Business Intelligence for Custom Integrators
Quick Checklist for Growth
- Can the owner change his/her role over time?
- Are there more clients to be gotten if more resources were applied?
- Are you financially fit enough to pursue it?
- Do you understand what is limiting your growth today?
- Are your customers being satisfied today?
- Can you get more from existing clients? Lighting, shades, etc
- Have you saturated your current relationships? Builders, architects, designers, past clients?
- Can you invest in new relationships, while others service the current source of business?
- Where would your next 3-4 employees fit in the organization?
- Is your team willing to take on growth as a way of doing business?
In 2014, VITAL had 15 companies working to standardize the financial management of their businesses. Meanwhile, we learned about the importance of benchmarking, showroom practices, inventory process, customer profiles, purchasing behavior, software diversification, proposal practices and priorities of the VITAL clients.
Several key initiatives came out of this work:
- Identified 3 Pillars for the Group
- (Financial, Customer facing, Organizational)
- Defined a brand strategy for the Group
- Defined a strategy for purchasing programs beyond their buying groups
- Defined a 1000-day Work Plan for the Group
- Initiated each company organizational planning 2014 to 2017
- And, produced a 2015 Individual Plan for each company
The Group is now positioned to fund the lean organization needed to execute the growth strategy adopting a new psychology of change in each company.
The functions of marketing, human resources, process documentation, financial compliance and purchasing support will all be added at the Group level in the 34-month timeframe. During this timeframe, local companies are expected to add $500K to $1M per year in sales on average to each location.
In 2015, we expect to add another 15 companies to the Group making it the largest go to market collaboration in the CI industry. Building on the theme that companies need not go it alone, we have clearly learned there is strength in numbers.
Learn How VITAL MGMT can help your CI company become more profitable, more receptive to growth and more valuable in total.