How We Increased Turnover By 98% In 6 Months At Outlet Property
At a Glance
Over the space of 6 months we helped increased business turnover at Outlet by 98%. As well as pushing the Outlet team to achieve these massive results we implemented numerous business systems around marketing, cash management and team performance. Finally we helped Joshua plan the company’s medium and long term growth strategy.
“My business coaching experience has been extraordinary. Each and every time we get together on the Group Coaching Programme I am challenged and pushed to think about my business in new and creative ways. Each session, I take away new ideas and processes to implement and action. It’s not always easy but it does produce the results! And that’s the exciting part.”
Joshua Rafter, Managing Director
The Challenge
Outlet Property is an 18-man property services firm based in Soho. Joshua Rafter, the company’s Managing Director, was introduced to me through a mutual friend who suggested I would be able to help him make some progress on his business goals.
- Outlet are a long established firm with a happy and satisfied customer base. However growth was limited by cash flow issues and a lack of clear strategic direction
- Joshua managed cash flow daily in order to keep the business afloat
- Spending not aligned to seasonal highs and lows leading to ‘feast or famine’ behaviour
- No systemised cash flow management processes
- Therefore stuck in overdraft and unable to expand the business
- No marketing plan
- Constantly fire fighting and focussed on the short term
- Leaving Joshua feeling stressed and distracted
The Solution
During our first 6 months of coaching our focus was on effective planning, accountability and measurement systems. Most of our time was spent on cash flow, goal setting, marketing and business systems. Here’s what we initially agreed on as solutions…
Cash flow
- Use a rigorous cash flow tracking system to better plan future cash requirements
- Implement strategies to minimise cash gap and maximise available cash flow
- Clearly calculate and track Josh’s gross margin and company break even point
Marketing
- Writing a detailed 1,2,3 and 5 year growth strategy
- Create 3 new divisions to service new markets and customer requirements
- Performance metrics reporting for each department
- Quantitative ‘test and measure’ based marketing strategy
- 90 day planning and goal setting system with regular accountability sessions
The Results
The results we achieved were massive and the numbers speak for themselves. Here’s some of the things myself and Josh were most proud of…
Financial
- Business turnover increased by 98% in 6 months• £119k added to year on year revenue
- Property sales income up by 313%
- Commercial income up by 102%
Marketing
- Brand new services, markets and income streams added resulting in significant new growth potential
- USPs (Unique Selling Points) re-defined and incorporated into revised marketing strategy
- Conversion rates and ROI now measured for all marketing campaigns
- KPIs (Key Performance Metrics) now defined and tracked for each department
