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In the face of numerous challenges, including the global impact of Covid-19 and a significant fire at their storage facility, this noise, vibration, and acoustic consultancy has demonstrated resilience and adaptability since its inception in 2021.
Despite these setbacks, the company has maintained a solid foothold in the market and is now shifting its focus towards growth.
Client Background
A resilient consultancy business on the path to growth
A noise, vibration, and acoustic consultancy business has been serving its clients since its establishment in 2021. Over the past three years, the business has faced and overcome several significant challenges, including the global impact of Covid-19 and a fire incident in their storage facility. Despite these disruptions, they have maintained a robust market position. With these challenges now stabilised, the focus has shifted to facilitating growth to better serve their clients.
The Challenge
Overcoming staffing shortages to reduce lead times and boost project capacity
The business was losing 47% of projects due to staff unavailability and price competition from their competitors. Their current lead time for consultant availability was approximately three weeks, primarily attributed to staff shortages. To address this, their primary objective was to reduce lead times to under one week, ideally achieving next-day availability.
The Solution
How Millbrook Business Finance helped
After consulting with business finance specialist Georgia Dow about their position and objectives, an unsecured business loan was decided as the best finance solution. This loan would cover:
- Recruitment of four senior consultants, totalling £60,000 in recruitment fees.
- Expansion of available equipment, equalling a £94,000 investment in hardware.
- Cashflow support during recruitment, training, and team expansion.
- Mitigation of potential disruptions during the expansion phase.
Benefits of Business Loans
Business loans provide crucial support for growth and operational efficiency. Some key benefits include:
- Quick access to capital for immediate needs.
- Flexible repayment terms to suit cash flow.
- Ability to invest in high-quality equipment and talent.
- Enhanced operational capacity and competitiveness.
The Impact
Achieving growth through strategic expansion and enhanced operational efficiency
The consultancy business is on its way to achieving its expansion initiatives, aiming for a monthly revenue of £190k. This growth is driven by the infusion of new talent, expansion of equipment, and new operational efficiencies.
Summary
Despite facing significant challenges, this consultancy business has leveraged an unsecured business loan to overcome staff shortages and expand its operational capacity. With the support of their dedicated business finance specialist, they are now poised for significant growth, with reduced lead times and increased project capacity setting the stage for future success.
Get in touch to discuss your business financing needs with one of our experts. Alternatively, apply for business finance with Millbrook now for a tailored financing solution that can help you achieve your acquisition and expansion goals.
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