Case Studies - Convene Coaching

Business Saved

What was the burning issue? – The business was going further into debt each month as the economy plummeted, with no foreseeable increase in revenues.

Where were they stuck? – The CEO chose to take on more and more debt rather than let long-time, loyal employees and friends go.

What was at stake? – The business would cease to exist and everyone would be out of work. The owner would have significant debt with no way to pay it back.

What did we do? – Convene members performed a Core Business Analysis™ by reviewing the company financials and interviewing the key employees and the owner. They identified the most viable revenue sources and the biggest cash drains, and recommended strategic work force reductions, a more hands-on approach for the owner short-term, and a tight focus on the core business.

What behavior was changed?

• The CEO overcame the belief that being a good steward of people meant not ever letting anyone go and embraced the need to preserve the business and some jobs by eliminating others.
• The CEO realized she needed to be in the details during tough times in order to manage cash and not take on more debt.
• The CEO realized that taking on debt with no revenue in sight was a losing proposition for all.

What were the results?

• The business broke even three months after the lay-offs and turned a profit in the fourth month.
• The CEO said, “We would surely be out of business now had it not been for my Convene team and its direct and truthful recommendations. Their feedback was hard for me to hear, but I am so grateful I listened.”

Business Launched

What was the burning issue? – Traditional business was in a serious lull because of a down economy.

Where were they stuck? – The owner had made significant cuts and had little else he could reduce to manage costs and no revenue in sight.

What was at stake? – The final few employees might lose their jobs and the once rapid growth company could be reduced to a single employee.

What did we do? – The Convene team recommended defining a countercyclical revenue source that would use the talents and skills of the existing team. As progress was made, the Convene team served as a sounding board and recommended resources.

What behavior was changed?

• The owner let go of the prestige of the company’s reputation for year-over-year rapid growth and was able to look at his resources from a clean slate.
• His team rallied around the need and engaged in creative problem-solving.
• The owner invited outside providers to partner in the delivery of new services to existing clients.

What were the results?

• The existing team developed a new brand, new content and new services and launched a totally new company within three months.
• The CEO said, “I would never have had the courage to build and launch a brand new company in this environment without my Convene team. They encouraged me and helped me use my network to launch a professional brand and program on a shoe string.”
• The first program was delivered to a paying corporate client who raved and referred other corporate clients to the company.