great attention as information was not shared to partners in a timely or accurate fashion. Settlement process required refinement as settlements lagged and the new process resulted in greater client satisfaction. The new process helped to resolve cash flow
challenges. Underutilized software led to a software conversion at mid point in our engagement. The results from the engagement included contributing to doubling top line growth in a two year period. Better performance led to much more attractive terms in refinancing efforts. Return on Investment to Principals was quite attractive and positioned firm for continued growth.
Lessons Learned
- It was proven that a focus on the main business line was the best and most profitable use of Partners time.
- Staff review is important. This firm was at risk because of complacency and a lack of an objective rating system.
- The Biz360 effort included refining wage, salary and performance pay. These policies needs to be updated frequently.
- Marketing dollars were excessive and needed to be budgeted.
- Enhanced focus needed on closely managing timeline on all cases.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.
Biz360 can help!
