QnA
So Lauren, what do you and Vic do on a day-to-day basis?
Well I'm KILT's business manager, which pretty much means I'm across everything. No day is ever the same! I'm focused on making sure the business is on track and the day-to-day activity such as design, manufacturing and logistics are delivering for our stores and customers. Vic is KILT's financial controller (CFO) so she's on top of all the numbers. We work closely together to make sure what's going on within the business, and the KPIs and financial reporting, match up to our 90-day goals and of course the long-term strategy.
Lauren, can you describe generally how Hutch works with KILT?
Hutch has been working with KILT since 2012 although the company itself has been going for around 20 years. Hutch is constantly keeping us on track by always bringing the conversation and focus back to who we are and where we want to be.
Our quarterly meetings bring in Hutch in a governance role – he's great at seeing the big picture with clarity. Also, during the 90-day periods, he's always available to bounce new ideas off with an ability to help simplify seemingly complex or complicated matters so we can make good decisions.
In the beginning we met monthly but now it's every 90 days. The format has changed over time but in a nutshell every quarter we review the previous 90 days and plan for the next 90 days. Everything is well-documented so we can always review where things are at.
Vic, how has Hutch supported tracking of KPIs and financial reporting?
KILT has always used these tools to drive the business forward. Hutch has really helped us keep the key numbers and other metrics front-of-mind by checking in on where things are at during our advisory board meetings and making sure all the numbers stack up as we strive toward our long-term goals.
In the past 12 months, Hutch facilitated the transfer of ownership from founder Mel to yourself and Vic. How did that go?
As anyone who's been involved in the sale and purchase of a business will know, there's a lot of ground to cover to seal the deal and move forward. But because all three of us trusted Hutch 100%, the process was much easier than we expected. He was able to position himself on both sides of the sale while remaining impartial, providing advice as we dealt with lawyers and accountants to get everything signed off. Hutch was also on the end of the phone for our many questions, which was a great resource to have.
In summary, what are the main benefits of using PlanA Consulting?
That's easy. It's Hutch's genuine and trustworthy nature. He's reliable, his feedback and advice are always well-considered, and he's just an all-round nice guy with a passion for everything business related.
So where to from here for KILT?
The sky's the limit! We're pretty happy with where things are at to be honest. We'll continue to expand and open new boutiques as opportunities arise. And we're committed to designing and making all our clothing in New Zealand well into the future. That's certainly never going to change!
