Wildwire owners Mark and Laurel Morrison had money in the bank and a sense that the business was going well, but their true financial position was unclear. Did they have the right pricing, cost structure and cash flow to grow the business? Smart folks that they are, the Morrisons asked for help.
“We are so stoked to have found Balanced. They took the time to listen to us, answer the questions we were asking about our business and make our finances work for us. Before, we were basically trying to gauge our performance based on our bank balance, but with bookings coming in for up to six months in advance, it was almost impossible to understand our current position. After overhauling how we treat each transaction we are now able to understand how we are performing at any point in time and forecast this into the future. This knowledge has given us the ability to confidently make decisions and know how they will play out instead of guessing.”
To answer the Morrisons’ growth questions, we began by sitting down with a pot of tea and asking a tonne of questions: How do you operate? How is income earned and paid? What are your cost drivers? How are you tracking revenue? Then we made sense of their many systems and adjusted their tracking to allow for the accounting complexities inherent in the tourism game.
These changes gave Wildwire a clear view of business performance to date. With revenue and costs now sitting in the right buckets and performance data and budget to hand, the complete financial picture was clear – Wildwire was in a strong position and their investment plans got the green light.
Since this initial project, our partnership with Wildwire has grown. We now act as a commercial sounding-board for Mark and Laurel. We build forecasts to track business performance, identify opportunities and risks, and proactively look for ways to improve. We also take care of their year-end accounts and provide bookkeeping support.