Case Study – Matt Peacock Star Tech Limited, by Roger Duckworth, Director at Ward Goodman

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I first met Matt in November 2007 when he was running Star Tech, an independent Mercedes Benz garage based in Poole. He was trading as an unincorporated business which, it is fair to say, had not yet produced trading results that reflected its true potential.

Star Tech had been using a separate bookkeeper and accountant and Matt felt he was not receiving the financial information or advice he needed to make informed decisions about the business. Matt realised that in order to understand his business finances better he would have to change, and having spoken to a number of business owners, he chose Ward Goodman Chartered Accountants and Business Advisors.

I initially discussed with Matt what was important to him and together we worked out what we thought would be required to help Star Tech grow as a business. Matt knew what he wanted to achieve overall and so we were able to tailor a plan and deliver a fixed fee quote which gave him the confidence to move forward.

I was then able to sit down with Matt to review and discuss his business strategy to help him get a better understanding of how his business worked. We ran his 2007 figures through ‘Quad Business Builder’, an analytical tool to show him the critical numbers that he needed to concentrate on to improve his business to the level he wanted to achieve.

We then agreed two goals for him to focus on and he left the meeting with a clearer idea of what he needed to concentrate on for the next 3 to 6 months.

We continued to review progress against the strategy over the following months To the delight of Matt and the Ward Goodman team the results achieved by Star Tech up to February 2008 were much improved on the 2007 performance.

With the benefit of the 2008 accounts we reviewed Star Tech’s strategy and agreed two more goals for Matt to continue to improve the business. Throughout 2009 regular communication between Ward Goodman and Star Tech ensured progress was monitored and it turned out that the 2009 results were the best the business had achieved since starting.

As part of Ward Goodman’s ongoing services to the client we reviewed business risk and tax planning opportunities and this ultimately led Matt to incorporate his business as Star Tech Limited in 2009.

Ward Goodman has now built a strong working relationship with Matt and Star Tech Limited by not just ensuring he has accurate up to date management information to keep him on track but by working closely with him to help him focus on the issues important to achieving his goals. As the business continues to grow, Ward Goodman is now helping Matt and his company with raising finance, tax consultancy, Human resources, IT and marketing.

Matt’s success has been achieved through his own hard work and commitment to his business. Ward Goodman has been there to help him see clearly where he is going and how this affects the business strategy he is pursuing. We are committed to continuing our work with Matt and Star Tech Ltd to ensure that the business stands the best chance of continuing to grow and Matt’s aspiration to opening a second garage can be realised.

To find out more about any of these stories or Ward Goodman please contact 01202 875900