Case Study: Navigating SME Growth obstacles
Yordanova Consulting's mission is to empower businesses to thrive. Their expertise became crucial for a small UK-based enterprise specializing in shading solutions for commercial buildings. The business, traditionally a subcontractor, faced declining project volumes due to the COVID-19 pandemic. The client sought Yordanova Consulting's guidance to diversify their income streams and adapt to a changing market landscape.
Background
The pandemic-induced slowdown left the client with a significantly reduced workload, despite existing contracts. The construction delays led to a 50% reduction in active projects, endangering the client’s financial stability. The client needed a strategy to maintain operations and increase revenue without extensive capital investment or drastic changes to their business model.
The Challenge
Yordanova Consulting recommended expanding the product line to include fabric acoustic solutions, which complemented the client’s existing offerings. This solution utilized the client’s strong supplier relationships, minimizing disruptions and enabling cost-effective scaling.
Key steps taken:
Partnering with new suppliers for the acoustic solutions.
Providing targeted training for the installation team on the new product.
Crafting a sales strategy to introduce the product to existing clients, ensuring a smooth transition and immediate uptake.
The Solution
The consulting team executed the plan in a structured manner:
First Quarter: Finalized supplier agreements and completed staff training.
Second Quarter: The client successfully captured 45% of the available packages for the new product line, stabilizing cash flow.
Implementation
Results and Impact
Within a year, the client fully integrated the new product line, doubling their annual turnover. This diversification not only mitigated the risks posed by the pandemic but also positioned the client for future growth in the public sector.
"From the outset, Yordanova Consulting demonstrated deep industry knowledge and a keen understanding of our challenges. Their proposed solution was innovative yet practical, allowing us to quickly adapt and expand our offerings. The results speak for themselves—we’ve doubled our turnover and secured a stronger market position."