An asset that has highly appreciated and owned in joint names can cause a challenge when it comes to IHT planning. Here we take a look at some careful IHT planning we assisted a client with in relation to a jointly owned asset.
Switching Gear to enable Commercial Success in a High Precision Engineering Company
Business Advisory
A high precision engineering company had invested extensively in R&D to develop superior machinery compared to competitors.
Despite their technological advancements, the company struggled to achieve significant commercial and financial success.
The business owners were working over 60 hours a week, 6-7 days a week, with little reward at the end of the year.
Task
After years of encouragement and challenging the company’s results, we were engaged to provide regular financial insights, explore pricing model issues, and establish a framework for setting and achieving focused goals among the directors.
What did we do?
Business Planning Day
- Conducted a planning session to refine the business plan and establish both business and personal goals.
- Created an action plan for the next 90 days to provide a clear roadmap for immediate steps.
Financial Assurance and Monitoring
- Developed an initial three-way financial forecast to ensure the company’s cash security.
- Provided quarterly management information to monitor and illustrate the company’s performance.
Pricing Model Consultation
Assisted in consulting on and refining the company’s pricing model to improve profitability and competitiveness.
Result
Navigating Market Challenges
Successfully managed significant variations in order levels due to increased protective activities from a key competitor.
Operational Improvement:
Appointed personnel to reduce the production burden on the board, allowing the directors to focus on strategic initiatives.
Increased Production Capacity:
Progressed towards increasing production in line with the company’s supply ambitions.
Summary
Applying a combination of strategic planning, financial oversight, and pricing model adjustments can transform a business, enabling it to overcome challenges, reduce workload on its leadership, and move towards sustainable growth and success.
We are committed to collaborating closely with our clients to create tailored strategies that help them achieve their long-term goals and achieve success.
Getting in touch with us
If you would like to talk to us about how we can assist you in your business journey please take the next step and request a call back or call us on 01634 731390
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