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With multiple building projects worth millions of dollars on the go at any one time, cash flow is a major consideration for Andrew and Simon Crilly, owners of Victor Harbor based Signature Homes. Setting their sights on improving the business since it was established in the mid 90s, Andrew and Simon have been helped by Paul McCarthy of HMcR to set in place a plan which has led to consistent growth and profitability.
Signature Homes has moved from small scale subdivisions and unit developments to initiating its own major developments and higher value custom-designed projects in areas as diverse as Port Lincoln Marina, Encounter Bay and Whyalla. A strong desire to succeed and a willingness to grasp opportunities and take calculated risks have provided sound foundations for the company’s future.
Paul McCarthy has helped to identify markets and strategies targeted to each specific business segment enabling Signature Homes to better compete with established Adelaide-based builders. This has led to more reliable production outcomes and made it easier to attract and retain quality tradespeople, who are crucial to the company’s ongoing success.
Capital has been injected into the business from a range of investors, aided by improved profit potential over the longer term. Structures have been implemented to assist with tax management and asset protection, along with systems to improve office management, IT programs, financial reporting, tax planning and marketing and sales.
HMcR has prepared detailed cash flow plans to identify progress payments, construction costs, overheads and loan payments. This has helped Signature Homes to quantify its exposure to taxation, with interpretations and opportunities explained in ‘real time’ by Paul McCarthy.
Signature Homes has now moved from rented office accommodation into its own offices, has acquired more investment property and increased plant and equipment purchases, rather than hiring. Staff numbers have increased, with sales staff contributing to further growth. Better job tracking from improved IT systems has lead to significant growth in activity into the future.
With the assistance of HMcR, profitability for Signature Homes has increased fourfold, giving the owners the capacity to upgrade their personal assets and purchase an aircraft to facilitate the increased country workload.
Signature Homes now uses effective business planning to support its purchase decisions, with initial costings and sales projections confirming project profitability. HMcR has been there to assist with detailed tax planning and has also put in place regular, job by job, cash flow reviews.
The improved visibility of Signature Homes in the marketplace has brought with it even more opportunities to grow the business and the future looks very bright for this proud South Australian company.
Check out Signature Homes Website