Cutting through the noise of a growing a business
Business Challenge:
A quick look back 10 years ago saw orders dropping significantly, profits shrinking, and finance reports lagging; leaving the owner unable to truly assess the health of the company. He tried to utilize consultants, only to be told “Man, you’ve got some problems.” It was the wakeup call the owner needed to find the right CFO.
Fast forward to 2019 and as progress was being made COVID hit. Orders (which have a lead time of 6 months or more) dipped, internal communications were strained, the team pushed back on the number of goals and the owner could sense that the company was not headed in the right direction. At the encouragement of the new CFO, Compass Point was hired to bring a fresh perspective on the business and team dynamics.
Check out the printable version of this client story for more details about the company’s challenges, owner’s needs, and how Compass Point helped them achieve the outcomes they desired.
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Click on the video to hear from the former CFO who experienced the challenges first-hand and was part of the transformation.
Owner Challenge:
- Improving the business model that was far too dependent on him to grow
- Re-imagining the sales model to focus on the best solution rather than lowest cost
- Changing the conversation from a cookie-cutter RFP to deeper discovery conversation before submitting a bid
- Improving internal team meetings that were dragging out for hours and unproductive
- Rethinking how the team needed to collaborate to get things done
What Owner Wanted:
- Control the conversation with their clients to prevent commoditization of their services and poor design solutions
- Improve teamwork and meeting outcomes
- Plan to address talent gaps
- Confidence to walk away from projects that weren’t an open dialogue for alternate solutions beyond the initial bid requirements
17%
Growth in Sales
31%
Growth in Gross Profit
4.6x
ROI with Compass Point
Results of the Compass Point Process
- Created a new level of trust among the leadership team allowed for the flow of ideas and constructive debate
- Increased the number of departmental meetings in a way that actually brought efficiency and transparency, cutting the weekly full team meeting to under 1 hour
- Invested in 1:1 executive coaching for 2 key executives, so owner could begin designing his succession plan
- Created accountability across the executive leadership team
- Develop cohesion amongst the leadership team, working as one synchronized unit rather than operating as silos
- Developed an onboarding program from new hires
- Booked orders grew from $6 million in 2019 to $9 million by end of 2021
- Better communications resulting in higher performance from Executive Leadership team
- Next generation actively being coached for leadership role
- Owner peace-of-mind around the future and legacy of company
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