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Online Motor Finance Business Case Study
Rapid revenue growth unlocks an £8m investment
Situation
In August 2011 , an online motor finance business was growing at 30% pa, had 28 staff and was No. 2 in the £8b UK online car loans market. However, the CEO perceived several problems:
- A lack of clear overall direction.
- High dependency on external software suppliers.
- No proper plan for rapid growth.
- A need to communicate direction better to staff.
Our Task
- Help the client craft their vision, mission and value statements.
- Create a new Dynamic Scorecard to support strategic management, communications and measurement.
- Improve internal communications.
- Bring greater order to internal projects.
Action We Took
Over three months, we facilitated workshops for the leadership team, guiding them through steps to develop and execute the strategy. These steps included:
- Creating a new vision, mission and statement of values.
- Identifying the unique value the client provided to customers.
- Crafting a Dynamic Scorecard with the leadership team and explaining how best to utilise it.
- Developing a project dashboard and master schedule.
- Offering guidance on improving their communications.
Results
- The client hit its 2014 targets in August 2013, 6 months early.
- Revenue grew from £1.7m to £11m in two years.
- In March 2014 the company attracted £8m of external investment from Scottish Equity Partners to grow to a £50m business.
- They were listed in the Sunday Times Top 100 Best Small Companies to work for.
- The two founders were recognised as the NW England Entrepreneurs of the year.
Project take-away
A well defined and clearly communicated strategy, backed by effective measurement and control, underpinned operational efficiency and accelerated financial performance.