ettitude
Client:
ettitude
Brief:
Financial stewardship
Adeptx Services:
- Establishing financial discipline;
- Developing financial planning and reporting;
- Sounding board to the CEO.
About ettitude
ettitude is a DTC manufacturer of bedding and accessories originally established in Australia (relocated to the US) in 2014. The Company controls the entire supply chain from manufacture through to retail inclusive of its own digital platform. Its unique offering is all products are manufactured from bamboo which is ecologically friendly. At present, attitude is one of the fastest growing companies in its sector.
Objective
To install financial stewardship and financial management system with the objective of developing a financially sustainable business model
The Work
Adeptx assisted ettitude in:
- Creating a financial planning discipline
- Refining the business model
- Developing a financial management system
- Being a sounding board for critical business decisions
In scaling its business, ettitude’s primary focus was on top line growth and securing its supply chain. As a result, the Company lacked the financial acumen and insight beyond a short-term outlook. During this time, the Company was experiencing strong growth in both the Australian and US markets which was stretching its limited resources.
Working closely with the CEO, Adeptx developed a roadmap for installing financial processes within the Company inclusive of forecasting, performance metric development and reporting. Importantly, Adeptx reframed mindsets towards finance and time frames towards longer term perspectives and metrics.
Once the roadmap had been created, Adeptx conducted workshops with the CEO and finance team at ettitude to initially create rudimentary forecasts. This enabled the Company to create ambitious financial goals. Moreover, it provided insights into the resource and operational requirements needed to reach such goals. Over a period, the forecasts were to become more complex given the growth in international demand for the Company’s products.
During this period, ettitude had a small leadership team of which none had a background in finance. Adeptx acted as the Company’s financial steward providing expertise and insight to assist the business in key business decisions such as capital planning and physical expansion of its operations. Furthermore, Adeptx also provided counsel to the CEO for initiatives and projects in determining their financial viability.
Outcome
Over a period of 18 months, we assisted ettitude in developing a financial management system and discipline necessary for a sustainable business. Through advice, workshops, and training, Adeptx worked closely with the Company to realise its goal of offering a unique eco-friendly product in a profitable business model. ettitude has now successfully expanded its operations into the US. As well, the Company has successfully raised capital to expand its operations.
