A Brisbane based dance academy, specialising in a specific modern dance form.
The business had grown from a virtual hobby into a full blown academy within two years, catering for students of all ages and both sexes.
The owner operator however was unaware of the financial difficulties and potentially more serious statutory issues which were beginning to undermine the business and threatening to close down what began as an enjoyable, part time venture.
Garry Godfrey prepared a financial review of the business. This was presented to the owner to explain the fragile state of the business.
A full review of all aspects of the operation was then undertaken. This included all procedures related to suitable facilities, class sizes, fees charged, staff requirements and costs, operating expenses, finance, ongoing financial and management controls plus statutory responsibilities such as insurance, superannuation and taxes.
The owner has now developed the dance academy to the point where it is now well managed and meets all its commitments with ease.
Last year the owner arranged for, and accompanied a selection of the students to represent Australia in a special competition in Asia. Although they did not win the competition they were well received and gained some international experience.
Australian Business Clinic remains involved in this growing business.
For more information on the Traps of Rapid Business Growth, click here.