Cycle Confident Case Study
Planning Phase
When we started working with JFP in 2016 the initial planning exercise allowed the senior management team to step back from the business and take a clear view of all the issues we were confronted with. It was a very powerful exercise which allowed us to challenge each other logically and without pressure, develop a clear Plan on how to move forward with a clear set of Actions, In order to drive the process and necessary change. JFP were very financially aware and created a 5 year P&L which was a very good reality check on all the ideas that were discussed. Issuing the planning report and leaving it with us for 5 weeks before revisiting to check all the assumptions were sound, was very effective. An excellent start to our relationship
Implementation - Process
We quickly set up a Board Meeting (BM) process which has been followed over the last 6 years. In that time the fixed Agenda has changed to suit the circumstances and challenges prevalent at the time. Whilst for most of the period the meetings were bi-monthly we included ad hoc meetings where necessary, but the format remains the same. They are ACTION driven. This consistency has ensured that we tackled all the key issues appropriately and in a timely manner and most importantly did not drop the ball.
JFP have been involved in a non exec chairman role, which naturally evolved. The big plus is they will work with you to meet whatever your requirements are and are very good at adapting their level of involvement too e.g. the pandemic.
Implementation - Annual Reviews
Every year we have held a strategic review, which began with the original plan, and has now evolved into a relatively straight forward annual assessment of what we achieved in the previous year and what we intend to achieve over the next 3 years. We ensure we know what our objectives are at all stages and every effort is made to meet them. Critically we are now embarking on a major new direction in the business.
Issues
Reliance on Public Sector business
Senior Management expectations
Business structure – we acquired a competitor covering the Midlands – making us the largest cycle training company in the UK
Merging two companies with very different cultures
Recruitment of Senior Management
Implementing Sales and Marketing plans
Mentoring key staff
Directors rewards
Board Meeting process
Outcomes
We are now the largest cycle training company in the UK
Venture Capital companies have expressed a serious interest in acquiring us
Implemented a consistent management process with Board meetings – properly prepared, minuted and chaired by JFP
Managed the favourable exit of a key director
Acquired and merged another business.
Turned round the acquisition into a very profitable operation
Recruited an Operations Director
Developing a plan to change direction and create private sector business. Launch Summer 2022. “Third leg”
Kept the momentum up in the different projects such as the Be Confident Education Centre
Additional Points
JFP have definitely helped the progress of the business and been able to offer clear advice at all times. They have a wealth of experience and contacts. Having them alongside particularly during the acquisition has given me confidence during some difficult periods to make difficult decisions and see them through.
The more I have worked with JFP the more I realise the strengths, skills and useful contacts they have brought to bear to help Cycle Confident, in particular over the pandemic period, which has been a major challenge. They are very approachable and a pleasure to work with.