When Harriet, owner of Harriet’s of Hove, decided it was time to relocate her business to a better location, she knew the decision had to be based on more than just gut instinct. With nearly five years of experience running the shop, she recognised that a deeper understanding of her financials was crucial to determine whether the move was viable and sustainable. That’s when Harriet turned to Looking Glass Solutions for guidance.
The Initial Challenges
Relocating a retail business is no small undertaking, and Harriet faced several challenges:
- Financial uncertainty: Without a clear understanding of the business’s financial performance, it was hard to determine if the move was a sensible decision.
- Cash flow concerns: Planning the move required careful budgeting and an understanding of how to manage cash flow during the transition.
- Lack of clarity: The numbers behind the business were hard to digest, making it challenging to make confident, informed decisions.
Our Approach
Harriet connected with Looking Glass Solutions through Co-Woman, and we began working together to tackle these challenges head-on.
Breaking Down the Numbers
Our first step was to sit down with Harriet and walk through her accounts. Together, we created a detailed budget for the move and a cash flow plan to navigate the financial demands of the relocation. We also explored financing options to ensure the business was on a stable footing during and after the move.
Regular Financial Reviews
To keep the business on track, we established quarterly review meetings. These sessions allowed us to:
- Assess performance across different areas of the business.
- React to changes in demand or deviations from the budget.
- Provide financial insights in a clear, digestible format that Harriet and her team could act on immediately.
The Results
Working with Looking Glass Solutions has brought a new level of clarity and confidence to Harriet’s of Hove. Key outcomes include:
- Informed decision-making: With a better understanding of the business’s financials, Harriet was able to make the move confidently, knowing it was the right choice for the future of the shop.
- Strategic focus: Harriet now knows where to invest her time and the team’s efforts for the greatest return, focusing on potential growth areas within the business.
- Simplified finances: By presenting the numbers in an approachable way, we’ve removed the “bamboozling” feeling that often comes with financial data.
Looking Ahead
Harriet continues to meet with Looking Glass Solutions quarterly to review the shop’s performance and adapt to changing circumstances. These regular check-ins ensure the business remains agile and ready to tackle any challenges that arise.
Reflections from Harriet
“Working with Alice has been a game-changer for Harriet’s of Hove. She has an easy-to-understand, non-bamboozling approach and is clearly invested in the success of the business. Not only did I learn to understand my numbers, but I also tackled contracts and prepared for the complex process of relocating the shop. Alice’s fun and approachable style makes what could be overwhelming feel manageable.
If you’re considering working with Looking Glass Solutions, my advice is simple: do it—you won’t regret it!”