“Stu, Craig and the entire team at 542 have been instrumental to the success of my business. From start-up to growth, 542 Partners have guided me with invaluable advice, technology and continuous support and peace of mind. I have no doubt that without Stu and his team, my business would not be positioned for success going forward”.Darnelle O’Brien
Director, The K.I.S.S Marketing Agency
The K.I.S.S Marketing Agency is a full-service marketing agency that began self-funded by a single owner, out of a home office. With no accounting, business ownership experience, or established client base, they required the full suite of business advisory and accounting services.
Managing growth is a challenging yet rewarding part of the client journey. If managed well it can lay the foundation of a long-term, successful business.
After launching, Darnelle experienced rapid growth. Faced with the challenge of effectively managing the growth in customer numbers, which in turn led to business problems such as employment levels, contractors v employees, choosing the right premises, goal setting and budgeting and correct business structure.
Darnelle also needed to balance over committing v prospects of further growth through internal investment.
Initially, Stu and Craig reviewed budgeting and forecasting. They independently assessed the “business case” for growth matters, including when to recruit new staff, pay rates and on what basis. By factoring in and assessing the right premises, lease term and costs of the new premises, the team ensured these aligned with the budget and goals of the business. The decision was made to convert the structure of the business from a sole trader to a company to better manage business risks and allow for future growth and tax effectively.
The solution + Result
The end result is a successful and growing business. The client base continues to expand, finances are managed well through Harvest, Xero and Receipt Bank and an effective tax structure is in place. 542 Partners provide ongoing peace of mind through continual advice and dialogue.
This is a great model for any business going through an expansion phase, turning it from a one-woman band into an organisation of size and scale.