Murray Associates Accountants Ltd: The ‘Queen of Profit’ answers your questions | Gloria Murray

Murray Associates

 

The ‘Queen of Profit’ answers your questions

Q: You are called the Queen of Profit by your clients. Can you give me a concrete example of a client you’ve helped?

I’ve got a really great one about a yoga studio in Glasgow. It’s all about mutinous teachers, losing business premises while in Australia for two months, and competition from a new yoga studio in the city centre which had investors (and lots of money!).

So a bit to sort out then!

The first thing to look at was the business model and it wasn’t looking good. The teachers were a legacy from the previous owner and were not charging enough, so the business was not making any profit. The new owner had spoken to the teachers about this and all had agreed a price increase. However two of the teachers ignored this and were charging the same. This was compromising the future of the whole studio and even their fellow teachers’ income. They refused to change and refused to go. So the only solution I could advise was to sack them!

The teachers eventually left and opened up a studio… one flight of stairs down in a spare storage room let out by the ‘kindly landlord’. However they didn’t last long as they found out it’s not easy running a business!!

This started the revamping process of the whole business to reflect the values that the business owner holds close to her. Yoga is a lifelong learning process and sharing it is her passion – and quality is the key. That’s great if you’ve got a studio, but she ‘lost’ her business premises in February 2014 while she was in Australia for two months. The landlord forgot to renew the fire licence so the building was shut down and she had a week’s notice to pack up and leave!

But the ever resourceful owner managed to set up a pop up studio from 10,000 miles away for her part time teachers. Incidentally she didn’t miss out on our mentoring meeting as she Skyped in from Oz. That support was very helpful to her.

On her return (and after several months of looking) she found some fantastic premises just around the corner in the Jacobean Corsetry Building and converted a whole floor into a brand new studio opening in August 2014. Another result!

Within a month or so she found out a new yoga studio was to open in the city centre in 2015 with major investors backing them. “So what!”, I said and encouraged her not to worry and concentrate on what made her different. Her business is for discerning individuals who want a high quality bespoke studio environment to practice their yoga and get results. She did worry for a wee while but then she’s had her best year ever and her profit has tripled! Another result.

In her own words, ” I’ve got no idea where I would be without being on the mentoring group, without the support of Gloria and Gerry, and without the support of the other guys on the group as well. It’s been great to share these last 18 months with them and share their ups and downs as well. I don’t feel quite so alone. I can’t recommend the mentoring group highly enough, so if you’re in a place where you think you need help and you’re in a position to be able to do the work and take some fairly big leaps then definitely, definitely do it.”

Recently she’s also come to Murray Associates for bookkeeping and accountancy services too as we’re far more proactive about keeping this up to date. And as you know I’m a great advocate in knowing your numbers.

We’re on a mission, so far I’ve helped her triple her profits, changed her business model to allow expansion and to analyse and decide on new business opportunities. She is now getting seriously involved in building a better yoga community in Scotland.

If you want to find out how to transform your business and your life or just want at least an EXTRA £20,000 profit in the next 12 months… email me at info@murrayassoc.co.uk just put £20K in the subject line.

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