Scaling Up - $5 million to $40 million
Reaching your business's full potential
A Melbourne residential and commercial builder engaged Chase to help grow from a $5 million business into a $40 million business. The business founders had quickly built the company into a $5 million business in 3 years from start-up. The business owners believed that their company had not reached its full potential in the Victorian market and identified that a business plan and roadmap was required to guide the business in this next stage of growth.
Chase worked closely with the business owners to develop their Business Plan. We undertook a strategic review of the business by firstly reviewing the residential and commercial building market. We then evaluated the business’s financial performance and benchmarked performance against key industry measures. We surveyed customers and their residential and commercial stakeholders to assess their customer service levels and build quality and to identify opportunities for growth.
We facilitated a series of business planning workshops with the business owners to ensure that business planning process incorporated the organisation’s circumstances and would meet its objectives.
During the business planning process, we developed strategies to:
- Grow and scale the business;
- Build customer demand in each of its key market segments (residential, commercial and industrial);
- Build systems and processes for scaling the business and to drive efficiencies;
- Clarify the organisation structure (roles and responsibilities) and help in hiring the right people for growing the business;
- Manage cashflow and build working capital to fund the expansion; and
- Monitor and review performance (business scorecard) to measure their key drivers of business growth.
Ownership of the business plan was an important factor in ensuring the successful implementation of the business plan.
The business grew in four years from a $5 million business into a $40 million business. The business owners were able to breakthrough the small business mindset by getting the balance right between working on the business and working in the business.
During this four year period, they implemented a professional structure in their business. The business owners recruited motivated, well-informed and talented people to help grow the business. They establish an advisory board to provide objective and independent advice and held formal monthly business review meetings.
Over this four year period Chase facilitated the annual review of the business plan implementation and updated the roadmap with new goals, strategies, actions and KPIs.