£165k/month in Financial Compliance, But Profits Are Falling Short (4k)
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James Sinclair's Business Broadcast
This episode is titled:
£165k/month in Financial Compliance, But Profits Are Falling Short (4k)
Notable Quotes
"It's not a want, love and need business; it's a need."
"Most people are modeling businesses that are just okay models and slight tweaks can turn them into outstanding models."
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Get More InsightsEpisode Summary
In this episode, the hosts welcome John and Nick, the founders of The Compliance Guys, a business that has been operating for nearly six years in the FCA regulated sector for the independent motor vehicle trade. They share insights about their operations, boasting a monthly turnover of £165,000 and a team of 19 employees. However, they express concerns about their profitability, with current profits hovering at around £100,000 annually, which they feel is low for their revenue.
The duo highlights their three main services: helping motor dealers become FCA authorized, providing ongoing compliance support, and managing an umbrella network for smaller firms. They discuss their frustrations with customer adoption, noting that many clients only view compliance as an unnecessary expense rather than an essential part of their business operations.
John and Nick also explore the balance between staffing and cash flow, expressing the need for defined roles within their partnership to improve efficiency. They stress the importance of developing a culture of self-learning within their team and the challenges that come with instilling this mindset. Overall, the episode provides valuable insights into running a compliance business and navigating the complexities of the motor trade market.
The duo highlights their three main services: helping motor dealers become FCA authorized, providing ongoing compliance support, and managing an umbrella network for smaller firms. They discuss their frustrations with customer adoption, noting that many clients only view compliance as an unnecessary expense rather than an essential part of their business operations.
John and Nick also explore the balance between staffing and cash flow, expressing the need for defined roles within their partnership to improve efficiency. They stress the importance of developing a culture of self-learning within their team and the challenges that come with instilling this mindset. Overall, the episode provides valuable insights into running a compliance business and navigating the complexities of the motor trade market.
Key Takeaways
- Customer adoption for compliance services is a major challenge, as many clients perceive it as an unnecessary cost.
- Defining roles within a business partnership is crucial for improving accountability and operational efficiency.
- Creating a culture of self-learning among employees can enhance productivity and service quality.
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