Three years ago, the Business path was less than smooth for Architect, Patrick Pace. Workflow had all but dried up, Sales were at a standstill and his business partner of 3 years had just exited the Business. This decision towards education was boosted by conversations with some supportive family members and friends in business that suggested he investigate Business Coaching. This led to a conversation with MaxMyProfit in 2014 and the results since then have been nothing short of stunning!
Patrick had many challenges to overcome when he first began coaching; these are just the main three:
The immediate future looked grim with forecast revenue that was close to 75% below what was needed and there was little to no marketing or sales activity within the Business to change that position.
Given the situation, many people would have cut and run but Patrick was determined to make his Business work. He felt empowered by the situation and decided to take seek out the answers to put his Business back on track.
With his partner now gone, Patrick had a renewed sense of confidence and a commitment to make his Business work. He knew that he needed a new strategy to move forward, starting with that Sales Process and he was ready to take on the challenge, whatever it brought his way!
The Business was struggling with cash-flow and had minimal work in the pipeline, (just $30,000 worth of jobs), to address it on the books. Previous clients had taken liberties due to poor terms and conditions and outstanding debts were also a concern. Patrick had just enough money to pay his team, which resulted in not paying himself for three months.
Solution: Patrick worked one on one with his business coach to come up with a Sales Process that brought consistency and structure to his delivery. Role-Playing the various scripts and stages became a weekly drill and it quickly paid dividends; opportunities started to appear and then ‘stick’ through the sales process.
Before long, the Sales Funnel started to fill up and Patrick developed a traffic light system to steer the low hanging fruit through to a decision. The result was a $300-$500k revenue stream in less than 6 months, all from a standing start!
Patrick had let things get to him and had started to question his ability to answer the questions being asked of the Business and himself. Fear can be simply explained as a ‘lack of knowledge’. If the knowledge is present to beat the challenge in front of us, there’s surety and Action soon after.
Solution:After building confidence with the Sales Process, Patrick immersed himself into every part of the MaxMyProfit Education programme. In addition to the One-to-One Coaching, Patrick attended the ‘Business Mastery’ modules to mix with other Coaches and Clients and took on further reading to gain the knowledge he needed to take action.
This led to positive action, the conversion of new sales and a Social Media strategy that landed a $16k sale for just ‘a few minutes’ as investment. Patrick’s team now regularly comment on how much his confidence has grown thanks to Coaching.
A major challenge for Patrick was that his workdays were unstructured and there was very little clarity of Vision and direction within the Business. This meant that the team was rarely focused and instead jumped from one crisis to the next without realising why. Patrick was unwittingly abdicating the Management and Leadership of his team while he tried to ‘fill in the gaps’ with more effort on his part. This all needed to change if Pace Architects was to grow.
Solution: Patrick had several ‘Alignment’ sessions, first for himself and then with his wife. He then created a Business Plan, mapped out his Goals for the next five years and then reverse engineered it to quantify exactly what needed to happen over the next 12 months.
Then some challenges and KPI’s were developed with the team and a Capability Statement was created to attract Premium Clients. This allowed Patrick to bring more clarity into the business and is now looking forward to seeing the business grow in the next year.
Patrick believes coaching speaks for itself. His business and his personal life has improved in a number of significant ways since he began working with MaxMyProfit:
• Patrick almost tripled turnover in 12 months. The business is now operating in Profit and has 3 months of Revenue in reserve
• There are many projects in the pipeline, and revenue for 2015-2016 is set to double again!
• A dedicated Sales and Marketing Process has led to new, profitable clients in different sectors.
• Pace Architects were recently recognised for award for ‘Best Building Design’ and ‘Best Interior Fit Out’ at the Building and Design Awards, organised by The Hills Shire Council in Sydney and most importantly,
• Patrick recently enjoyed a three-week family trip to Malta
Patrick says, ‘With MaxMyProfit, you get out of it what you put in.’ He said his Coach’s suggestions were very achievable and easy to follow, so it is really simple for any business owner to gain the tools to succeed. He is adamant that all this was only possible with his Coach’s guidance and support.
He is now a much happier in both his Business and Personal life, for which he thanks MaxMyProfit!