Scan Plus Case Study
Planning Phase
I started working with JFP in May 2008 the initial planning exercise allowed me to step back from the business and take a clear view of all the issues I was confronted with. It was a very effective exercise which allowed me to logically, and without pressure, develop a clear Plan on how to move forward with a clear set of Actions to drive the process and change. JFP also created a 5 year P&L which was a very good reality check on all the ideas that were discussed
Implementation - Management Process
We quickly set up a Board Meeting (BM) process which we have followed over 13 years. In that time the fixed Agenda has changed to suit the circumstances and challenges prevalent at the time. Whilst for a long period the meetings were monthly they are now bi monthly, 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. 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. The more I have worked with them the more I realise the strengths and breadth of skills and experience they have brought to the table to help Scanplus.
Implementation - Annual Strategic 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 ensured we knew what our objectives were at all stages and every effort was made to meet them.
Issues
Industry in decline with smaller printers competing with large consolidators who drive down the price and margins
Family control issues – exit plans
Business structure – two companies needed merged
Property lease costs for the Presses
Ownership of a large office in Central London
Recruitment of sales staff – a perennial problem
Implementing Sales plans
Mentoring key staff
Outcomes
Implemented a consistent management process with Board and Sales meetings– properly minuted and chaired
Managed the favourable exit of a key family member
Merged two business and moved the Presses to Croydon
Sold central London Offices and occupied a small rented office in central london
Maintained a healthy momentum in our sales process
Moved the whole operation to Croydon
Sold the Litho press – rationalised the business by outsourcing
Initiated the preparation and options for sale well out from the planned date
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 has given me confidence during some difficult periods to make difficult decisions and see them through. There is a certain satisfaction when you know you have the correct course of action to take and ready support.
JFP have been particularly helpful in the Sale Process which has taken some time. I can highly recommend them for all aspects of their work not least the non exec function. They are friendly and a pleasure to work with.