Concrete Revival, a trusted epoxy contractor based in the Midwest, has been delivering high-quality concrete flooring solutions for residential and commercial clients since 2015. Founded by Al Harmening and his team, the family-owned business has built a reputation for excellence and reliability in the market. However, as the company experienced rapid growth and expanded its operations, it encountered significant challenges in managing its finances effectively.
In 2023, Concrete Revival’s financial management challenges led Al to reach out to Advantage Insights for help through a range of one-time and ongoing services. This is not the first time his company has had to overcome obstacles in order to grow with confidence. Al has grown his team and has built beneficial partnerships with vendors and other businesses every step of the way.
Concrete Revival began its journey in Bedford, Iowa, in 2015, focusing primarily on garage floors and basement projects for residential customers. With a commitment to quality craftsmanship and exceptional service, Al and his team quickly gained traction in the market, leading to steady growth and expansion opportunities. Over the years, Concrete Revival diversified its services, catering to both residential and commercial clients across multiple states. In 2023, Al relocated the company to Maryville, Missouri, to accommodate its growing operations and leverage a larger facility.
Thanks to rapid growth, Concrete Revival faced various financial management challenges that hindered its ability to scale efficiently. Al Harmening juggled multiple responsibilities as owner, including hiring, sales coordination, bookkeeping, budgeting, and supplier management. As the company grew, Al attempted to solve his financial management challenges by hiring in-house bookkeepers and working with various CPA firms. But with each new attempt at a solution, Concrete Revival’s growth would create new bottlenecks, and a higher level of expertise was needed to help the company reach its potential.
Concrete Revival's financial management challenges stemmed from the following key factors. Each of these factors is common to growing businesses as the conditions for management and planning become more complex.
Access to expertise: Concrete Revival became a successful and reputable contractor because Al and his team are masters in the realm of concrete flooring solutions. However, Al lacked access to expertise in financial management, leading to inaccuracies and inefficiencies in bookkeeping and budgeting processes.
Growing complexity: As Concrete Revival expanded its operations and undertook larger projects, the complexity of its financial transactions and reporting increased, exacerbating existing challenges.
The need for process improvement: The company's existing financial systems and processes were outdated and insufficient to support its evolving needs, resulting in delays, errors, and missed opportunities for strategic planning.
Resource constraints: With limited resources and manpower, Concrete Revival struggled to allocate sufficient time and attention to financial management tasks, hampering its ability to make informed decisions and drive growth effectively.
Recognizing the need for expert guidance and support, Al sought recommendations from his network. A trusted colleague urged Al to reach out to Advantage Insights, a financial management firm specializing in tailored solutions for businesses like his. According to Al, his former business partner was blunt in his recommendation, stating, “I don’t think you can afford not to pursue a partnership with Advantage Insights.”
Impressed by Advantage Insights' reputation and expertise, Al decided to engage their services to address Concrete Revival's financial management challenges from the ground, up.
Upon partnering with Advantage Insights, Concrete Revival began the hard work necessary to streamline its financial management processes and achieve greater efficiency and transparency. Advantage Insights adopted a personalized approach to meet Concrete Revival's unique needs, and offered a range of services that addressed key areas of concern.
Financial Systems Health Check: Advantage Insights conducted a thorough assessment of Concrete Revival's financial health, identifying areas for improvement and opportunities for optimization.
Bookkeeping and accounting: Leveraging modern financial management tools, Advantage Insights streamlined Concrete Revival's bookkeeping processes, ensuring accuracy, timeliness, and compliance with regulatory requirements.
Budgeting and forecasting: Advantage Insights worked closely with Al and his team to develop robust budgeting and forecasting models, enabling Concrete Revival to plan strategically for future growth and investment opportunities.
Payables and receivables management: Advantage Insights implemented efficient systems for managing payables and receivables, facilitating timely payments and collections and improving cash flow management.
Ongoing support and guidance: Through regular meetings and consultations, Advantage Insights provided ongoing support and guidance to Al and his team, addressing any questions or concerns and offering valuable insights and recommendations to optimize financial performance.
The partnership with Advantage Insights yielded significant improvements in Concrete Revival's financial management practices and outcomes. By outsourcing bookkeeping and accounting tasks to Advantage Insights, Concrete Revival achieved greater accuracy, efficiency, and reliability in its financial reporting, reducing errors and minimizing compliance risks. Owner Al Harmening has been impressed with results thus far:
“The way she’s organized our books—the accuracy means we can know our real overhead and understand our profit margins like we never have before.”
-Al Harmening, Owner, Concrete Revival
With access to timely and reliable financial information, Al and his team are empowered to make informed decisions confidently, driving strategic initiatives and capitalizing on growth opportunities effectively. Advantage Insights' integrated approach to financial management streamlined Concrete Revival's operations, enabling smoother workflows, faster decision-making, and increased productivity across the organization.
“It just feels like Mary cares as much about my success as I do. As much as an owner should. It’s just comforting knowing that she is leading her team in that way.”
-Al Harmening, Owner, Concrete Revival
Armed with comprehensive budgeting and forecasting capabilities, Concrete Revival is better equipped to plan for future growth and expansion, making wise investments and strategic decisions to propel the business forward. The partnership with Advantage Insights has offered Al and his team peace of mind, knowing that their financial management needs are in expert hands, allowing them to focus on their core business activities and achieve their long-term goals.
Concrete Revival’s story demonstrates the power of strategic financial management. If you're ready to unlock the full potential of your business and achieve your own version of smart growth, contact Advantage Insights today. Let us be your trusted partner in navigating the complexities of financial management, empowering you to drive growth, streamline operations, and achieve your long-term goals.
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