Case Study: LotusWorks
Acceleration for Growth
Situation
LotusWorks was founded in 1989 on the west coast of Ireland as a specialist technical and engineering business providing repair and maintenance services to industries. The company secured a commissioning contract in the booming semi-conductor industry in 1996 and soon began to win larger contracts across the country in industries such as pharmaceuticals and medical devices. In 2000, LotusWorks won its first international contract in the United States.
Seeking to grow the business further and with the aim of an eventual sale, the company engaged Futurecurve to conduct a major value proposition project. This would create a better understanding of LotusWorks clients’ experiences, identify what was needed to deliver them superior value, and help the company achieve its goals.
Activity
Futurecurve undertook in-depth interviews with all LotusWorks clients, analysing and interpreting the results. A large number of positives were revealed but also many areas for improvement. Working with Futurecurve to fully exploit its findings, the necessary changes were designed and implemented, including a rigorous process to identify, win and retain new clients.
Key account management was introduced. LotusWorks’ website and communications were overhauled. Written proposals and quotations were updated to reflect the company’s core competencies, capabilities and the added value it gave clients. Staff were retrained and a talent pipeline developed to attract, recruit and reward people with appropriate sector experience.
A thorough review of LotusWorks’ subsidiary businesses was also conducted to identify those with the greatest potential for growth. As a result, several businesses in Ireland and the United States were sold on to new owners as LotusWorks focused on its high-performing core.
Outcome
Building on the company’s strong brand and reputation, LotusWorks transformed from a primarily transactional to a relentlessly client-centric business. The response was overwhelmingly positive. Clients were now having the conversations they wanted. And they were prepared to invest significantly to achieve the right results.
One long-standing pharmaceuticals client, for example, had inherited major issues with some older plants they had acquired. LotusWorks stepped up to redesign, overhaul and manage the facilities so their client could meet growing market demand for their product. Prior to the engagement of Futurecurve, the company would not have pursued that type of work.
Within three years, the size of LotusWorks’ business more than doubled as the company won bigger and more international contracts. Company profits during that time exceeded those of the previous 20 years.
In 2018, LotusWorks was taken over by four of its senior executives as part of a successful management buyout backed by AIB Corporate Banking.
“We were more confident going into boardrooms, we were harder to push off our price, we understood our value properly, clearly, and our website and documentation changed. If you asked anybody in the company what our value proposition was they’d all say the same thing now, rather than everybody having a different view prior to the engagement.”