Situation

Peak Connect is a successful regionally-based telecommunications provider, founded in 2014.

With over 25 years’ experience in telecoms and security, Jeff Peak was delivering a high-quality service to business and residential customers in the Central West and across NSW. He was ambitious and keen to develop this successful business.

When Business Positive met Jeff in 2017, Jeff (like very many SME owners!) was over-worked and permanently stressed. He hadn’t had a day off in over three years and his health was suffering.

He was unhappy, unhealthy and had no time to spend on his own wellbeing.

With significant owner reliance for the day-to-day running of the business, Jeff couldn’t see a way to step back from the business; he was working himself into the ground.

Solution

Our first question to Jeff was: “would you prefer to be rich and dead, or poor and happy?”

While this may seem extreme, it gave us ground rules: the objective was about quality of life. Once that was in place, we could then focus on business goals and profitability.

We developed a plan to reduce “everyday reliance” on the owner, freeing-up Jeff’s time for health and personal wellbeing – and creating space for him to develop new business opportunities.

A main aspect of the plan was for senior staff to take on greater responsibility – a strategy which also serves to improve fundamental business processes, systems and reporting.

This shift in responsibilities was supported through the introduction of an Advisory Board, providing hands-on assistance for the business, as well as guidance and mentoring for staff.

Having an Advisory Board in place ensures senior staff are held accountable for their work through a monthly reporting process. Importantly, an Advisory Board takes the onus for every single decision off the shoulders of the owner.

It establishes a team-based mentality that helps an owner feel able to release their hold on the reins of a business. Risk-mitigation is key, and the guidance of an Advisory Board is invaluable for a business owner.

The new structure was a welcome change for the senior staff at Peak, most of whom embraced the opportunity to contribute strategically to the business and take ownership at a higher level.

Business Positive worked alongside Jeff to develop the plans for these deep changes to the business, and acted as the chair of the Advisory Board.

Outcome

Three months after engaging Business Positive, Jeff had regained over ten hours per week to spend on his own wellbeing. He was happier and healthier; quality of life was improving.

Within twelve months Jeff was at the gym most days and was out on his bike regularly. He even took a holiday.

And meanwhile, the business was growing significantly: turnover increased by 4x in two years.

Our plan enabled Jeff to work ON the business; to improve it, and grow both turnover and profit. He gained greater understanding of financials and business performance, data for which is all accessible remotely.

Senior staff have clearer roles and increased responsibility, enabling the business to run without owner-reliance.

Three years later, Business Positive continues to work with Jeff on future options: improved performance and reduced owner reliance means the business is a valuable and highly saleable asset.

A positive outcome for the owner and the business as a whole!