International Development Services - Selling the Business
When first approached about the idea of having a Consultant reside in my location for several weeks telling me what I needed to do, and receiving a substantial fee in doing so, I was apprehensive, to say the least.I know how frustrating it is to run a small business and there were several items, goals and initiative that were not being accomplished on my own.
Once I took a deep breath and considered my frustrations, I agreed to “submit” to your approach to turn my firm into thriving, well positioned company. Before being approached by IDS, I had owned and operated my firm for 23 years, with the last several years being very profitable and mostly rewarding. However, I was missing many details and realized I was getting by and knew I needed help. Since learning of a medical condition in 2012, I have been thinking of selling my company.
In addition, my firm was going to prepare it for sale. Now that I have received your firm’s coaching, I’m confident the company cannot only transition from being a DBE firm, but also one step in a much improved position to sell. IDS identified several issues that are holding the company from achieving greater success: • A cumbersome and difficult accounting system. • Lack of a Project Management system.
• Lack of several accounting checks and balanced assuring financial statements. • Lack of detailed understanding of financial statements and how to build systems to identify and correct errors and identify areas of concern. • Identifying several steps in aligning the company goals with the employee’s aspirations. • Monthly routines to know breakeven points, true employee cost, accurately pricing the cost of a labor.
• Developing an employee incentive program. • Developing an accurate accrual accounting system with check and balances. We had been operating the last 6 years using accounting software that was cumbersome and difficult to use. IDS enabled me to see the value in migrating to QuickBooks.
They imported the last 5 years of accounting SOPs specifically directed at QuickBooks and worked with my bookkeeper to insure she was up to speed. IDS also prepare several custom accounting reports that are easily run after each month has been closed. These reports will allow us to monitor the firm’s financial status and enable us to quickly identify necessary adjustments. The onsite business consultant, Daryl, was extremely knowledgeable and assisted myself and staff members in learning our new systems and processes.
IDS also helped us implement a Project Management system. With Daryl’s guidance, we implemented Bill Quick, which integrates with QuickBooks. Before Bill Quick’s, each employee prepared daily timesheets. Each timesheet was processed by 4 different departments, causing sever duplication and wasted time.
Now each employee enters time through Bill Quick, and we can monitor to remain on budget and on schedule.
Now Daryl will not be in our office daily and we begin “flying solo.” I am anxious to see us work thorough the new process on our own.I am expecting to see great returns on the investment with IDS.
Review about: International Development Services Consulting Service.
Reason of review: Good quality.