Shadow Plastics, Inc.
We have been in business as a small to mid-sized player in the plastics market since 1970. We know all there is to know about the products we produce and the prices we need to sell at in order to get the business. We also have great relationships with our customers and our quality control has been excellent. What we didn't realize is that some of the key aspects of fiscally sound financial practices were lacking and causing us cash flow problems.
After several years of receiving calls from companies that wanted to show you how to run your business, or run it better – I reluctantly allowed a company in. Glenn came to SPI a few years ago and sifted through our company to see what ways he could help us improve on an already successful business. One of the biggest improvements Glenn helped us with was cash flow management. Even though net 30 days was our normal payment term we had been accustomed to allowing our customers to pay us on their terms, even though we offered them discounts to try and accelerate payment. Without realizing it we were accepting 60-90 days for payment quite frequently, and the cash we had on receivables was quite large, and scary…… at times 60% or more of our AR was at or above 60 days!
The Cash Flow Doctor developed a strategy to help us "rein in" our accounts receivable within a few months, and I am very pleased to say we now keep our AR within our terms……90% of our AR now falls within 30 days! This has not only helped our cash flow tremendously, but it has also allowed us to extend credit to customers when they pay within 30 days – something that we would have been afraid to do during the recent recession.
Glenn brought an attitude and passion that there is always room for improvement no matter how successful you are!
President Shadow Plastics, Inc.
When Glenn first arrived to help us with our struggling company I have to admit I was a little dubious. However, while working with Glenn and implementing many of his new processes and systems we quickly realized just how disorganized and nonproductive we had really been. He worked very closely with the entire team and explained in joint work sessions the fundamentals of focusing on cash flow, better sales methods, improved customer relationships, and the value of keeping a weekly log of our customer quotes so that we could track the effectiveness of our marketing and sales conversion efforts. He also showed us how to better manage our accounts receivable and payable and we very quickly had some positive results.
Glenn is a good honest person who is hardworking and shared in the workload throughout the process, allowing us to remain focused on the day-to-day activity of running the business. He is also friendly with a good sense of humor and I now consider Glenn a valued friend and adviser.
Southern Mirror & Shower Door _________________________________________________________________________________
Glenn has been a delight to work with. He listens, empathizes, probes, analyzes, gives good advice, acts where action is needed, coaches, and is what I expect from small business business consultants.
Through many discussions with Glenn we have been able to identify various issues, work through strategies, prioritize our focus, define tactics, and work through the different pieces of the business to get closer to our vision for the future.
We recognize that it is a very complex business and a lot of tasks need to be done, and given the short time we have we may not be able to do them all. But what we have worked through during the past several weeks has given us a clear picture of where we should be going, the path to get there, and what it will take; I credit this accomplishment to Glenn’s great job!
Anita Sy, Ph.D.