Stephenson’s Photo Electric originated as part electrical, part photographic shop in Hythe, Hampshire in 2000, with its owner Megan Stephenson tapping into her wealth of retail experience in the pharmaceutical industry. However, by 2014 Megan was finding it hard to move the business forward.
The digital age had tightened its grip on the photographic industry, having a huge impact on her retail outlet; customers were no longer getting their photographs printed from a 35mm film and they were buying cameras online, where there was greater choice at lower costs.
So when ActionCOACH called, it couldn’t have come at a better time. Megan explained, “I didn’t have anyone to talk to about the business, I knew I needed help, someone to bounce ideas off so we could move forward. Colin and Kevin at ActionCOACH have really enabled me to do that. I met Colin once a month, he’d set me homework, specific tasks I had to carry out with a definitive deadline, no excuses. The whole experience has been so motivating. My Manager accompanied me on various occasions, and we both found it useful having a set framework to work within, working together with a shared focus. They helped especially with our marketing efforts – I know now how to measure responses to our initiatives and I can see clearly what’s working and what’s not. They even helped me set up the online shop, providing advice on digital marketing and social media.”
Because of the guidelines ActionCOACH outlined, Stephenson’s have implemented new processes; Megan explained, “as a result, we have a clear insight into how things are running, so if and when things are not going well, I can address them quickly. Thanks to Colin and Kevin, I understand the figures, I know what I’m looking at.”
The ActionCOACH team have really encouraged Megan to “follow the money.” She is now continuously reviewing what they sell, watching market trends, and making sure they sell more profitable items. For example, customers are beginning to want picture prints again and Megan sells a wide range of print options on display in-store.
With Megan’s grandson now capably at the helm of their Lymington outlet, supported by two full time members of staff, Megan has been able to take a back seat; “I’m not running the business alone any more, I have a great team around me and am confident that my business is secure and profitable. It’s been invaluable having advice I could trust and sharing business experiences.”
“The Action Coach team bring a wealth of business and financial expertise to the table. Each has a different perspective, Kevin was fantastic helping me sort out my figures and Colin with marketing. We’ve been able to bounce ideas around, they’ve given me relevant advice and an understanding ear. All I do now is oversee the books. I’m proud that my grandson is running a stable business, profitably. We’ve decreased our overheads, seen an upturn in profitability and we’re not loss-making and that’s fantastic. Thank you ActionCOACH.”
We’re delighted that the future is now looking bright for this local family business.
For further advice on how to improve your business success simply call us today on 02380 560833 to book a business diagnostic, or visit our “What’s On” page and sign up for a place at one of our upcoming FREE Think BIG workshops.