How Logistis Became Lindye Galloway’s Crucial Advisor in Growth Strategy
INTRODUCTION
Lindye Galloway had the vision to establish her brand as a leading, high-end designer. After starting her interior design firm, she patiently sought out jobs to establish her brand in that realm, and her company grew from 1-2 projects per year to 15-20 projects per year. When husband Winn joined her, the company had just launched an extension of their business, an eCommerce shop. With two forms of revenue and an added layer of business complexity, the husband-and-wife team relied on Logistis for Designers in a CFO role to assist them in strategizing their new business initiatives.
“We weren’t categorizing things correctly, and [Logistis For Designers] was able to jump right in and get going.”
-Winn Galloway, CEO.
The Situation
- The Galloways had enlisted the services of a CPA firm to help them with basic bookkeeping but soon realized the disconnect. The generic accounting firm lacked the industry-specific knowledge to ensure the design team was staying ahead of projected expenses and forecasting cash flow appropriately.
- Realizing the problem at hand, Lindye Galloway consulted with Logistis for Designers to ensure visibility of all aspects of the interior design business, more accurate management of accounts payable and accounts receivable, and aligning their Quickbooks® with both facets of their business: the studio and the eCommerce shop.
- Confident that their books were now properly categorized and being monitored monthly, Lindye Galloway was able to focus on scaling their business. As they expanded into the eCommerce space with their new shop, they called out to Logistis once again—this time as a trusted advisor and strategist. Logistis took on the role of CFO, allowing the company to scale while maximizing every dollar and accounting for cash flow management accurately.
Their Story
Lindye Galloway’s eye for design and love of the luxurious lent to her sophisticated creations themed with a clean, coastal feel. She was determined to make this her niche market from day one, and she strategized her business to suit. Six years ago, she founded her self-named design studio and enjoyed the business of 1-2 paid projects per year, with that number increasing annually.
Four years into the business, the company began to scale at a rapid rate. It was at this time that the team noticed an opportunity to expand, so in 2020 they launched an eCommerce store to complement their design studio. At that point, husband Winn stepped into the company as the CEO of Shop. Winn’s extensive background in home building and real estate development had been very helpful in the early development stages of the Shop, where he focused on curating software, marketing, vendors, employees, and more.
The team now enjoys a dual-revenue stream from the Studio and the Shop, which work in tandem. The Studio now serves between 15-20 paid design projects per year, while the Shop procures items inspired by Lindye’s designs, allowing clients to purchase pieces that capture the essence of her unique and high-end creations.
Learn More about
Lindye and Winn Galloway
The Problem
“They didn’t understand what our clients needed, and they couldn’t offer any advice on metrics because they never noticed if something was ‘off’“
-Winn Galloway, CEO.
Two Problems:
1. IMPROPER ACCOUNTING SPECIFIC TO INTERIOR DESIGN
2. MANAGING RAPID, HIGH-VOLUME GROWTH
Winn and Lindye first signed on with Logistis for Designers after becoming disenchanted with their current bookkeeping service. They’d hired a CPA Accountant, and while reviewing their monthly books, Winn realized there were gaps and conflicts that weren’t being red-flagged. Expenses and cash flow weren’t being anticipated properly, and his firm failed to understand the nuances of his business and how he interacted with his clients.
The Galloways switched gears and hired Logistis for Designers, who quickly got going in setting up their books correctly, categorizing properly, managing accounts payable and account receivable, and integrating their software.
They now had peace of mind that their data was being handled appropriately and being managed well, allowing Lindye to focus on design while Winn handled business management.
After four years of sustained growth, Lindye Galloway suddenly experienced a massive surge in business with several high-volume orders. Winn became fearful that he may overlook something, and it might slip through the cracks. Once again, he reached out to Logistis, asking them to take on a CFO and advisory role to manage the new layer of complexity they were now experiencing.
“We’ve doubled revenue every year for the last two years,” states Winn. “Our studio and shop are running a significantly higher volume of business. This new layer of complication with high-volume upfront purchases and revenue has necessitated us to bring on a financial advisor, or CFO.“
Why Logistis for Designers?
Because Logistis stepped in swiftly to thoroughly correct and manage their bookkeeping and accounting needs, Winn and Lindye were confident that they could trust Logistis as financial advisors who could assist them in their scaling efforts.
Our Repsonse
Logistis for Designers gladly accepted the role and scaled their efforts to match the Galloways’ needs. Winn and Lindye were now running a lot more transactions, and it was vital for Winn to maintain visibility and foresight into that aspect of the business.
“[Logistis for Designers] has been really crucial in helping navigate all of our eCommerce data into Quickbooks so we can track those sales on a daily basis and recognize the cost of goods,” says Winn Galloway, CEO.
With 1-2 consultation calls per month, Winn gets the insights he needs into his current cash flow and management, allowing him to make crucial decisions in allocating funds towards growth-driven goals, such as software integrations, employee hiring and compensation, and marketing efforts.
Results
Removing the problem of being stuck focused on operations, Winn knows that his finances are being well-managed, allowing him to focus on growth.
With 1 bookkeeping call and 1 accounting call each month, as well as a consultation call every 2-4 weeks, Winn has complete visibility and foresight into his finances while also enjoying the expertise of a strategic partner, helping Lindye Galloway maximize every dollar they are making.
“I would say the biggest thing they offered me is just peace of mind. As you grow you get stretched thin. You need more resources so you can dip into that and understand that while staying focused to push your business forward."
-Winn Galloway, CEO.
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