A highly motivated local business leader is leading change with a new business planning process that is truly making a difference.
Not many people associate Fairford with fish, yet it is home for one of Gloucestershire’s leading purveyors of fresh fish, seafood and shellfish.
New Wave Seafood was founded by entrepreneur Tim Boyd in 1989 to provide top-quality fresh fish and shellfish to some of the most discerning restaurants in the heart of England.
In his first year of business, Tim was just a man with a van and a passion for seafood. With its 30th anniversary in 2019, the company has gone from strength to strength and now employs over 85 experienced staff and has a fleet of 20 refrigerated vans delivering to more than 600 loyal, satisfied customers, six days a week in 12 counties, including 12 restaurants with Michelin stars.
New Wave Seafood supplies superb-quality, responsibly sourced seafood direct from the coast to restaurants, hotels and caterers. Its range also features other fine foods including Cotswold game and fresh seasonal produce, cheeses, wild mushrooms and speciality oils and vinegars, plus a vast selection of dry goods. This enables it to provide the busy chef with everything for their menu through its New Wave Fine Foods division. The firm owns Kelynack Cornish Fish giving them a valuable base on the Cornish coast and further access to a network of small local fishing boats that land regularly and exclusively for the company.
For many years, Tim has worked very closely with Scott Lawrence, a partner at Hazlewoods which is one of the UK's Top 30 independent chartered accountants and business advisers. Tim regularly listens to Scott’s advice and as Tim’s thoughts turned to how to achieve the next stage of growth, Scott introduced Tim to the LEAD programme.
Immediately, Tim began working on a new segmented marketing plan to better understand where the company was making money and which type of clients New Wave Seafood should be focusing on. This was a game changer for Tim. He recruited a new Operations Manager and IT specialist who between them analysed existing sales, costs and margins to give a better understanding of the current financial position. A sales plan was then created focusing on a prioritised list of clients who were contacted with renewed gusto. Individual client plans have now been agreed and a step change in sales and profitability has been realised. New sales meetings have been initiated. Tim has also established a new management team around him to support him further.
“It is amazing what you can learn from a highly focused audit of your sales data,” notes Tim. “In a very short period of time, my senior team and I have gained a far greater insight, understanding and grip on our key products and key market segments than we have ever had previously, and we have implemented robust plans to grow. We also have rigorous and regular reviews. Everyone is energised, and what’s more, we’re seeing the bottom-line benefits.”
This article is part of the Game Changer series featured in Gloucestershire Echo & Citizen & www.southwestbusiness.co.uk