Balance specialises in providing integrated renewable power generation and storage solutions that are specifically designed for remote and “edge of grid” locations – from the Australian Outback to the Pacific Islands, Africa and Asia.
Balance was a fairly new business facing some very significant strategic opportunities and growth challenges. The opportunity to “take his company to the Clinic”, to work with experts to dissect the business and think through “next steps” came at just the right time for Rod Hayes.
CEOs of small and medium companies often have difficulty finding the time and space to do this kind of thinking – especially under the guidance of former CEOs who have ‘been there and done that”.
The Growth Clinic offered a very structured and disciplined approach that enabled Rod to do that.
When Rod went to the Growth Clinic, Balance Group had two operating entities, one of which had been an acquisition. The first 18 months were highly successful with strong revenue growth and profitability, followed by a year of steeply declining revenues and losses. They struggled to integrate the two business cultures and management teams, and had some major challenges in executing the Balance Group strategy.
Rod brought his team to the Growth Modules via the ANZ Business Growth Program. After the first module, Rod and the team decided to separate the company into two businesses, which meant fully divesting the acquired business and its external shareholders, recapitalizing the new business with owner-managers, and creating alignment around the vision and culture that Rod wanted to create.
“The content provides some great input and the discussion stimulates further ideas that you can adopt and adapt to your business. The fact that you go through the program, over an extended period of time, with business leaders from many different companies who are all facing similar challenges, is a plus.”
Following its reboot after Module 1 of the Growth Modules, Balance has steadily rebuilt revenue and capability.In FY17 Rod expects the company to grow revenue 3 –7 times over FY16 and is projecting strong profitability as well. When he came to the Growth Clinic, the Balance Group had 85 employees.
At the end of 2014, after separating the two companies, Balance had six employees. It expects to employ 35 people by the end of 2016. Rod and the team have had many challenges creating the culture they want, but the team is working hard to build a market leading business and the company has made significant progress on many fronts. Rod and six of his fellow CEOs signed up for the Accelerate and Scale follow-on program.
“It’s very difficult to find a program where you build the kinds of relationships that enable you to openly share and discuss what is going on for you and your company. This is perhaps the most valuable part of the program. For me these relationships and sounding boards continue to provide me with the confidence to keep pushing onwards and to keep growing.”