Case Study - Recruitment Business
Client Case Study – Recruitment Business
230% Growth in sales and 540% profit growth lead by better regular reporting and business support.
Summary
Freedom in Numbers began working with this particular client in mid 2021 after being approached by one of the directors frustrated by rising accountancy fees and failing support for their business.
Being a service based business, their growth was dependant on their employees being motivated to bring in more work to help the business grow, and ultimately give back a share the profits. Today the business has better visibility with regular understandable reporting and business support to help drive growth.
The Challenges
Poor Reporting with a lack of visibility to their financial performance.
Lack of team motivation to drive the business forward.
Rising accountancy fees with less support for the business.
Strategy for change
✔ Consistent monthly reporting with video and voice over commentary to make it easier for the whole team to understand how their contribution is helping grow the business, improve profitability, and therefore their profit share.
✔ Full Management of the bookkeeping function meaning the team can focus on driving sales for the business.
✔ Business support to help develop the teams understanding of the business.
Impact to the business
30x more pre tax profit since we began working with the client, and therefore more profits shared.
More time saved by the director, meaning they could focus on developing their other business interests and time with family.
12 reports per year instead of 4, leading to better visibility with the finances and keeping the team on track.
12 reports per year instead of 4, leading to better visibility with the finances and keeping the team on track.
How did you feel before you started working with us?
“Frustrated.
Every time I approached my old accountant for advice, it came at a cost. My accountancy fees kept rising, but I didn’t feel like I understood how my business was performing as they only provided quarterly reporting, so we were working with figures that were 3 months out of date. It meant my team weren’t able to see what their profit share might be, and they weren’t driven to improve.”
What would have been the result if you kept feeling & working the way you were?
“It would have limited me working on my other business interests and the business would have ultimately suffered.”
What specific success have you had from the work we’ve done with you so far?
“It has enabled me to look at stepping away from a major role in the business to develop my other business interests, and has meant the team have been able to drive the sales and ultimately the profits to improve the business. Knowing that the bookkeeping is taken care of and being completed correctly has meant that the team has had the time to focus on driving the sales up, which has helped the business grow so much in 2021.”
There’s a science behind our customer service scores!
We also regularly track our net presenter score (NPS) which scores our business reputation against other businesses to see just how much our customers score us and whether they would refer us to other business owners.
We use this to motivate our team to consistently achieve a high level of customer service with our customers, and drive the business forward.
What does an NPS score mean?
A Net Promoter Score that is below 0 would be an indication that customers have a lot of issues to address with their bookkeeper or accountant.
A score between 0 and 30 is a good range to be in, however, there is still room for improvement. If your NPS is higher than 30 that would indicate that your bookkeeper or accountant is doing great and has far more happy customers than unhappy ones.
An NPS over 70 means that customers love you and your company is generating a lot of positive word-of-mouth from their referrals. This range is known as world class.
To compare, Apple’s most recent score was 47, and Xero’s was 42. The higher your NPS is, the more likely it is that your customers would recommend you to their business contacts and friends.
What does our score mean?
Typically, the accountancy and bookkeeping industry has an average NPS score of -5 (minus 5), which doesn’t mean a lot to most people, but generally a score of 0 or below is bad.
Each customer scores you between 0 and 10, with 10 being the highest. Our latest score was 88 out of 100, which is in the World Class range!
