CATCH Neighborhood Housing, Inc
Concord, New Hampshire
Twenty years after its founding, CATCH, a highly successful and well-regarded affordable housing development and management organization, needed to re assess its mission in the context of market needs that had evolved over that period. The need for this re assessment became more urgent with the advent of the recent economic downturn, which created a more challenging operating environment.
Synchrony Advisors was retained to assist CATCH in reevaluating its business model and long-term strategy to strengthen the sustainability of the organization. This process needed to be accomplished quickly, but with deep understanding of CATCH and its business environment. Accordingly, Synchrony proposed assembling a task force of key staff, board members, and stakeholders to review the operating model, the businessenvironment within which CATCH operates, and evolving trends and factors likely to affect its long-term sustainability. Synchrony facilitated a series of meetings of the task force to review assembled relevant information, identify key issues affecting organizational sustainability, and brainstorm solutions. The Board of Directors endorsed the task force’s findings and recommendations. To augment the work of the task force and foster engagement by outside stakeholders and partners, Synchrony designed and implemented an online survey of over 150 individuals with a near 50 percent response. Synchrony used the task force recommendations and survey feedback and statistics to create the context for a facilitated a strategic planning retreat of the CATCH Board and key stakeholders.
CATCH created an updated strategic vision for the organization cognizant of the realities affecting its work to serve as the foundation for development of an action plan. Synchrony continues to work with CATCH as it translates the strategic vision into a series of logically sequenced, practical actions affecting the daily operating practices of the organization. CATCH has also sought Synchrony’s assistance in exploring options for and devising an operating model for sharing of certain operational functions with sister organizations and other non-profits, a key strategic initiative.
Agricultural Products Manufacturer and Distributor
New Hampshire
An agricultural products manufacturer and distributor was challenged by a relatively heavy debt load associated with acquisition of the business and severely constrained cash flows resulting from several years of weather conditions adverse to agriculture and the general downturn in the national and regional economy.
Synchrony Advisors was retained to assist the owner in analyzing the business model and to address a request from the business’s lending institution for a plan to stabilize its cash flow situation and ensure repayment of the debt. The business owner had an intimate understanding of the business dynamics of this highly seasonal business, so Synchrony focused on analyzing historical financial statements and balance sheets to augment and amplify the owner’s understanding and to develop a conceptual plan to address the lender’s concerns. Following the lender’s endorsement of the conceptual plan, the owner and Synchrony worked together to identify sources of operating cash using existing assets and a reorganization of the business. This effort included Synchrony’s development of projected income statements, balance sheets, and estimated cash flows for presentation to the lender.
The owner developed a deeper insight into the dynamics of the business model, particularly the customer base as it related to the ability to generate revenue, which enabled him to better target the business’s sales efforts. The work accomplished by Synchrony was also useful to the owner in exploring alternative lending options by allowing him to test the effects of different options on projected income statements and cash flows. Synchrony continues to be involved in assisting the owner in responding to queries from the current and potential lender and analyzing progress in stabilizing the business’s cash flow.
Specialty Manufacturer
New Hampshire
A startup specialty manufacturing company in New Hampshire was struggling with significant month to month swings in revenue and profitability. As in many startup companies, the management team suffered from too much to do and not enough time or resources to think beyond the next week.
In a relatively short interview, Synchrony Advisors’s questions helped the management team to uncover the critical focus areas, which were cross-training members of the management team in drafting cost proposals and other administrative needs freeing the CEO’s time for development of new business. In addition, because of the specialty nature of the manufacturing process, rapidly building customer confidence was critical. Synchrony recommended building the marketing process around the telling of customer success stories, and emphasizing face-to-face relationship management and networking in the marketing and sales process.
The management team quickly implemented the identified actions and obtained a rapid, significant, sustained increase in the level of new business, reduced cycle times for cost proposal preparation, and an expanded base of customer and potential customer relationships.
Z Food and Drink
Manchester, New Hampshire
A popular restaurant was firmly established, but frustrated the restaurateur with the level of return for the amount of effort invested.
The restaurateur demonstrated close familiarity with financial data and analysis, so Synchrony Advisors developed a series of questions regarding the data and performance measures to uncover a better understanding of the business dynamics. Performing analyses recommended by Synchrony, the restaurateur recognized that there were several distinct elements to the business, each with its own dynamic in terms of revenue and profit generation.
The restaurateur was able to evaluate and select options to increase the profitability of the business, ultimately expanding its size and revenues for a minimal increase in staffing levels and expenses and laying a profitable economic foundation for expanding another of the more highly profitable business elements.
Androscoggin Valley Economic Redevelopment Corporation (AVER)
Northern New Hampshire
AVER is an organization with a number of past successes in addressing challenges in the local economy of the Androscoggin Valley in northern New Hampshire, which includes two major and several more smaller municipalities. Seeking ways to increase its contribution to this critical effort, AVER retained Synchrony Advisors complete an independent evaluation of economic development issues in the Valley and of AVER’s role in addressing them.
To ensure an objective, broad-based evaluation, Synchrony recommended interviews with a wide range of stakeholders in the valley including municipal officials, non-profit leaders, and business owners and executives for interviews. Synchrony developed a list of key questions regarding regional economic development, the roles of various economic development entities working in the region, and AVER’s contribution. After endorsement by AVER’s Executive Director and Board of Directors, Synchrony spent three days in the Valley interviewing the identified interviewees and listening to and recording their feedback.
The information obtained in these interviews was used by Synchrony to develop an updated, clarified picture of economic development in the region, AVER’s role in and contribution to this work, and recommendations for realignment and refocusing of AVER’s organization and activities to meet key needs. Synchrony is currently preparing a report of findings and recommendations for presentation to AVER’s Board and distribution to the broader community in the Valley.
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