Situation: A newly financed software company that had patented products and implementation services that addressed the very complex issues of determining the most optimum shipping alternatives for a customer’s products needed an executable business strategy. They dealt with the costs of packaging and shipping along with the complexities of differing rates for at least five different means of shipping. The product was to be sold to shippers, and required relationships with the entire delivery chain. Although there was a clear value proposition, sales goals were not being achieved and the supply chain partners were not responsive to the opportunity.
Engagement: Paladin and Associates was engaged by the board of directors to perform a complete assessment of the business strategy and the effectiveness of the organization. The findings were that:
Paladin recommended a new strategy that would turn the company into a technology licensing company that supplied the relevant supply chain players with the software products for them to implement and sell new and enhanced services to their shippers. These companies had the necessary trust and influence to convince customers to buy. A new CEO was brought into the company to implement the new strategy and the current CEO took a position as head of technology development.
Results: It required some additional investment but it took nearly nine months to put the company in a position to license technology and for the new CEO to achieve sales under this new strategy. Within a year the company had achieved the results it had hoped for a year earlier.
Summary: Sometimes the most well thought out plans do not work. It is important to recognize it quickly and make changes immediately in order to move the company in a different direction. It may mean an entirely different market and product has to be pursued. Getting on top of this kind of situation rapidly will determine the future of the company.
Bill Warner is the Managing Partner of Paladin and Associates, a business consulting firm in the Research Triangle Park area of central North Carolina, and is the Chairman of the Triangle Accredited Capital Forum, an angel investor network with over one hundred members throughout the southeast.