Leading NYC Technology company
This company was challenged identifying and retaining proper staff. Over a 90-day period, I helped them identify and recruit front office staff, sales executives, and IT technicians. I worked with the CEO to identify the behavioral characteristics that were a good match to work alongside of him as well as the best fit for interacting with clients. The staff recruitment was so successful that this client then requested that I aid him in recruiting up to twenty (20) new employees over the next 6-months.
Paramount Construction Company – Long Island, NY
The CEO of this firm was challenged with an inadequately performing office manager. We worked together to identify the necessary skills and behavior that would help him propel his business to the next level. Within nine (9) days, my team and I were able to identify and recruit a top performing office assistant to replace the inadequately performing employee. The result: The client and new employee are both happy working together. The business owner has requested my services to help him facilitate best practices in order to improve how he manages day-to-day operations.
This company was headed for bankruptcy. Initially, I had counseled them to close, but with a second look, and the introduction of a new product that would greatly improve their position, I helped this clothing manufacturer establish improvements and controls which resulted in a reduction of their operational expenses by 46%. Working together over a 12-month period, I helped them get rid of waste in spending by advising to source new vendors to buy goods at a lower price, I introduced them to a staggered work week, which helped reduce their utility expense as well as their payroll expense. We looked at ways to innovate based on the resources available to the company and in less than 120 days, they were able to launch an innovative new product which required no additional working capital or purchases, but instead involved the use of remnants, left over from the production of other products that the company created. With the launch of this new product at an international trade show, this client was able to not only save their business, but they were also able to innovate using the resources that would’ve been discarded for refuse and instead they took their waste and turned it into a viable new product with good price points, which turned out to be a game changer for this company.
Retailer – Women’s Footwear Increases Profit Margins
When we first met, this firm was experiencing cash flow problems. After reviewing cash flow statements for the business as well as the owner’s personal cash flow I noticed and exorbitant amount of personal expenses were being absorbed by the business. At onset I advised that the owner reduce and or get rid of the excessive personal spending, and to began drawing a salary, to cease using the business account for personal use. Until the business could increase sales, I suggested these strategies for 6-months to a year, in order to free up needed cash. *From the business cash flow statement it was realized that the client was paying a key supplier every 30 days. I advised to renegotiate and ask for extended terms, to look for other suppliers in order to avoid a sense of indebtedness to one vendor. Implementing these key strategies over a seven month period helped reduce COGS by 35% and overall expenditures by 20%. These approaches in addition to others resulted in a year over year profit margin increase of 42%.
*NOTE: Timely payment to vendors is important. However, at times it may become critical to re-negotiate terms in order to reduce the strain on cash flow and to insure greater long-term growth and profitability.