In 2010, when BrightWire wanted to grow their 5 year-old business, they began making a concerted effort to scale their services. They joined peer groups, attended industry conferences, hired staff, rented office space and most importantly, they began to measure everything. They had always known how important it is to run the business by the numbers, but if the business was to grow in the ways partners Todd Whitley and Gordon Carlisle desired, they would have to understand the intelligence behind the numbers.
More customers and more employees meant that it was now profoundly important for BrightWire to continue to provide services to their customers and stability for their employees. And because of their dedication to running the business by the numbers, they knew they needed a tool to provide accurate analysis of operational and financial KPIs. So they looked to MSPCFO to provide the understanding of how the business was operating beneath the surface.
The decision to use MSPCFO paid off for BrightWire in a big way in 2016. Because of extenuating circumstances on the client-side, one of BrightWire’s clients didn’t renew its contract. Because Brightwire had been using MSPCFO to analyze their data, the team quickly developed a game-plan to recover. Among other things, BrightWire identified about a dozen contracts that were underperforming, and begin renegotiating contracts to correct pricing. Because they had the data to back it up, 100% of the clients with whom they renegotiated contracts re-signed with BrightWire at higher monthly fees. Some of the contracts saw a 20 – 30% increase in price, but without exception, every client they approached renewed their contract with BrightWire; a fact Todd attributes largely to their exceptional service delivery and the intelligence provided by MSPCFO.
In a year that could have resulted in declining revenue, BrightWire ended the period healthier and with better profitability than the previous year; and even hired additional personnel. MSPCFO gave them the ability to be nimble in critical business decisions, the confidence to identify issues and to create an actionable game plan to maintain profitability. At the beginning of 2016, BrightWire faced one of their biggest profitability issues to date, and with the help of MSPCFO, they emerged, miraculously, even stronger and better than before. For Todd and the team at BrightWire, their relationship with MSPCFO is for the long-run.