AIMS partners with Silotech to overcome financial challenges, implement innovative tools, and achieve transformational results, including purchasing a $6M building and creating new revenue streams.
In today’s fast-paced business environment, effective budgeting is the make or break of an organization’s long-term success. For Silotech, a project-oriented technology and government contracting company, navigating financial challenges was a roadblock that stunted their growth.
Enter AIMS, a financial consulting firm with a driving mission of providing tailored strategic financial solutions for small businesses. Through this collaboration, Silotech gained full financial clarity, allowing them to make decisions with confidence, weather economic uncertainties without worry, and realize their biggest dreams are achievable with a trusting and strategic financial partner.
The Problem/Challenge
Before working with AIMS, Silotech struggled with inconsistent cash flow projections and lacked a structured process for tracking expenses against their budget. These doubts in their financial decisions kept leading to missed targets and delaying decision-making.
To add, Silotech’s accountants lacked the specific industry expertise necessary to provide meaningful insights. Without a clear understanding of their current financial standing – or where they were headed – the leadership team faced uncertainty in making strategic decisions.
At this critical juncture, Ted, a trusted connection, introduced Silotech’s CEO to AIMS President and Founder, Marvin Hamlin. Although Silotech was a decade into their entrepreneurial journey, this partnership would mark the beginning of a financial transformation.
The Process/Solutions
AIMS understood that earning Silotech’s trust was key to creating lasting change. By taking a “slow and steady” approach, AIMS implemented a three-part strategy:
1. Assessment and System Overhaul
AIMS began with a thorough assessment of Silotech’s financial processes. This revealed gaps in their financial reporting system, which needed restructuring to reflect how the company was organized. By addressing these gaps, AIMS improved visibility into Silotech’s financial performance, especially at the project level.
2. Automated Tools and Real-Time Tracking
AIMS introduced automated budgeting tools and real-time expense monitoring systems, giving Silotech the ability to proactively adjust their financial strategies. Customized dashboards provided month-to-month overviews, enabling Silotech to track the profitability of individual projects and make data-driven decisions.
For example, Silotech discovered that while some projects were overstaffed, others needed additional resources. These insights led to renegotiated scopes of work, improved resource allocation, and optimized project profitability.
3. Strategic Planning and Communication
Collaboration and guidance was at the heart of this transformation. AIMS delivered the responsive and experienced partnership Silotech needed, with regular check-ins to align on goals and strategies. By fostering an open dialogue, AIMS helped Silotech understand financial stability through the lens of external stakeholders, like banks, and how to tell their story to secure funding for big dreams.
One such dream was owning their own building, a goal Silotech’s CEO had shared with Marvin early in the partnership. AIMS worked diligently to ensure this dream became a reality within 18 months.
The Outcome
With AIMS as a trusted partner, Silotech saw measurable improvements in their financial performance and stability:
- Budget Adherence and Forecasting: Within six months, Silotech significantly improved budget adherence and achieved more accurate cash flow and profit forecasts, a stark contrast to their previous unplanned overspending and financial uncertainty.
- Property Ownership: Silotech purchased a $6M building, reducing their rent expenses and replacing them with a more cost-effective mortgage.
- New Revenue Streams: By adding a Sensitive Compartmented Information Facility (SCIF) to their building, Silotech created a high-demand rental space, generating additional revenue.
- Resilience During COVID-19: Thanks to their financial stability, Silotech weathered the economic slowdown caused by the pandemic and emerged even stronger.
Silotech’s journey shows just how transformative strategic budgeting and financial clarity can be. Here are some of the key takeaways:
- Leverage Technology: Real-time tracking and automated tools provide the visibility needed for proactive decision-making.
- Partner with Experts: The right advisors bring industry-specific expertise and insights that go beyond internal capabilities.
- Invest in Collaboration: Open communication with financial consultants fosters trust and ensures tailored solutions.
By following Silotech’s lead and partnering with AIMS, businesses can sharpen their financial planning, make smarter decisions, and tap into their full growth potential.
We exist to leverage today’s opportunities for tomorrow by providing strategic financial solutions for small businesses. Contact us today.
