Saturday, May 29, 2010

Business improvement does not have to cost a lot!

Many businesses struggling along can be too afraid to seek help for fear of incurring huge fees and getting little tangible returns.

During a project for a company facing bankruptcy I implemented a new process that cost the business a total of $160 in "capital" outlay. Integral to the new process was a shift in employee responsibility and accountability. There was resistance at first, but quite quickly the new methodology was embraced wholeheartedly - and the returns to the company:
  • increased staff involvement, which lead to further improvement suggestions
  • decreased staff turnover as they became engaged to a greater extent AND
  • dollar savings of $150,000 in the first year
Not a bad return for the initial investment of $160!

Combined with other initiatives I implemented this company achieved:
  • revenue growth of 37%
  • eliminated $1.2 million of costs
  • transformed from bankrupt to achieving 5 times industry average net profits
My firm, Ivy Business Consulting, specialises in providing innovative, cost effective approaches to business turnaround, improvement and growth.

No comments:

Post a Comment