Driving performance and growth in established SMEs
“The support has been incredible working on the Innovation Sprint Programme at Edge Hill University. Taking time to work on the business, has allowed us to focus on areas of technical innovation and business development. As part of this process, we identified opportunities to introduce a digital service management software to maximise our customer base with more flexibility and scalability. As a result of the programme, we have successfully launched a new Equipment Service Division.”Marc Fitzpatrick Managing Director – Titan Mechanical Services Ltd
Benefits and impact
Marc Fitzpatrick, Managing Director of Titan Mechanical Services entered the Innovation Sprint Programme to formulate a product-development strategy for growth based on a new technology solution to automate project completion reporting. The objective was to improve the efficiency of sub-contractor field reporting and client reporting to improve process efficiencies. A three-tiered pricing model would also match the complexity of the task with the skills of a sub-contracted fitter to maintain margin and profitability. Effective product development strategies take an insight-driven approach to define the market opportunity, customer profiles, and routes to market, underpinned by a sound revenue model. The strategy was also likely to lead to the creation of new jobs set within a new organisational structure to embed the appropriate skill sets to drive forward the new Equipment Service Division.
Developing the new tiered pricing model and devising more repeatable processes at the survey and quotation stages could lead to a higher conversion rate of tenders submitted; this would drive up revenue and market share. Throughout the programme, Marc was able to develop the evidence base for the market opportunity available and explore the feasibility of the routes to reaching those markets. The key to unlocking the opportunity was going to be the use of a service management software to both identify
The key changes
Several changes were identified in the business model to achieve scalability. Firstly, the launch of the Equipment Services Division, developing a full-service offering a model of delivery that will then become applicable to other sectors. This new service offering will be underpinned by a new three-tiered pricing model to improve efficiency. The most successful SMEs have a clearly defined customer journey, Titan Mechanical were facilitated to plan their sales pipelines, customer journey KPIs, and revenue model, ensuring the new service was financially viable.
The plan and outcomes
Titan Mechanical used the latter stages of the workshops to devise their Growth Action Plan for embedding the business model changes and qualification process at the beginning of the projects to drive more upselling opportunities for other Titan services. This would also increase the rate of conversion of quotes to orders. As a direct result of the programme, Titan Mechanical has created ten new jobs including two managerial positions. This provides stability for the employees and the company and ensures the needs of clients can be met effectively, recruiting new staff has been a key priority to meet the sales demand generated. Successfully implementing a structured account management process has allowed them to drive a full solution offering to clients and increase outbound sales activity to increase their demand. The programme has given Titan Mechanical the plan and infrastructure to scale-up allowing them to drive up their revenue, create new jobs and eradicate inefficiencies in the business model to ensure profitability.
Get in touch
Contact us to book a consultation with a member of our Business Development Team or to find out more about the SME Productivity & Innovation Centre.