CHALLENGE –
Approximately 12 months after closing a Series A round of funding; this Charlotte, NC, based startup was struggling while facing multiple challenges. Most notably, they were lacking a “road map” that would lead to profitability.
ACTIONS –
PH Consulting was retained to provide executive/strategic oversight for specific market research, SME (Subject Matter Expert) research and ideation process necessary and associated with the production of a Strategic Plan and Presentation Deck.
Over the next 120 days, PH Consulting established the foundation for a Consolidated Profit and Loss statement that would allow the company to report on the five (5) potential sources of revenue. In addition, a “Bill of Materials” file was constructed to aide management in evaluating profitability of various products and services. Further, additional projects included: capital account reconciliation, cash flow forecasting (13-week), review of insurance policies and legal commitments, as well as building a comprehensive “from the ground up” operating budget – which would ultimately drive the Strategic Plan.
Lastly, at the conclusion of the engagement, PH Consulting made recommendations to management for areas of Human Capital, Financial Management, SKU Rationalization to preserve liquidity as well as Emerging Market opportunities.
RESULTS –
The company immediately implemented recommended actions and now have a comprehensive view of their financial performance along with the vision for growth. Management is also now armed with a best-in-class Strategic Plan that was output in a perfectly bound 88-page booklet to compliment a Power Point deck that they can share with current and potential investors.