The Mobile Bar noticed that though they seemed to be doing everything right, the business wasn’t meeting parameters for success. The disconnect was that though the business appeared to be making money, it remained unaware of what proper business management practices were.
IDS’ plan of action was to educate the CEO on the key profit markers such as pricing, recruitment and cost drivers and how these factored into the big picture of business profits, to ensure that the planning and strategizing around these markers came at no opportunity cost to the business.
The Mobile Bar also needed to keep track of their profits, because at the end of 12–16 hour days, there would be no money to show for the work done. The founder and manager had personal aspirations she had wanted to achieve; mainly to be able to afford her own place, buy a car and hire an assistant. To help her understand why her venture didn’t seem to be breaking even, IDS had to walk her through business revenue and how crucial identifying this was to the success of the business.
Throughout 2018, with careful planning, The Mobile Bar is able to forecast how much money they would have made by a previewed time to come.
The Founder has come to value business transparency and is now able to manage her books and track her earnings to ensure that everyone on her payroll, including herself, is adequately compensated and that all debts are paid off.
The Mobile Bar is now financially smarter and is well on course to meeting its financial targets for the year.
