The good news? Two new partners joined a small company and immediately increased sales. The bad news? The company's existing system of keeping the books — paying bills with handwritten checks and keeping tabs on the numbers through monthly visits with a CPA — was inadequate for rapid growth.
"We were losing tons of sleep because we didn't even know our numbers," says Brian Van Norman, ICU Technologies' Vice President and Co-Owner. "It was scary. Like, 'How much money have we got in the bank? What bills do we have?'"
Van Norman turned to the internet for a solution — and found Supporting Strategies.
Karen Rinehart, Managing Director of Supporting Strategies | Central California, was on the case immediately. "Karen got the chart of accounts right, along with all the other stuff that we aren't experts in," Van Norman says.
It was the "all the other stuff" part that was the true difference-maker. By keeping the company's goals top of mind, Rinehart has helped ICU Technologies progress rapidly through the necessary steps by anticipating the company's needs and finding the right consultants at the right time.
For example, recognizing that the company's existing line of credit would not be adequate to meet their aggressive goals, Rinehart connected them with a bank that could accommodate their accelerated growth schedule. Also, by establishing new processes correctly the first time, she has helped ICU Technologies avoid the kinds of mistakes that can often send growing companies off the rails. When the company made their first hire, for instance, Rinehart set them up with a payroll processor and an employee handbook.
Part of the Team
With the books and back office squared away, Van Norman and his partners now focus exclusively on growing the business — with eye-popping results. ICU Technologies more than tripled their sales in the first year under the new partnership. With the hockey-stick growth projected to continue, they're moving ahead with confidence, knowing that Supporting Strategies and their scalable solutions will be right there with them.
Rinehart continues to take the initiative, offering guidance that helps the company successfully complete each step. "Karen is part of our A-team," Van Norman says. "She's got the process. We just have to plug in."To learn more about how Supporting Strategies can help your company succeed with growth, read the case study.