See 2007 Impact Report
Success Stories
Minority-Owned PR Firm Has System For Success
Many business owners start a business because they have strong technical skill but they often do not know which systems to put in place to manage the business. Many end up either not "managing" their business or having to manage one crisis after another.
In Memphis a woman with a strong background in public relations started her own PR firm. She rapidly grew sales to $18,000 per month and hired 3 employees. Everything happened so quickly!
Recognizing that she needed help managing payroll, understanding her expenses and setting up an accounting system, she contacted alt.Consulting.
As the alt.Consulting staff worked on-site with the owner through an initial assessment, they identified additional problems and opportunities.
Problem: There were no systems in place to manage tax liabilities and cash flow.
Opportunity: The entrepreneur was successful in obtaining contracts but was doing what many entrepreneurs do - cutting prices to get in the market.
alt.Consulting
- Fully implemented an accounting software system and trained the owner on entering information and creating reports.
- Set up systems to manage payroll and payroll taxes.
- Evaluated pricing and implemented a new aggressive pricing strategy.
- Provided one-on-one instruction to the owner on understanding financial statements and ratios.
Results - Sales increased to $40,000 per month, the business is profitable and has hired 2 additional employees. Financially, the business is already outperforming similar size firms in the industry.
The owner says, "alt.Consulting really opened my eyes to the fact that I had to start asking my clients for what I was potentially worth. The next client had no problem paying it. Their advice is invaluable."
A Turnaround - From Default to Tripled Sales
A woman-owned business was referred to alt.Consulting by her loan officer because she was in default and facing foreclosure.
The initial assessment found severe cashflow problems resulting from obsolete finished good inventory and excess raw materials. The business had no inventory management systems in place.
The first step of the engagement with alt.Consulting included getting the inventory under control. The company sold off their finished good inventory and put inventory controls and systems in place leading to immediate increased profitability and improved cashflow.
Later the consultant helped implement financial management systems and a marketing strategy. All of the work resulted in:
- 18 jobs saved
- 32 jobs created
- Sales have tripled
