Month 1:
In month 1, we identified during our initial audit that HR challenges and lawsuits had eroded employee trust. Our team immediately upon starting the engagement, identified and hired a key individual who could take on customer operations and HR for the company, with the idea of transitioning this individual into a COO/Integrator role within 6 months.Results:
This key individual had extensive experience in HR and we were able to hit the ground running with them at the helm. This individual (in line for COO integrator) was able to serve as a key leadership team member covering multiple leadership seats. Together, we quickly developed functions, people in roles and processes needed to make the company work.Months 2-6:
As we continued our deep dive, we identified the company was led by a revolving door of new ideas. Employees were fatigued by constant changes and lacked follow-through. Projects were left unfinished and without a timeline for completion. And, on the marketing side, large spending were taking place with zero ROI or reporting tied to them. We had started to self-implement EOS, which was not generating results quickly enough.
Results:
We brought on a talented EOS implementer, and created same-page meetings in which ideas could be communicated with the team and those ideas were bounced against our strategy wireframe (EOS VTO). This helped the team hone in on the high-impact ideas that needed swift execution, which we handled. We also stayed focused on planning and completing quarterly rocks/OKRs and actively chose to NOT introduce new projects until these were completed. Fuel also worked with the Marketing Lead to track spend, leads and sales from each marketing channel. Then, we used the data we received to eliminate some channels and invest dollars in the ones creating ROI.
Employees followed through on fewer, clearly communicated initiatives. Additional building and scaling work got done and key processes were created. Overall, there was an expense reduction on the marketing side, and higher ROI on the dollars spent on the channels that were produced, saving the company money. A first-ever budget was created and a smooth transition to the new integrator was completed.
The Problems:
Month 1:
Our engagement started by establishing a clear vision on what the CEO wanted to accomplish within the next year (revenue, profit, and what the business would look like in a year). We also identified how to best re-organize leadership roles and responsibilities in order to achieve maximum results. This was accomplished through an evaluation of the existing team members, determining how they may be best suited for each role and then shifting these people into better fitted roles that aligned with our one year vision and strategy. We also built a hiring strategy and recruited new candidates for other leadership roles that were created.
Results:
Immediate, measurable progress was achieved in the first 30 days and the CEO was thrilled with what we accomplished. These improvements allowed the CEO to reclaim his role as visionary and lead the company instead of juggling multiple different roles and responsibilities. Work was now delegated to the correct individuals, taking off much stress and frustration and this allowed the CEO to accomplish one of his major goals: buy back 100% of his company.
Month 2:
Working closely with the visionary CEO, the next part of the strategy was to shift the COO/Integrator into a better suited position while having our Fuel COO, Ginny Wood, take on the roles and responsibilities of the COO/Integrator. Ginny was tasked with taking on the biggest company rock and high impact project for the quarter which was to re-format a strategic plan with the new leaders, create new one year goals, develop and agree upon clear leadership roles and responsibilities, and put success measures in place. These all would serve as a vital tool to ensure the company met their revenue goals moving forward.
Results:
As the new COO/Integrator, Ginny worked with an EOS Implementer and the leadership team to establish clear company core values, accountability, and measurable metrics in performance, revenue and cost management. She also led the team in a change management process as it was determined that the prior COO/Integrator was not the required fit for any leadership roles in the company. Alongside the CEO, they helped transition the previous leader out of the role and thus creating the opportunity for a strategic exit. After completing this and creating good role clarity, expectations and support for other leadership roles, the company culture and employee satisfaction improved immediately and dramatically. The next task involved hiring a functional leader who could eventually replace Ginny as COO/Integrator.
Months 3-6:
As we progressed and achieved key goals, we were able to further the action plan and strategy to hire the next key executive position of Controller. This leader helped us quickly come to the conclusion that the major investor and parent company was limiting this company’s growth. The parent company wasn’t transparent in communications, and also was lacking in support and motivation to grow the company larger. The newly hired Controller was able to clearly communicate needs and expectations to the primary investor and parent company and created critical and much needed financial visibility. After 9 months of lackluster support by the aforementioned investor and parent company to provide information, support, or investment to grow, we created a plan to buy out the primary investor using short term debt, and fully executed a buy-out and 100% ownership of the company was shifted back to the founder and CEO. Another key hire was made in to fill the Sales/Store Operations leadership role, a role previously held by the CEO and a second possibility to replace Ginny in the Integrator/COO role.
Results:
The end result was a win-win on all levels. We successfully completed a $20MM buy back of all shares from the investor group and repaid the buyback through operations within one year. The CEO was thrilled to have regained complete control of his company. After reclaiming 100% ownership, the newly-hired Controller was able to increase his responsibility, build and put into place a small finance team. Last and not least, the Sales/Store Operations drove revenue growth and this leader ultimately filled Ginny’s Integrator/COO seat in month 15.
