Background: A team of three young people used their passion for dance music and knowledge of IT to establish an on-line retail business offering vinyl records to DJs and dance music enthusiasts. The director’s energy & expertise over seven years resulted in turnover growth to £5m pa, distributing over 40,000 items each week to a global market-place from a London warehouse operated by 90 staff.
Issues: The business was profitable but the team’s bank manager sensed that there was even greater potential to be unlocked and suggested that they should meet Secantor.
Actions: Two Secantor Executives joined the team on a part-time basis and introduced, guided and assisted the team with the following changes:
Regular management accounts & KPIs were established for decision making as part of structured monthly Board meetings
Strategic planning incorporating a marketing plan and financial projections & budgets were prepared to provide direction and to monitor & control future growth.
Market research was introduced to track customer satisfaction and monitor changes in market trends
New products & services were developed to satisfy the needs of the loyal customer-base.
The fulfilment operation was streamlined with labour resource planning and productivity measures as well as automation and systems development for charging & despatch.
A middle management team has been developed & coached to be accountable for performance in each part of the business to enable the directors to focus on future strategy
Outcome: The client has grown both sales & profits and is now the world’s largest specialist on-line retailer of dance music. The value of the business has grown tremendously.
MD’s quote:
“He makes us make decisions… What we are getting is a whole world of advice. The cost has paid for itself a hundred times over”.
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