One client of ours had a service-based business with a business partner. They maintained separate parts of the business; she focused on the customer-facing aspects and her partner took care of running business operations and financials.
However, they decided to separate so our client bought the business and ended up taking it over.
Unfortunately, our client’s business partner hadn’t been completely transparent with her about the business’s financial state. She thought it had been doing pretty well, but it had actually lost money the previous year.
She came to us for help and we were up for the job!
We spent time getting our client back on track through monthly meetings to make sure she knew exactly what was going on within the business. We conducted reviews with the billing department and analyzed how the business was running.
We also built a calendar of expected expenses (payroll, credit card bills, rent etc) so our client knew exactly when things were due and what to expect.
It was our goal to make sure she understood the business. This consisted of a lot of business development, review of systems and processes, keeping her books and doing her taxes.
After working through everything and getting systems in place, we have seen a complete turnaround since we got involved.
Our client’s business went from losing money last year to now doing 200% better!
It’s made over $90,000 and our client is now starting a new business that we’ve advised her on.
With the right guidance and support, it is possible to recover your business.
Let the Tembo team help!