How A Podiatry Business Balanced Passion & Profitability

Case Study: Business Mentoring, Business Growth Planning, Tax and Compliance

 

In pursuit of guidance beyond conventional accounting practices, a Podiatry business sought to elevate its operation and amplify profits. Harnessing comprehensive business mentoring and growth planning services, the young owners skillfully balanced their passion with strategic profitability measures. This resulted not only in the successful expansion of their services but also a noteworthy surge in profits, all achieved amidst the added challenge of starting a family.

 

The Foot Clinic is a specialist podiatry service in Wagga Wagga and Wodonga, owned and managed by the husband and wife team of Daniel and Louise Perri. The young couple acquired the 30-year old business in October 2021, when the previous owners retired. Daniel, an up-and-coming podiatrist, jumped at the opportunity to acquire the established business with his wife Louise taking ownership of administration.

Having next-to-no experience managing a business, the duo leant heavily on their long-serving accountant but soon discovered that they needed a more holistic approach to business advice and guidance. They decided to enlist the help of Cumulus just two short years into running the business. Louise explains;

‘We were already working with some great accountants when a friend suggested we might like the help of Cumulus. They pretty much said to us “these guys know their stuff”. We initially came on as an accounting client but quickly enlisted the extra services of business mentoring and growth planning’.

With a goal of future expansion, the couple worked closely with Cumulus, holding quarterly management meetings to keep them on track for their financial and business goals. The meetings covered;

  • Operations, staffing and growth challenges and opportunities
  • Profitable services and what Daniel and Louise are passionate about achieving in their business

On the tax and compliance side of things, Cumulus worked closely with Louise to get automated accounting services up and running whilst teasing out compliance issues. Daniel elaborates;

‘They (Cumulus) really made us critically look at the business as a whole. Simple things like scrutinising the costs of patient care and staff wages. They helped us look outside the box to improve our profit margin whilst considering outgoing costs. 

On top of that, they act as a sounding board for our ideas and even help with little things like staff management’.

The decision to seek holistic business advice beyond accounting has made all the difference to Daniel and Louise’s business. They quickly expanded, offering podiatry services within a Wodonga Physiotherapy Clinic whilst relocating their Wagga Wagga business to a more prominent and financially viable location.

Additionally, they recently experienced their biggest month yet turnover wise, since owning the business.

‘The guidance from Cumulus has been the key to our success so far. We know how to do the day-to-day. I know the ins and outs of being a podiatrist but it’s the business side of things we really needed direction with and that has been the biggest difference which is made clear when you look at the numbers.’

When it comes to advice for others in a similar situation, Daniel advise is simple.

‘Give Cumulus a call. 

But in all seriousness, be open to assistance and help from others with expertise in areas where your own skill set may be lacking. If you’re open to change and making improvements, working with a business like Cumulus is guaranteed to help.’

Looking to the future, Daniel and Louise are keeping their sights firmly set on their long-term goals.

‘Our future goal is to have a stand alone location in Wodonga, rather than work out of an existing physiotherapy clinic. After that, our vision is to have multiple practitioners and standalone clinics under the Foot Clinics name.’

The transformation from modest podiatry service to a thriving business unveils how the integration of business mentoring, growth planning and meticulous attention to financial details can help business owners navigate the delicate balance between passion and profitability. 

Daniel’s final words;

‘We’re open to growth and change and excited to have Cumulus by our side’.

You may only sell one business in your life, so it’s sensible to get advice from experts who see many transactions unfold.

Speak with Cumulus for advice on your business.
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