Case Study: GMG Network Ltd

With Jayne McFahn and John Gibson

undefinedGMG is a full-service event management company based in South London, delivering events in the UK, Europe and beyond. From venue finding and AV production to event apps, event management and everything in-between, no job is to too big or too small for them to tackle with style and expertise. With a precise, professional and passionate service and a dedicated, enthusiastic team, they're the very essence of the ideal RIFT Resident - and this is their story...

When a Plan Comes Together

undefinedThe first steps you take on a business journey are the most important, and Jayne and John knew exactly how to put their best feet forward. They formed an in-depth plan and recognised the need for a strong accounting team from the outset. Events management is a demanding field, where bullet-proof record keeping is essential, so they needed a fully fledged partner for their accounting in order to focus their own attention on building a business with rock-solid foundations and room to grow.

Their list of strengths and accomplishments as they set out on their journey were already impressive. They had eighteen years of experience in the events field, and knew just how to apply their existing skills to their new venture. Developing their business plans with the precision that experience had taught them would be necessary, they identified a gap in the market that they were ideally suited for and set out to fill it.

Watch That First Step!

undefinedWhen the time was right, Jayne and John took the plunge put their plans into action. Their attention to detail paid off spectacularly, and they were able to fully self-fund the business and retain complete control of it themselves. That first step, which trips up so many adventurers who take it without checking their maps and safety gear, was nothing short of a leap for the newly formed GMG Network.

Understanding that their clients had complex and time-consuming needs, often dealing with many suppliers at once, Jayne and John realised that it would simplify things greatly to have a single specialist company shouldering that unwieldy burden for them. A company that could juggle all aspects of event management from end-to-end would be a huge boon for those clients, and GMG Network was perfectly placed to keep all those balls in the air.

Facing Up to the Challenge

undefinedNo road worth travelling is ever smooth, and the course GMG Network had plotted was no exception. Taking stock of their core strengths also meant looking realistically at the areas where they'd need help or guidance. For one thing, they were going to need more than a simple paper-shuffler to handle their accounting. From dealing with HMRC and advising on tax efficiency to keeping on top of their legal obligations, they needed a comprehensive service from a committed team player. Their original accountant, recommended to them by another business, was a purely traditional outfit and didn't have the specialist understanding of small business that was so essential to GMG's grand plan. While they were strong on basic accountancy, they were far too limited for Jayne and John's needs and simply couldn't support them on their business journey.

Taking their accounting into their own hands proved challenging and time-consuming. Their backgrounds as meticulous record-keepers were a great start, but the fine detail work of accountancy was just drawing their eyes off the ball too often and taking up time they needed to spend elsewhere. Events management can require a lot of travelling and irregular hours, and they quickly found themselves looking for the very thing they were offering to their own clients - a trusted, dedicated service to give them back the time to run their business.

Enter the RIFT...

undefinedJayne and John met RIFT Accounting at the Kent 2020 business show, and immediately saw the potential in the service it offered. RIFT's ability to scan the road ahead for obstacles and opportunities was the exact piece missing from their business puzzle. In addition to the high-powered accounting services on offer, RIFT's supportive approach made them an ideal partner for GMG Network.

Jayne and John talked over their needs and their vision of what their company could be. Obviously, they wanted to know that their accounts would be accurate and filed on time, and that they wouldn't get tripped up by cash flow problems or misunderstood regulations. They needed expert eyes keeping their books in order but, just as importantly, they wanted guidance on how to make their business grow. RIFT Accounting understands the small business landscape like no one else, and its focus on support and guidance gave GMG the confidence to explore it to the fullest. Furthermore, the long hours and constant travelling the events industry requires are no obstacle in the RIFT, with its Clear Books cloud accounting software and the any-time, anywhere access it provides. A follow-up meeting with RIFT's Chris Gaze and Jane Ollis convinced GMG Network that they'd found the teammate they'd been looking for.

The Road Ahead

undefinedWith more time to focus on building their business, examining new markets and giving their clients the priority they deserve, GMG Network is going from strength to strength. They've learned a great deal about structuring their company and really showing what it can do. Specific advice from Chris Gaze on making their accounts a core part of their business strategy has been invaluable, while detailed guidance and specialised tools to chase down late payments and optimise cash flow have helped set the most efficient course to meet their goals as they evolve.

As to the future, Jayne and John have a clearly drawn map of where they want GMG Network Ltd. to go, and a strong plan for getting there. The growth they've been enjoying means they're now taking a more detailed look at payrolls, employment regulations and benefits as they take on more people. The time RIFT has freed up for them has allowed them to focus on their Health and Safety practices, helping them pass the required accreditation process and protect the people they work with. They've launched a new website and are sharing what they've learned with other start-ups to help them grow. At every step of the journey, RIFT is there to support them.

We'll leave the last word to Jayne and John, as we honestly couldn't have put it better ourselves:

"The attitude of everybody at RIFT is exactly what a small business needs. Working with them feels like collaboration. It's a team effort with everybody working together to grow the business."

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Phone: Office: +44 (0)20 3713 0032


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