Phil Wright – Manufacturing Specialist
FTI are one of the UK’s premier suppliers of instrumentation products and services who engaged Menzies Strategic Advisory services and some #BrighterThinking to their business issues.
After years of working an 80hr-week in his manufacturing business and missing out on important family time our client knew things had to change. With a lack of structure, no delegation and business owners with differing goals, this was never going to change and they considered giving up entirely.
They engaged Menzies Advisory and we started by understanding the individuals personal aspirations in life and what they wanted to achieve from the business.
The results clearly showed why the current strategy was not effective and ultimately the two were on separate paths and agreed an amicable split.
With a tax efficient solution devised for the departing director, this left the other to drive the business he’d always wanted with our help. We challenged a number of business processes resulting in the addition of a new sales director, implementing better monthly reporting with KPI’s for the team and regular strategic planning meetings broke down larger objectives into smaller manageable tasks.
A new ERP system assisted with planning and meant less cash was tied up in holding stock. The management team were empowered by the new levels of delegation and have all been heavily involved and motivated to drive the business forward.
Menzies role as an independent challenger helps to keep the business owner focused and motivated and with 48% growth in year one and 31% in year two the results speak for themselves!
“What really pleases me is that I’m now, for the first time, proud of my business, seeing it grow and spending less time at work! I’m learning how to have fun and relax again. My hard work in starting to pay off, thanks to Menzies”