Multi Channel Retailer
Multi Channel Retailer
Business Development & Financing
Outline of Services Performed:
- business development
- business process development
- executive staff recruiting
- human resources selection and management
Beneficiary of RHG's Expertise:
The Company saw its business and profits decline over two years and experienced cash flow shortages due to a
variety of circumstances. These included mismanagement (distracted management), failure to diversify product lines,
lack of sufficient vendor credit lines, construction barriers in its municipality, changing tastes, and opening of
competitive stores in Legacy Village. These problems and lack of demonstrable solutions thwarted new and
ongoing vendor support needed to grow.
Client Quotes:
Co-Owner
“When a crisis situation erupted at my business last year, due to a sudden illness and disability with my business partner, I was referred to the Richard Henry Group. At a moment’s notice, RHG arrived to assess and assist in strategizing what critical components needed to be addressed and how to go forward. RHG acted as a temporary management team. Within weeks, they quickly put into place a much needed line of credit that would have been almost impossible for me to negotiate on my own. In addition, RHG instituted the process of systems and communication throughout all areas of the business. RHG was there to help me out of a precarious and almost dire situation.”
Detail of Services by RHG:
Richard Henry Group developed a strategy to restore the operational and financial performance of the Company. Then, RHG evaluated, analyzed, and made constructive recommendations regarding:
- staffing capabilities,
- advertising & marketing strategies,
- internal communication,
- cash flow management,
- past financial trends,
- vendor / line performance,
- alternative and new lines of products,
- vendor terms,
- existing vendor contracts,
- obstacles to growth,
- trade show attendance,
- leases,
- warehousing & delivery,
- competition,
- and retail promotions.
First, RHG established financial controls processes and introduced an RHG affiliate to develop a marketing and public relations campaign to build retail business and an RHG staff member as interim retail store manager. Next, RHG’s staff actively participated in directing and educating the Client staff in:
- internal communications,
- financial statement preparation,
- over-zealous vendors,
- new vendor selection and negotiation,
- in-store retail presentation,
- and customer service.
Finally, RHG developed a forward-looking financial, operations, and cash flow plan to guide the company in its expanding business.