This family run business certainly wasn't!  Have a look at what they did about it...

The Challenge

This family run business has been in operation for over 10 years. The business has grown in leaps and bounds, progressively gaining traction in its industry.  It is known Australia wide for its commitment to educating its customers. Although successfully growing sales, profit was non-existent.

Action

To ensure all of the owner’s hard work was reflected in the bottom line, a Profit Plan was established, so that the family and key shareholders knew the profit the business needed to make for the year. As well as setting the profit target, key performance indicators were put into place to track the performance of the business.

Monthly Board Meetings were scheduled with family shareholders, key employees and Sullivan Dewing as independent external advisors, to review the business performance, challenge the business owners, and make sure the focus on profit was there!

Results

The business has achieved its most profitable year yet with a renewed and absolute focus on making profit. Remember "sales are for dreaming, profit is for keeps". So, when you set your plan for your profit, make sure there is a healthy number on the bottom line!

For more information contact Jeni Wilcock on 9526 1211 or email jeni@sullivandewing.com.au.