Hick’s Classic Concrete continues to pave the way to success….
Jim Hicks started his concrete business back in 1984. After being in business for some 28 years, Jim made his first visit to the Kansas Small Business Development Center (KSBDC) last year.
Jim’s wife, Becky, had seen an article about the KU-KSBDC in the local newspaper. They thought the time might be right for a fresh perspective on their business. “We were looking for some help with financial management and cash flow analysis,” said Jim.
Any organization that has the staying power of Hicks’ Classic Concrete has to be adaptable. The concrete industry was impacted significantly by the economic shock and recession of 2008-2009. As a result, Jim had to look for new avenues to keep his crews working. Rather than partnering almost exclusively with builders on construction sites, Hicks’ Classic Concrete started taking on more and more municipal road projects. This new business strategy caused a significant change in the timing of accounts receivable.
The KSBDC worked with Jim to establish key metrics to judge the health and profitability of his business. Jim also discovered the benefits of receiving timely information from his bookkeeping and accounting team.
“Our KSBDC consultant is always prompt and prepared to discuss our business. He has taken the time to learn about our business, considers input and utilizes current data in providing pertinent advice. He has been great to work with and I look forward to our meetings,” says Jim.
But this was not just an exercise in perspective for Jim. He has committed to collecting and analyzing key information in his business and using it to make daily decisions. Hopefully this commitment will lead to another thirty years of success!