Industry: Entertainment/Hospitality
Expense Categories: Multiple
Client Overview:
Running over 21 locations across the US is hard work. So is monitoring your costs and making sure your not over spending for vendor provided services. Lucky Strike knew it needed an in-depth analysis of their P&L.
Client’s Goals:
Focus on savings in Telecom, W&R, Cleaning Service, Laundry and Linen, Supplies and Electricity.
IYP Response:
In order to do the job right, we had to analyze every line on their P&L in an attempt to find savings opportunities and credits that Lucky Strike could benefit from. This task was made even more challenging due to Lucky Strike having missing vendor contracts and not having their information centralized. Never the less we accepted the challenge.
The Result:
We benchmarked their costs, dug into their invoices and contracts and found almost $100k in credits and a total saving benefit of over $300K annually. At a 10% net profit, they would have to achieve an additional $3 million in sales to get the same benefit that IYP found them. We literally consolidated over 500 skus to less than 50 skus, while negotiation value contracts and creating better relationships with their vendors. IYP also introduced new technology to Lucky Strike, helping with implementation and educated their staff in order to run operations more efficiently.
Time Invested:
IYP: 671hours
Client: 29 Hours
