How Tim Transformed His £600k Appliance Business with Smart, Practical Financial Planning
Tim owns two shops in the North-West, selling and renting kitchen appliances.
For years his business thrived, but recently life on the high street has become much tougher. With the rise of online competitors offering cut-throat prices, seamless delivery options and the rental side of his business slowly losing its appeal, Tim felt like the family business was slowly slipping away.
Despite a turnover of £850,000, Tim knew something had to change.
But where to start?
It was during one of his regular sessions with his accountant – Kim at Krystal Clear, that the breakthrough began to take shape. Tim needed fresh ideas—ideas that would not only boost his sales but also protect his profit margins.
Sitting down with Kim away from the day-to-day of the shops allowed Tim to focus on real solutions, without the distractions of phone calls, deliveries, ordering product, etc.
The space created in those meetings allowed Tim to see the business through a different lens, which led to a clear plan.
The Clear Plan
Together, Tim and Kim identified a few key changes that could quickly start making a big difference:
1 Paid Next-Day Delivery Service
With free delivery no longer sustainable, they introduced a paid next-day delivery option alongside the free service.
The result? Customers were willing to pay for the convenience, generating extra sales and profit.
Additionally, this change helped Tim plan deliveries more efficiently, reducing wasted time and resources.
2 Repair and Service Plan
Tim’s customers needed more than just a kitchen appliance.
By creating a repair and service plan, Tim not only developed a new passive income stream, but he also strengthened his relationship with his customers.
Offering ongoing maintenance gave customers a reason to stay engaged with the business long-term.
3 Refer-a-Friend Campaign for Rental
To boost his rental business, Tim launched a ‘refer-a-friend’ campaign that rewarded both the referrer and the new customer with cash incentives.
The result? An uptick in the number of new customers.
The Tangible Results
These small but impactful changes began to pay off.
The paid delivery service created a new revenue stream and improved efficiency in the business.
The service and repair plans helped build loyalty within his customer base and increased sales.
The referral campaign attracted new customers.
These changes alone have put the business in a better place.
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Disclaimer
You must take professional advice before making any decisions based on the information that you have learnt here. While every effort has been made, to make sure it is accurate it cannot be precisely tailored to your personal circumstances. This article is for general information only and no action should be taken, or refrained from, as a result of this information. Professional advice should be taken based on specific circumstances in each individual case. Whilst we endeavor to ensure that the information contained in the article is correct, no liability will be accepted by Krystal Clear Accounting which is a trading name of Kim Marlor Associates Ltd or damages of any kind arising from the contents of this communication, or for any action, inaction or decision taken as a result of using any such information.
