Case Study: Against All Odds – Steel Burning Component Manufacturing
A small steel burning business is operating in Langley BC supplying sub metal components to construction and equipment manufacturing OME nationally. The business went through a rapid growth over three years prior to the 2008 recession and slow down in economy. The company employs thirteen people and has undergone reconstruction and reorganization after employing BMF Consultants services in 2005. The company achieved high-income growth and profit margin. The owner was the minority shareholder and within two years bought out the partners share and became the 100% owner in 2007.
The company was forced to scale back in 2008 due to the recession and yet had to find a way to retain the skilled labour. As a small business owner it was very hard to go it alone without a mentor, coach and a trusted business professional. The owner had to accept that even though he was conducting business locally he wasn’t immune from the harsh global economic environment. Fortunately, his strategic thinking of retaining BMF Consultants services during this period provided a strong supporting team.
A thorough review and analysis of the financial and organizational structure was necessary for the business to sustain its course. A series of online and face-to-face meetings with the owner and his employees was the most cost effective and the first step in clearly identifying short and long-term plans.
BMF Consultants focus was on:
- Revising sales and profit targets to sustain the business’ short term and ensure the business continuity during the post recession.
- Investigating methods in reducing payroll costs yet minimizing employees and employer hardship.
- Being available as a “Sounding Board” for the owner and providing relentless support, mentoring and coaching to go forward against all odds.
BMF Consultants acted as a mentor, a coach and a savvy business professional and has worked shoulder to shoulder with the owner for the past three years. Several businesses in the same sector folded during the recession but this business has commanded a strong leadership and strategic focus to go forward and even recruit one key personnel during the economic turmoil. This business didn’t face the storm alone.