Case Study: Estate Agent | Business Strategy, People, Management Accounting, Processes

Client Background:

Family run estate agent in a city in the North West – long established business with a fantastic reputation.

The original owners (the parents of the current Managing Director) were still in and around the business. The new owner had worked in the business a long time and was well-regarded. She had a good vision of what she wanted the company to be but wasn’t sure how to achieve it.

Challenges:

The business had challenges both operationally and strategically and it needed a re-set to allow it to grow with the new MD. The culture of the business needed adjusting in line with the new MD and new company goals.

Many of the systems were out-dated and needed revising, and staff were reluctant to embrace the changes needed. There was also some cashflow challenges that involved working capital versus how the company would fund the ongoing needs of the parents of the MD.

Approach:

Provided support and advice to the Managing Director, allowing realistic goals to be set and fundamental changes to be made to the management and structure of the business. Identified business risks and skills gaps within the current team.

Assessed the current finance structure and how it supported the business and restructured to give a business partner approach from Finance.

Identified lack of visibility for financials, cash flow and operational drivers, both current and future – needed for management and funding providers.

Outcomes:

Reduced expensive outsourced accountant time to be cost-neutral with significantly improved financial visibility and business support.

Recruited a new Finance Manager (writing business case, job specification, interviewing and recommending a preferred candidate).

Designed monthly reporting process for financial and operational reporting - Finance Manager given ownership after onboarding.

Planning and budgeting process allowed overdraft to be reduced and stop banks withdrawing the facility. Cashflow plans in place to allow commitments to be met and exit plans agreed.

Managing Director feeling like she is leading the business, with a strong strategic plan in place.