Optimizing Financial Operations for Mike’s Hardware
Improving oversight and driving growth.
Key Services Provided: Operational Efficiency | Profitability & C-Suite | Risk Management
Industry: Retail & Home Improvement
Financial Strategy for Hardware Business
PRIME Business Advisory Solutions partnered with Mike’s Hardware to modernize accounting, improve internal controls, and implement a proactive tax strategy. With cloud-based systems, financial oversight, and hiring support, PRIME helped streamline operations and position the business for scalable growth.
The Challenge: Growing Complexity in Financial Operations
As Mike’s Hardware & Supply expanded, its existing accounting system and lack of internal oversight created operational bottlenecks. With increasing sales and team growth, the business needed a more structured approach to managing finances, hiring staff, and aligning tax strategies with long-term goals.
Financial Structure & Strategic Oversight
PRIME Business Advisory Solutions implemented a cloud-based accounting system, improved internal controls, and provided dedicated financial leadership. The team supported hiring and training for in-house accounting staff and guided the company through a successful CPA transition, enhancing tax planning and freeing up leadership to focus on growth.
Challenges
- Outdated Financial Management: The company had outgrown its existing accounting setup, which relied solely on Co-Owner Lee LaFleur.
- Lack of Internal Financial Oversight: No dedicated team was in place to manage and oversee accounting functions effectively.
- Need for Additional Staff: The company required an in-house accountant to streamline operations and reduce administrative burdens.
- Tax Strategy & Compliance: Transitioning to a new tax CPA and implementing a strategic tax plan was necessary for long-term financial health.
Solutions & Execution
Cloud-Based Accounting System
- PRIME introduced a modern, cloud-based system to enhance financial visibility and improve control over accounting functions.
Process Optimization & Internal Controls
- The team established better internal control processes, ensuring a more efficient and reliable financial workflow.
Dedicated Financial Oversight
- Alaina, a PRIME Consulting Manager, became the main point of contact, bringing valuable industry knowledge and hands-on engagement to the business.
Hiring & Training Support
- PRIME assisted in hiring an Office Administrator to manage in-house accounting duties and provide essential store support.
- Alaina played a key role in training the new hire, ensuring a smooth transition and alignment with the company’s financial processes.
Tax Strategy Implementation
- The team guided Mike’s Hardware through the transition to a new tax CPA, optimizing tax strategies for long-term financial health.
Results
- Improved Financial Organization: Enhanced accounting processes and financial oversight.
- Increased Efficiency: Streamlined workflows for better financial management.
- Stronger Tax Strategy: Optimized compliance and tax planning.
- Business Growth Support: Freed up leadership to focus on expansion and strategic initiatives.
Why PRIME?
Recognizing the need for a more efficient back-office operation, Lee LaFleur met with PRIME CEO Natalie Barranco and Vice President of Business Development John Barranco to discuss potential improvements. Their expertise and tailored approach made PRIME the ideal partner for optimizing Mike’s Hardware & Supply’s financial operations.
Client Testimonial
“We’re busy with many other day-to-day functions of the business, so it’s been great having some professional oversight and input to help keep us on track.”
Lee LaFleur, Co-Owner, Mike’s Hardware & Supply
Looking Ahead
Despite industry forecasts predicting a flat market with a potential upward trend later in the year, Mike’s Hardware & Supply remains optimistic. By leveraging PRIME’s expertise, they have positioned themselves to navigate market fluctuations efficiently and make strategic improvements during slower periods.
Is your business facing similar financial and operational challenges? Contact PRIME Business Advisory Solutions today to discover how we can help you optimize your operations and drive growth.
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