Rail Plant Hire Equipment Business
Family owned rail machinery rental business wanting to grow and expand into new markets, save costs and have better exposure to financial reporting. The Director was hands on with the operations and the business heavily relied on him to function daily. A holiday was out of the question.
Review of Company
We reviewed the entire business and provided the Director with recommendations and an action plan to navigate through the changes required.
Created Financial models
We created a financial model that was simple to use through exporting data straight from the system and be able to highlight areas requiring special attention. Provided Management financial data and insights that they never had before opening their eyes to problem areas, such as overspending on advertising with little return on investment, an unknown costs of a rebate scheme and consulting fees of $300k for one year which was crazy given the size of the business!
improved fund efficiency
We automate the payment system, so that supplier payments can be selected from the system and uploaded onto the bank with supporting evidence during payment release by the Director. Sales pricing rates were locked in the system and Accounts were given access to perform sales proposals and chase acceptance. This allowed invoicing to be performed faster without Director input, just approval. Purchased equipment to improve efficiencies within the on / off hire process, e.g. no more manual pumping, they invested in an automatic nozzle and pump to pump oils, fuel and lubricants within minutes not hours.
Better management of employee
Better management of employees on site hours versus what they were recording on timesheets. This was achieved through the implementation and monitoring of GPS installed on machinery. A reconciliation between the contract, timesheet and GPS were introduced and monitored prior to timesheets paid.
created policies, proceducers and systems
Created policies and procedures for pre / post hire checks to ensure employees follow required processes. Created systems to report profitability per job and client.