Generating cash for growth

741

Successful organisations are able to compete in tough environments. To do this, they need: capable managers who are willing to face facts and make hard decisionsexcellent resources, including flexible and enterprising employeesfinancial resources to support initiatives for change, growth and improvement. This case study examines how in 1999 MFI, the leading furniture retailer in the UK, recognised the need to make key changes in order to develop a successful competitive strategy. In particular it focuses on how the organisation has managed its finances more effectively. MFI is looking to move on from being ‘a company that sells furniture’ to ‘a company that delights customers’. In the past, MFI’s success was based around high quality products at affordable prices, with a reasonable level of service. However, in today’s market place that is not enough: it does not differentiate MFI sufficiently from its competitors. MFI sees its transformation as a journey with several milestones along the way. The first milestone was to establish a firm financial foundation on which to build a competitive strategy. The next was to create a fully integrated company that is focused on providing unparalleled customer service. MFI specialises in furniture and fittings for kitchens, bedrooms, home offices,…

This content is available to members only.
Loginor Subscribe Now