Months 6-9:
After successfully implementing new roles and revenue generating strategies, the next was human resources and personnel. Our team came to the realization that a close family member in the business wasn’t a clear fit for his role or any other leadership roles in the company; he also wasn’t passionate about the role, mission or vision of the business. At the same time, the CEO was uncomfortable making changes that would adversely affect the familial relationship. Our COO, Ginny sat down with the family member and collaborated with him to see where his highest and best use would lead to his own growth, as well as work to the benefit of the company. A mutual transition plan was put into place and the family member was able to leave the company to pursue his passions. That individual went on to become the founder and visionary of his own new dream business where he is thriving.
Results:
Family relationships improved and the visionary CEO was able to have a clear voice moving forward with the direction of the company. There was also a headcount savings.
Months 9-12:
In the final stages of the strategy of this company turnaround, EOS had been implemented but was not stitched throughout the entire company’s operations. There were still necessary changes that needed to be made to implement EOS. We took on this challenge by creating new roles and responsibilities delegated to the right individuals. We built accountability metrics, systems and processes and measurables at every level of the company which were properly tracked and recorded.
Results:
In the last quarter of the engagement, additional structure was created which allowed for efficiencies across the board. Meetings quickly became more productive (following the L10 format), leaders developed the ability to conduct them with their teams. Each leader developed the ability to plan and execute each quarter more effectively with their teams and developed quarterly check-ins. Higher caliber employees were hired, and each employee was proud to be a part of a company culture, where they were accountable and felt empowered within their role. The company also developed a methodical way to identify individuals who weren’t the right person for their seat/role. By the end of the engagement, leaders were empowered to make decisions, work pace increased, revenue increased, and managers began doing an excellent job of managing and coaching their employees.
The Problems:
Month 1-2:
With a large amount of capital already raised, our team had to move quickly to develop a sustainable growth plan. In month 1, we created our strategy wireframe/VTO. Using the strategy and goals set out in the VTO as our north star, our team completed a full 30-day audit, interviewing the leadership team and what functions, leaders and support team members accomplish the newly defined goals. We quickly identified leadership gaps in Sales & Marketing, Customer Service, IT, and Engineering, functions that were virtually non-existent. The CFO was the sole individual responsible for financials and operating in a tactical capacity. The company financials were run on spreadsheets and key metrics were not tracked correctly to give full transparency to investors and stakeholders.
Results:
During the first 60-days, we were able to clean up operational issues and calibrate hiring and operations for scale. We hired an engineering leader and began hiring key individuals on the engineering team in an effort to quickly build out the technology needed to expand the company. We also worked closely with the CFO with high involvement from the leadership to start building out a budget and financial review process to create visibility for investors. With the Visionary’s assistance, our team successfully shifted the former Integrator into their previous technical role and carved out roles and responsibilities for Ginny Wood, the fractional COO. After this was completed, we turned our sights on the biggest company rock/high impact project for the quarter.
Months 3-7:
While EOS had been implemented, it was not stitched throughout the company’s operations and leveraged. Our team ran in lock-step with the EOS start implementer and implementation schedule to get all components stitched into the company. And we re-rolled out some components that needed reinforcement. We also hired a Controller to support the CFO, created and implemented processes and finance software to ensure financial tracking continued to improve. During this quarter we also identified that the sales and marketing team needed a more defined plan for growth. Hired a Sales & Marketing leader and an inside sales team.
Results:
The sales team ramped up to generate a consistent number of new sales. With the Visionary/CEO in the right role, he was able to to develop partnerships to deploy new to market technology that would increase revenue and reduce churn.
Months 8-12:
In the last quarter of our first year, we focused on developing a stronger internal communication cadence with additional layers of reporting. Our team took an active role in investor meetings, preparing key insights that allowed investors to provide strategic value. We also hired a marketing leader, an IT Leader, and developed a customer journey map and service standards that translated across departments. We continued to foster communication within the leadership team and empowered these new hires to take actions to improve security, support employees, and develop a company IT strategy.
Results:
Leading the development of the company IT strategy supported the 1 and 3-year goals of the company and also secured this organization’s future. We also developed security protocols and support IT systems to support scaling. We also developed a marketing plan, marketing analytics and tracking, voice of the customer and customer satisfaction surveys, and additional sales tactics that aligned with that plan. Lastly, we created a clear view of the customer churn problems and root causes and improved results.
Months 12-24:
During the second year, we attacked new initiatives including customer journey mapping, setting up a CRM, and implementing customer service issue tracking to optimize the sales funnel and customer service issues. We also were able to achieve productive, fewer meetings that led to quicker, clearer decision making. Leveraging lagging and leading indicators, leaders were able to tackle problems and share successes. Everyone within the company was now accountable for results and also for generating them. Core values and measurables were the new filters for decision making. Root cause issue solving could occur more successfully as a company scorecard was now in place.
Results:
Setting up new sales and services systems, and implementing processes and measurables helped us create accountability company-wide, and see what was working and what needed more attention to help us achieve our goals. As Fuel transitioned out, the company was on a path for scale.
