Name: Kevin Johnston
Company: Funky Chunky Furniture Ltd.
Date: September 2018
A brief description of what you do? Design,manufacture and retailer of Funky Chunky Furniture.
How did you hear about IA / IA Growth?
Personal reference & Local Organisation
Why did you contact us? What problems were you experiencing?.
Funky Chunky Furniture had been trading for 4 years when we approached Graham Sleep, it was based in a small extended garage with a turnover of £500k p.a., however with large ambitions. The process to move to larger premises was underway but we knew we had to make changes to cope with demand but what, where and when were new problems facing us.
It begged the question from gaining this knowledge, what if we could utilise someone with significantly more business wisdom than ourselves to take us to the next level (whatever that looked like) so it was time to reach out for some help and advice.
We approached Graham Sleep at this time to see if he could help us move in the right direction to enable us to cope with the growing demands and future thoughts.
How did IAG help to resolve this.
In the 4 years we had been trading we had gained so much experience and knowledge about running our business, but we knew continued growth in our current state was not going to be sustainable.
Since engaging with Graham(and taking up the IAG Floating Board Support) the business has nearly tripled in turnover, whilst maintaining consistent levels of profitability. Even when we faced this being challenged, Graham has introduced to things like lean and value stream mapping and other various business evaluation techniques which helped us clarify our manufacturing processes and improve the efficiencies so we were not just throwing people at the problem. This new fast-track process has allowed us to speed up lead-time to customers, reduced wastage and more importantly ensured that we have standard costs thus improving our financial control and allowing us to maintain margins.
This initial stage made us realise just how little we knew about scaling to the next level and how grateful we were to have this kind of assistance.
The current stage, is looking at continued increased cost control (with help from Andy from IA Growth) as well as Graham developing a full brief with us for an ERP solution to allow us to gain real-time data across the business, whilst at the same time improving our operations. This will ultimately give us the ability to expand our ranges and continue to grow the company, safe in the knowledge that we have control over everything.
What benefits has the programme brought you to company?
I have covered a lot of this above but we had also previously considered the option of an NED to help us with this, which would have been a big commitment and the terms could vary vastly. IA Growth on the other hand had a business model unique to what we had seen before and their approach suited us very well, providing us with the equivalent of 3 NEDs for what you would expect for on-boarding one. It was a no brainer.
Would you recommend us and/or use us again?
Absolutely. Graham and IA Growth have helped our business enter a new chapter, gearing up for a period of sustained high growth, and continue to exceed our expectations in supporting its execution. We would of course recommend IA Growth to anyone serious about scaling a business sustainably.
Can you please write a brief testimonial about your experiences.
“The results speak for themselves. Since meeting Graham and IAG we have seen 140% growth in 2 years, Fromdealing with an individual’s concerns to detailed financial planning, IAG have proven they are there to support us, and me in particular, ensuring we understand where our strengths lie, whilst ensuring the final decision is mine. I am probably a different business owner than when we engaged as whatever they do it is to make us self-sufficient in doing it. The fact that they were willing to risk their own fees based on their capability to deliver tells you everything you need to know about them, giving me a great level of confidence. From their past successes, you can tell that they are quietly confident in who they are and what they do, so with their support we do now expect similar or better growth across the next 3 years scaling to another level again.”