The team at Leading were by the owners of a North Norfolk restaurant who had been struggling financially following a decline in customer numbers.
During the first meeting, Jamie Playford, Licensed insolvency Practitioner, conducted a full review of the company’s financial position and determined that whilst the company was experiencing short term cashflow issues, the business remained viable.
Therefore a Company Voluntary Arrangement (CVA) was proposed which would help the business to restructure, improve its cashflow and repay creditor debts at a much more affordable rate.
Whilst the implementation of the CVA dealt with the financial problems the business had been experiencing, the owners recognised that in order to get things fully back on track and return the business to a profitable position, underlying operational issues would still need to be addressed.
The owners decided to engage the team at Leading Strategies to help them make the significant changes required to give the business the best chance of success. In the first instance, Jo Pyman, Director, conducted a full review of the overall business to identify the key challenges and problem areas. These included:
- Failure to comply with existing employment and health and safety legislation
- Lack of financial KPI’s and monitoring procedures
- Underperforming, unmotivated and untrained staff
- Tired premises that were unwelcoming to customers
- Lack of direction and leadership
Following the review, it became clear that unless action was taken to address these issues, the business would continue to struggle and potentially fail.
We proposed and implemented a full turnaround plan which was designed to tackle each problem area. As a matter of urgency, we helped the business owners to meet their compliance and legal obligations, removing the level of existing risk.
We also helped the business owners to implement a range of reporting mechanisms, as well as provide them with a cloud based accounts package. This has enabled them to closely monitor their financial position and also undertake actions such as negotiating improved credit terms with suppliers.
In addition to the above, we have also conducted a full staffing review in order to understand not only which resources are required but to identify the skills and experience that already exist within the business. This review enabled us to produce a series of job specifications, employee contracts, individual training plans and appraisal system documentation which will assist the owners with monitoring performance and ensure staff are appropriately trained. Feeling much more in control of the business, the owners are now providing clear direction and leadership meaning staff are much more positive and motivated.
Finally, having conducted a full branding review, we are in the process of co-ordinating a full premises refurbishment to ensure the environment is in line with customer expectations. The client says “working with Jamie and Jo at Leading Strategies has been a fantastic experience. The help, advice and support they have given has been so helpful and it is fantastic to see some really positive changes happening at our business. We are now extremely optimistic about the future.”
For more information about how we can help your business, please get in touch today. 0800 246 1845 / [email protected]