TraTech Consulting is an IT consulting firm with its roots in retail and hospitality, and now venturing out into other industries. They provide a broad service-offering, with insight and recommendations for operational and digital business transformation. Their core and specialised offering is in the operational space, helping business owners approach their businesses more holistically, bringing focus to their people, processes and technology, and helping them realise their strategic vision.
Matt has 12 years of experience consulting with large, globally-based retailers, but he had a vision to turn IT projects on their heads. Matt founded TraTech Consulting in March 2021, with the sole purpose of wanting to make the end-user the focal point of Retail and Hospitality IT projects.
Matt is a people-focused, innovative customer-focused, certified DevOpsLeader, with a wealth of experience.
From day one of the business, Matt had a reliable client and was moving the business along steadily. Matt began to expand the business, taking on his first employee in 2022, and by February 2023 had a further 2 employees making a team of 4.
“It was all great. My clients were all billable and I could see the growth happening, but I was trying to be a business that I thought everyone else wanted to see. I was punching way above where we were in how we were presenting ourselves. I invested too much money in hospitality, Expos and stands, and went way over on advertising and marketing.
“In February 2023 my reliable client ran into difficulties of their own, and we lost them, causing a massive hit in our revenue and cashflow.”
In March 2023 things began to get even more challenging.
“We had contracts where clients weren't paying on time, low profit margins, and were basically giving our expertise away at that point. I couldn’t get any finance, even with the £70k gross profit in year one, no financial institution would touch us.
“I was waking up at 2am in the morning checking the bank to see if we’d been paid and couldn’t see how I was going to keep my staff on. With their contracts coming up in June, I couldn’t see any way I could extend them and so I began thinking about calling it a day and jacking in the business. I didn’t want any more stress and sleepless nights - I was broken - but it was during this time I met Tracey from BBB.”
Matt joined BBB in June 2023.
“It was a pivotal moment when I spoke to Tracey, a real turning point for the business.”
Tracey and Matt had a very raw, open and honest conversation about where Matt was at in that moment. Matt couldn’t see possibility, but Tracey could.
“I had told my employees the situation we were in, but Tracey asked me, ‘How done are you with the business?’ and I said 98%. That 2% was all Tracey needed to help me see there was light and possibility and that we weren’t done yet. 5 days after telling my team I couldn’t extend their contracts, I signed 4 new client contracts - on the very day I had my first BBB Board Meeting. I’d gone from nothing and completely broken to new clients in a matter of days.”
BBB is a place where our members feel safe to be open and honest. One of our primary skills is navigating very difficult times, helping our members to keep their heads and, most importantly, not giving up too soon. “If you’re still in the game, you have a chance of winning,” says Tracey.
Tracey and Matt set up a series of support calls, to look at what Matt could leverage from the BBB community - finance, operations, mindset in this instance. BBB created a round table to help Matt resolve the issues and start getting the business back on track.
“The support that BBB offered was a pivotal moment for the business. If they hadn’t pulled me back from the abyss, I wouldn’t be here. Everyone in the group really got it. At some point they had all either been there, or had been close to where I was as a business owner, and that was so important.
“As a business owner, until now I hadn’t had a partner or anyone in the business to bounce ideas off and support me. Having that ability for a sounding board, to talk stuff through, vent and just let it all out to people who really understand what I was going through was a massive help. People got it, people sympathised, and were able to provide reassurance that this was just a blip. They helped me to see that as a business owner, I was going to have turbulent times, and this would be the lowest point for me. They helped me realise that I was still here, I wasn’t done yet and there were successes yet to be seen for the last 3 years of hard graft - that’s the key thing that BBB brought to my business.”
The impact that BBB has had on Matt has been transformational in helping him grow his business. Since joining, Matt has learned many lessons about becoming a business owner, found his niche, set goals for himself and the business, and got his messaging right.
“Since joining BBB it’s been mental! I’ve learned so much about my first 3 years in business and I’m still learning. For example, if I hadn’t over-invested in advertising and marketing, when I lost that client, I wouldn’t have hit the cashflow crisis like I did.
“After signing those 4 new contracts, I’ve gone on to really nail my niche. Before, I was too widespread, and the business didn’t have its own identity. Now, with BBB and its resources, I’m able to really drive my goals and work out what it is I want for and from the business and I’ve really narrowed in on what our sweet spot is, which is operational transformation. Helping businesses to understand their own processes and analysis so they are informed and can make better decisions and investments.
“The identification of our USP, and getting our messaging right, has come in the last couple of months, and has opened up a massive amount of work for us. I’m now at the point where I haven’t got enough people, and so I’ve just hired a BA, with an advert out for another, and I will soon be hiring a head of operations to relieve me of some of the workload. I will have more than doubled my employees by the end of 2023.”
Matt is no longer waking up at 2 a.m. to check the business accounts. Due to his incredible work, the business is in a much more stable position, with a full pipeline. It’s financially thriving, allowing him to financially forward plan and invest in the business, and helping him with his next business evolution - to scale the business to £10m by 2025.
“I’ve sorted out our CRM and I’m now using it properly. There’s £1.5million sitting in the pipeline of very realistic opportunity.
“I’ve gone from £30k-£80k revenue a month. It’s been like night and day! I went from closing the business to staring down the barrel of a £1million business in just 4 months with BBB.
“I’ve diversified my client base, and as we extend contracts, we’re upping day rates. We’ve just signed a 15-month deal with a new client, a further client that will run into 2024, and a 2-year partnership opportunity.