The Grey Matter
Fit and ready for their ambitious growth plans
August 8th, 2016
The Grey Matter Group provides web based solutions enabling organisations that specialise in health and social care to improve staff development and performance.
The business had grown exponentially since it was launched by 3 partners in 2006 and it had reached a point where it was ready to diversify into new offers and really grow as a business.
Before embarking on this next stage of growth, the founders knew they had to make sure the business was strong enough to take on such rapid growth. They had developed so much, but their focus had primarily been on delivering brilliant results for clients, however, there was a need to strengthen and document processes to enable The Grey Matter Group to expand. This was something that was recognised as a critical need for the business and something that was hard to do from an internal perspective – especially involving a husband and wife team. They recognised that business processes such as project development, financial management and key account management needed to have better focus. The team decided that a third party would bring objectivity and push them to focus on the things that would deliver future growth.
They were introduced to Business Doctors, who unlocked the doors to growth for the business, not only in terms of understanding what they needed to do, but also in his approach to challenging the team to think in a different way. “Business Doctors has been instrumental in helping us focus the business and ultimately grow.”
One of the biggest ways in which GrowthAccelerator has impacted the business is by accessing tax credits for research and development. Business Doctors suggested that the business seek advice from a tax specialist about this, which they did and discovered they were able to reclaim some of the corporation tax that they had already paid.
This cash injection instantly improved the business’s cash flow enabling them to benefit from the GrowthAccelerator matched funded Leadership and Management training. This was vital in helping the company to develop their own skills for high growth opportunities and helped them to set in place more formal reporting, meeting and forecasting structures. They also benefited from sales training which has helped develop a more focused approach to key accounts and sales and marketing strategies.
As a result of GrowthAccelerator, The Grey Matter Group, are a much more structured business. “We have a strong business plan in place, with financial and sales reporting at our core. Business Doctors also supported us in separating job roles within the leadership team. We were aware that we all had different skills and mind-sets and particularly as a husband and wife team, it was sometimes tricky to negotiate a path forward. Business Doctors guided us and gave neutral, constructive advice and vastly strengthened our ability to direct and lead a business in a more objective way.”
With the help from Business Doctors, the business has ensured that it is fit and ready for their ambitious growth plans.
The team are looking to continue to increase their profile in the market and solidify their position as a leader in their field of assessment and evidencing competence.
The team has acquired an e-Learning business and developed a training booking system with one of their customers and plan to continue their innovative and pioneering approach to delivering improvements to existing and new customers.
They have taken on two additional staff and appointed a Director of Programmes and Projects to strengthen their Board and are on track to reach a further 40% growth by the end of the year.