Case Study – Mr Black – A Viridity Success Story
We’ve been working with Tom Baker and Mr Black for almost 7 years. Now, the time has come for them to the leave our nest and we couldn’t be more proud.
The Cold Brew Coffee Liqueur start-up we began working with all those years ago is grown up and ready to bring their financial needs into the business. And that’s music to our ears. Why? Because their success is our success.
Mr Black is a business founded around the Australian obsession with coffee with a goal to bring that infamous Aussie coffee culture to bars and clubs through a truly unique product. Viridity first came to work with them when they were a small team with a truly horrifying accounting set up! A common problem for start-ups is engaging consultants to do tasks they’re inexperienced in. In this case, setting up their accounting systems and operational processes. Unfortunately their so called ‘consultant’ got it wrong and it was hurting the business. Add to this the popularity of the Liqueur led to increasing demand for distribution. Without the right systems and processes to handle it efficiently, they just weren’t able to stay on top of things. They needed help. Good help. Fast.
The initial remit for Viridity was threefold. First, fix the immediate problem of a poor accounting set up, then utilise our expertise with Cloud based systems to improve the operational side of the business and, finally, handle the day to day financial needs of the business moving forward.
The strategy Viridity employed was to wipe the slate clean with their accounting set up and provide a useful infrastructure that suited their business and implement an inventory management system. We deployed Xero to handle the financial needs of the business and Unleashed, a consumer level inventory management system that worked in conjunction with Xero to handle inventory management. These two products fundamentally changed their business operations. “Our business is far more efficient which has contributed enormously to our growth” says Tom.
You see, by freeing up Tom’s time, we could provide accurate, real time information to ensure that bills, suppliers and payroll were processed, cashflow forecasts could be prepared and Tom could work on the business and not in the business.
As part of the ongoing strategy Viridity have been Mr Black’s off site accounts department since we began working together. We handle the AR, AP, Payroll BAS and day to accounting function for them. We understand the unique needs of inventory based businesses and having access to the wider Viridity team, from CFO services in Rhys Roberts to payroll specialists, accountants and bookkeepers, we have the resources they need without the overheads of employees. In the words of Tom himself “we get a lot of value”.
“There’s significantly different financial requirements between businesses that provide services and businesses that make physical things.” said Tom “Viridity have extensive experience in financial management for manufacturing and production businesses, which is- advantageous for a small business producing, selling and marketing products.”
It’s been 7 years now that we’ve worked together, and they’ve grown from a handful of staff to 30. In that time we have watched their revenue grow tenfold and expand across the globe into notoriously challenging markets like America, where they are the now the Number 1 selling Australian spirit across 17 US states.
As much as we’d like to claim responsibility for that growth, we can’t, that’s all the vision, dedication and commitment of Tom and his team. We are simply enablers. We set up their systems and processes to enable the brains of the business to fly. In a small business, you can’t be everything to everyone, you have to play to your strengths and by outsourcing our Accounting function to Viridity we had peace of mind that our staff and bills were being paid and I could focus on growth and expansion.
And now it’s time for them leave the Viridity nest. We have enjoyed every moment of our partnership, and we can’t wait to see where they go next.