Strategic Growth Unlocked: A Case Study on Optimizing Process Documentation, Brand Positioning, and Expansion Strategy
Providing luxurious hair products and services to clients of all hair types and textures is the goal of our client's independent business. The company also offers an educational, financial literacy program to give back to the community and to its employees. To drive foot traffic to its locations, the business uses digital tools such as social media and its website.
Situation
The client has been successful in the sense that it has opened four locations in the Brooklyn, New York area over the past decade. However, due to the rapid expansion of the company, there was a need for operational improvements. Furthermore, the discontinuity of process documentation caused difficulties when constructing an investor pitch deck. In addition to inefficient business processes, the company also needed to reposition its brand so that it would attract more investors.
Challenge
Having no documentation that outlined how the business operates day-to-day was the first challenge. In the second challenge, we had to position the brand effectively due to a lack of investor buy-in. An expansion and acquisition strategy was the third and final challenge. As a result of these challenges, their larger objective was to document their processes and learn more about franchise opportunities, as well as to identify the best areas for future storefronts throughout New York and across the nation. This brand expansion required them to increase revenue in order to succeed.
Approach
Accordingly, we followed a three-pronged approach that we believed would bring the most value to our client. Our job was to maximize and grow our client's brand, whether that was by increasing revenue, opening more locations both in New York and/or across the U.S., or even by changing the client's business model entirely.
The framework was divided into three parts: internal analysis, external analysis, and pitch deck/venture research.
Operations Documentation Guide: The internal analysis focused on the core business practices that were successful and then creating a guide for prospective buyers. Rem and Company was therefore tasked with creating a guidebook that included all the information necessary to understand the inner workings of their business, including financials, employee training programs, and salon operations.
Competitive Benchmarking and Best Practices: The external analysis focused on comparable companies in the salon industry as well as franchising to construct a blueprint for future growth.A key task of our team was to present the brand of our client in a way that would be as appealing to investors as possible.
Investors Pitch Deck: Together, the internal and external analysis served as a benchmark for completing the final investor presentation that highlighted our client’s strengths. This project heavily utilized user experience and strategy analysis to find the best way to market our client’s business to future investors.
Impact
A key objective of this project was to help scale our client's strategies for further growth, develop an operational guide, and create a concrete memorandum that highlighted our client's competitive advantages. Throughout their operations, the company offered retail, subscriptions, services, and retail at multiple locations. After analyzing the company internally and conducting market research externally, Rem and Company developed an investment strategy. The company compiled a comprehensive investor's pitch deck based on industry best practices, market norms, and overall market research. A robust operating guide, market research, and understanding of our client's market are just some of the results of Rem and Company's work. A list of potential investment strategies and an investor pitch deck was the final impact of Rem and Company's work.
Team Breakdown
Team Lead: Ford McCann
Team Lead: Kai Eckford-Vea
Strategist: Matthew Lee
Strategist: Nicole Ayala
Strategist: Axel Tolpina
Strategist: Megan McPartlan
Relevant Background Information
Business Type: Small Business
Industry: Hair Salon
Location: New York City, NY, USA
At Rem and Company, we're on a mission to keep doors open and dreams alive. Rem and Company started as a social impact initiative offering free consulting services to small businesses. Rem and Company has become an information hub and digital community platform for small businesses in need. At Rem and Company, small businesses stay up to date on trends in their industries, learn new approaches from peers, build a network, and develop the capacity to adapt as the world around them changes. Our consulting teams provide small businesses with the opportunity to identify and prioritize issues facing their business, propose innovative strategies and facilitate execution. If you are a small business owner and want to learn more about how we can help, request a free consultation.