About the client
Learnmore Network Ltd exists to develop skills and talent within organisations, to help people become the best version of themselves.
Formed in 2011 and based in London, this independent training provider offers qualifications, bespoke learning and development services, and government-funded apprenticeship programmes to businesses across the UK.
The challenge: Guiding the business through a critical time of growth
At the end of 2021, Learnmore’s founder Becky Newell was at a crossroads. The decision was clear: she could either maintain her small, boutique training business, or take her organisation to the next level with a solid strategy for expansion.
She eventually chose the latter, knowing full well that this path would require transforming the company’s internal structure and investing more heavily in the right people to help her fuel long-term growth.
She created a plan of action, but quickly found that it wasn’t as easy to implement as she thought. The company’s finances were also becoming increasingly difficult to manage, not least due to the volume of money that was now coming through the firm; she was struggling to invoice in a timely way, she didn’t have time to chase outstanding invoice payments, and keeping track of cash flow was difficult. Therefore, like many business owners, Becky was operating on the premise that if there was money in the bank, and she had enough to pay her staff each month, she was OK.
In a nutshell, Becky was aware that running the numbers wasn’t her field of expertise, and she knew she needed help making more sense of her resources.
The solution: Better infrastructure, smoother processes, and more meaningful insights
Becky reached out to Dartcell. After speaking with her at length to gain an understanding of her company, its current position and where she wanted to take it, we overhauled Learnmore’s finances by:
- Navigating a period of tight cash flow
- Implementing cash flow forecasting
- Grouping expenses correctly
- Switching banks
- Introducing more robust credit control methods
- Hiring the right support
“Dartcell’s input was vital to ensuring Learnmore overcame a period of high investment in staff,” declares Becky. “Having a clearer picture of the company’s income and expenditure, I now know what we can, and cannot, afford to do, particularly in terms of new hires. I have much more visibility with regards to how the company’s money is being spent and payments are coming in faster thanks to a more proactive approach to chasing money owed.”
“Russell arranged an overdraft facility with the new bank relationship manager he introduced and, together with Claire, has taken on payment of all staff and suppliers. In a nutshell, we now have a sound financial strategy, all finance-related admin has been taken off my desk, and I have freed up a considerable amount of time no longer dealing with day-to-day financial matters.”
Our director Russell was also on hand to act as a trusted sounding board regarding other key organisational challenges, such as:
- Finding and hiring new staff, as per the revised infrastructure
- Creating and implementing professional contracts
- Finding a suitable external marketing partner through our extensive professional network
- Identifying opportunities for growth
The results
Turnover has increased (the first measure of success), the company is profitable, and cash is well managed.
The company is not only stable, but growing at a fast yet sustainable rate, and Becky feels that the right systems and processes are finally in place to support their new corporate journey. She rests assured that the integrity of her financial data is correct and that she has an accurate view of her company’s fiscal health.
“I expect the benefits of Dartcell’s involvement to become even broader in the next 12 to 18 months,” says Becky. “Russell’s advice and guidance has been invaluable at what has been a pivotal point for Learnmore and I sleep much easier knowing the finances of the business are properly looked after.”
Now that her finances are back on track, Becky also feels more confident in her plans to grow the commercial arm of her business in the next 3 to 5 years. She will soon be launching several new training programmes to complement Learnmore’s existing offering, including women in leadership qualifications and standalone courses for diversity and inclusion for senior leaders.
Final words from Becky Newell, Director at Learnmore:
“We found Dartcell at a crucial time for our business, and Russell and Claire have become important resources for myself and my team. Russell has truly transformed what we’re doing, and I don’t know where we would be without his support.”
“As soon as I met Russell, I knew he spoke my language. I have found him to be really personable, direct, and easy to deal with since we started working together – he is a fantastic sounding board and a reliable source of reason.”