Case Study: Business Mentoring and Growth Planning, Tax and Compliance
Capitalising on the COVID building boom, a handyman service provider made the transition from employee to business owner. As a relative newcomer to the business ownership landscape, the need for comprehensive business advice was crucial. Utilising a suite of advisory services, from business mentoring to growth planning, the business not only achieved impressive first year results, but evolved into a comprehensive building solutions company that is set to quadruple turnover in just three years of operation.
Davis Building Solutions, formerly known as Davis Construction and Property Maintenance, is a dynamic construction and property services company run by husband and wife duo, Lucian and Rachel Davis. The business offers an array of services including construction, renovations, maintenance, 24/7 property services, fencing, trades and project management.
Arising from the COVID-induced boom, Lucian started out his offering as a handyman service provider. Never having run a business before, it was quickly apparent that there would be challenges to coordinating a fully-fledged business. The pair understood the need for having solid business foundations and defined goals, so they sought the help of Cumulus. Lucian explains;
“To be honest, it was all a bit over my head. It’s tough to balance the day-to-day work whilst trying to get back to emails and sort out the finance side of things. I knew I would need an accountant starting a business but also looked for more guidance from Cumulus, letting them offer the services they felt necessary”.
Cumulus played a pivotal role in helping Lucian and Rachel navigate their first years of business with a variety of services to help them achieve their definition of success. These services included;
- Business mentoring
- Business growth planning
- Tax and compliance
Working with Cumulus, Lucian and Rachel were able to define their goals for the business and create a clear path of achievable steps. Each taking them one step closer to reaching their goals. This also extends to their business evolution as the focus transitioned from handyman to full building solution services.
No matter how full the workload, Lucian and Rachel felt supported which gave them the courage to expand and evolve their business.
“I know that when needed, Patrick and Ben are there as a great support and help. I probably don’t reach out to them as much as I should but it’s always good to know that if needed, the support is there.”
The decision to have Cumulus in their corner paid off, with the business yielding significant results in early days. Within just two years of operation, the business experienced a remarkable 36% growth and is on track to quadruple its turnover in three years.
Lucian’s advice for others in a similar situation;
“Seek the right advice. Get some good supporting networks around you that want to see you succeed, even if that means asking the difficult questions. This is something I’ve learnt working with Cumulus.
It’s been hard some days to know if you’ve made the right choice, but giving up is easy. I’d also say, always analyse and evaluate where you’re at and look at what’s working and what’s not so you know what to do moving forward”.
Looking ahead, Lucian and Rachel are excited to further solidify their position in the market. With the help of Cumulus, they are hoping to achieve their ultimate goal – reducing reliance on manual labour and expanding the business’s capacity to take on more projects.
“I would love to see my business grow and find the right amount of consistent work. My ultimate goal is to really get off the tools as much as I can and be in a space to employ more full time staff. Small steps. I get some crazy ideas but I’ve learnt to take the small steps I need to achieve my goals and to not get too far ahead of myself.”
This growth orientated approach is a great example of how hard-work and the right support networks can evolve relative newcomers to business ownership into strategic owners with a thriving and sustainable business.