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IndividualCOACHing What has Humphrey Sherwood of ActionCOACH done for our business?
How we achieved this …
To take a product case study - Knowall Media, which is focused on the online marketing and delivering leads and enquiries through the web.......
Putting these Actions in place moved us from a break even business to achieving around 20% Net Profit. To anyone who wishes to succeed in business: After possessing a Masters degree in Business Administration, and over 30 years of business experience from being a successful international franchisee to one of the I was proved wrong by Humphrey Sherwood (Business Coach). Mal Weeraratne, Buty Salon, 31st of March 2009
Vividsky wins First Prize for Innovation at ActionCOACH's Annual Client Awards Steven Sharp of Vividsky uses a combination of Humphrey Sherwood's coaching and ActionCOACH's systems to generate a 330% increase in the bottom line! When Humphrey Sherwood first started working with Steven Sharp, Steven had taken his business, Vividsky, through a drastic process of downsizing, relocation and cost-cutting in response to the recession. This left him with the massive task of regaining his time and rebuilding his business. Steven has worked extremely hard over a prolonged time to systemize, recruit for, and rebuild his business, taking the very bold step of off-shoring the major part of his operation, to be able to out-perform and out-price his competition, and then to take his business to the next level as a provider of imaginative value in the IT Services sector. Steven Sharp says that since working with Humphrey Sherwood we have focused on many aspects of the business but one of our priorities has been the productivity of the business. As a business owner I was spending all of my time working in the business doing technical support work and I was unable to delegate any of my work to employees because they were all extremely busy and had no available free time. It was clear when I started working with Humphrey that the only way the business was going to grow was if I started spending more time focusing on the business and less time doing the technical work. It was relatively easy to determine what needed to be done but much harder to work out how to achieve this. The business needed more man hours but this had to be achieved without increasing our costs as we already had low margins. We looked at our systems and procedures and made changes to these but it had very little impact on the real increase in available hours. It became clear to me that the only way to increase our productivity was increasing the number of hours by taking on more staff but this had to be done in such a way that it did not increase our costs. After a review of our staff and salaries it became clear that the best way for us to move forward was to move all of our operational staff to a lower cost centre. Over the past 6 months we have moved all of our operational staff to a new office in South Africa. The new office has reduced our monthly costs by 8% but has allowed us to increase our available hours by almost 60% by taking on more staff. We are now able to offer longer opening hours and with the additional staff available to handle customer more customer calls and offer a higher quality of service which has meant an increase in our client SLA. The addition of the new office has allowed us to create a company structure and to define roles and responsibility within the business. With dedicated roles it is now much easier for me to delegate tasks and I have increased the number of hours I am working on the business from 1 hours per week to 1 day. Opening the office in South Africa and moving all of the operational tasks has allowed other staff in the London office to focus on project delivery and to focus on sales and cross selling (up selling our services) to existing clients. Increased productive hours by 60% and reduced our monthly costs by 8%. A 60% increase in productive hours will allow me to generate in excess of 30% more sales revenue. The knock on effect of this can be seen above and is a 282% increase in net profit. Increased the number of hours to work on the business from 1 Hour to 1 Day This will allow me to focus on the part of the 5 Ways above the Turnover, and begin to drive real growth into Vividsky. Improved our Customer Service Ratings and our client SLA’s The effect this is having is already allowing me to negotiate with our biggest client for an increase in service charge of about 10%. Because of the success of this negotiation, I now have the confidence to roll out this price increase across my client base. This will have the affect seen above of a further increase in our net profit of 150%. Summary Taking these two changes together Steven is looking at a total increase in net profit of around 330%! To learn more about VividSky go to vividsky.co.uk.
Kensington Home Technology is Finalist for Financial Results at ActionCOACH's Annual Client Awards Malcolm Stewart of Kensington Home Technology uses a combination of Humphrey Sherwood's coaching and ActionCOACH's systems to generate a 1190% increase in net profit! Humphrey says Malcolm has
He thinks clearly, and then acts swiftly and effectively. When I began work in KHT their turnover had not changed for 3 years. I serve as the catalyst to precipitate and increase the rate of growth in KHT. Target 1 for our attention was the sales process: KHT's complex service needs to be sold in a personal manner. We worked on personalisation and presentation of the service. The result is self-evident. I remember the moment Malcolm's face reflected the surprise he felt as the figures unfolded.
Malcolm says Coaching has given me clarity of vision. The weekly meeting gives me a chance to really think about my business strategy with someone who is so well practised at it. As a result our turnover is up and profits are good. This has lead me to enjoying my days at work far more, and therefore coming home happy in the evenings. Action Coach is the best decision I have made at work in the last 6 months. The Figures KHT's Conversion rate is up by 71%. this has resulted in KHT winning 40% more customers in 2011 quarter 1 than in the whole of 2010. At the same time, the quality of projects won is up, generating a 24% increase in average project value. Overall the Turnover in 2011 quarter 1 is 39% up on the turnover for the whole of 2011. The Gross Profit Margin has improved by 10% due to efficiency improvements, and the Overheads are only up by 19% resulting in an increase in Gross Profit of 53% in quarter 1 over the whole of last year. So what was the result overall? An amazing increase in Net Profit of 1090%! Further Information To Learn more about Kensington Home Technology go to: http://www.kensingtonhometechnology.com/. |
