ICON Business Solutions: Industry Case Study - The Record Industry

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ICON Business Solutions

  Opportunities:
In the UK
  Business Type:
Franchise
  Minimum Investment:
£34,950
  Training Provided:
Yes
  Home-based:
Yes
  Part time:
Yes

Summary: Increasing profit while reducing hours in the business

The Client Sector: The Record Industry

The Goals:

To reverse the decline in sales and return the company to profit. At the same time reduce the number of hours spent by the two owners working in the business (up to 70 hours a week each).

Business in Profile:

The owners were working up to 70 hours a week each and spending all that time working as sales staff and “fire fighting”. There was no plan and the business had been in decline for 4 years

Strategies:

  • The first strategy was to drive sales in this specialist niche market for Soul and Cool Jazz music.
  • The second strategy was to revitalise staff morale and that of the owners as well.
  • The third strategy was to look at the stocking policy to release money to fund the growth of the business, as there was no spare cash flow to fund this.

Outcomes:

  • Sales are up 20%
  • Margins improved by 6%
  • Client base increased by 6%
  • Owners are looking at recruiting new team members
  • Currently reviewing stock to improve stock turn and release capital
  • Planning revamp of shop premises to be more attractive to women
  • Actively seeking capital injection so the company can move into the US market

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