This Biz Owner Has a $40 Million Dream. We Helped Him by Starting Small.
Usually, the first move towards an ambitious dream is the biggest leap and the smallest step.
For most small business owners, reaching $1 million in revenue is a huge milestone.
Have you ever even dared to dream about what it would take to scale your business to $10 million, or $20 million, in revenue?
When Fernando Harris joined the Impact Lab, he wanted to grow his company – E&E Industries – to $40 million in revenue over the next five years – and it wasn’t just a pipe dream, but a concrete goal. He had a vision for growing organically and through acquisitions, but he needed support to execute a sustainable plan that encompassed both the finance and operations pieces. As Fernando sat across from Pat Phelan, a finance expert here at the Impact Lab, his mind buzzed with numbers and projections, swirling around his profit and loss (P&L), balance sheets, and cash flow statements.
Check out E&E Industries
Website (619) 262-8693
the challenge
Like many entrepreneurs daring enough to dream about substantial business growth, Fernando needed to start small, and consider the processes and procedures it would require.
He knew that without the right systems in place, he might not reach his goals. First and foremost, he needed support with developing processes and procedures that encompassed the financial hygiene a growing business needs. That meant developing habits around understanding his company’s financial statements. Fernando and his team needed to dissect various line items to pinpoint concerns that could hinder growth.
Where The Impact Lab Stepped In
Through a series of targeted meetings with Fernando and his team, Pat helped them work through their financial statements.
Rather than simply reviewing the statements, Pat conducted educational deep dives to empower Fernando and his team with the knowledge to align their financial strategies with their ambitious revenue goals. They discussed:
Understanding line item financials
Setting strategic financial targets
Allocating revenue across product lines
Aligning costs of sales with generated revenue.
Results and Outcomes
The intervention led to several key outcomes for E&E Industries. Fernando and his team gained a clearer understanding of the company's financial history and the critical financial line items affecting their business. They were able to set strategic financial targets and create a series of actionable steps to bolster financial performance, which will position the company for sustainable and substantial growth.
Most importantly, he developed healthy habits to continue analyze progress toward goals which will ensure their growth remains sustainable.
We can help you, too
Whether you’re tracking towards your first $10,000 a month, or aiming for $40 million in five years, our Impact Lab experts can help you redefine the financial trajectory of your business. If, like Fernando, you need help transforming your “dreams” into actionable steps, apply to the Impact Lab program.
It’s completely free, so you have everything to gain, and nothing to lose.
Want to keep the inspiration going? Read more success stories.
See how Impact Lab could help you gain financial clarity for your business in 2024
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