There are several ways I believe I can add value to your business, and each one represents a positive outcome for me. I want to emphasize that this collaboration has been an enjoyable experience, and I've appreciated the opportunity to get to know you better.
From the outset, I had three main goals in working together: to help the business generate enough profit to cover my loan, to support your transition from self-employment to becoming a new business owner, and to enhance my professional experience.
However, two of these objectives now seem unlikely to be achieved. Our call on Monday marked the beginning of re-establishing our intentions in relation to the fact, and in this message I want to outline my perspective on the challenges I percieve and propose a plan for moving forward.
Our recent call allowed me the chance to introduce the idea of intent, and what I mean when I use that word. I think that during that conversation, and during earlier conversations, we could set these three:
Acquiring High-End Clients and Specialised Work
We discussed the desire to focus on projects where craftsmanship and high-quality materials are prioritised, that include working with traditional materials and finishes where possible, and where you can engage closely with clients who value this approach.
Optimised Organisation and Administration:
We discussed the challenges of managing leads and inquiries that prioritize speed and budget, the "chaos" in the organisation of work outside the actual construction, my concern over the pace of work through the workshop, and your concern over the pipeline of confirmed jobs coming into the business.
Better Financial Compensation:
You shared your financial goals for the business, targeting an income of £35k to £50k. Additionally, we explored the valuation of the business, considering scenarios ranging from £500k to £1m, each requiring distinct strategies to achieve those targets. I spoke of my wish to have the business afford to support my involvement.
From my perspective, the core challenges to achieving these intents in the business are: effectively converting interest into jobs (whether ideal or not), organizing and managing the work to ensure timely completion (including delivery and payment), and securing financial stability for the business.
I see significant room for improvement in the sales and revenue generation process, which spans from lead generation to closing deals. Here are the three key areas that need attention:
Currently, the website is bringing in a fair number of leads, but there is a lack of clarity around the services offered and the corresponding price ranges. Additionally, it is essential to establish a stronger market fit by aligning the business's offerings with what customers want and the prices they are willing to pay. Right now, the inquiries come from a broad audience seeking various outcomes, and the business lacks a clear Unique Selling Proposition (USP) that sets it apart.
The current method of pricing (materials cost ×2) does not provide a reliable basis for ensuring that quotes accurately reflect production costs. These production costs include: