Troubador Publishing, Leicester
Alex Thompson
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Troubador is a publishing business with over 30 years’ experience in the industry. When Alex Thompson took over as Managing Director and co-owner of the family business, he was eager to inject fresh ideas and take the company to the next level.
Coming from a background in marketing and business growth, he realised the company needed external input to overcome its challenges and avoid being insular. Get Ready for Business Growth presented the perfect opportunity to receive comprehensive support, gain validation, and explore new strategies for growth.
“There were things in the programme we hadn’t considered, like IP. It helped us cover all the bases and walk away with a clearer understanding of various aspects of our business.”
Alex found the sessions around finance, marketing and business model strategy to be particularly impactful, and he especially valued the personalised and focussed approach in the one-to-one sessions.
In particular, Alex worked with the Finance consultant to restructure his business' financial model in a matter of hours, simplifying his processes to result in a streamlined spreadsheet that saved time and improved accuracy.
“We now have a simpler, more effective financial model that’s easier to manage.”
Through the programme, Alex also gained a holistic view of his business, recognising the value of taking time away from day-to-day operations to focus on strategic growth. Hedeveloped a clearer understanding of team dynamics within Troubador, which improved cohesion and helped clarify their customer profile.
Since engaging with the Scale-up programme, Troubador has seen significant growth. The insights gained have enabled the leadership team to think more strategically and collaboratively, which has led to improved internal communication and a better grasp of customer needs. This in turn has translated into increased revenue of £200k directly attributable to the support provided.
“We increased profit margins by 10%, with costs only rising by only 3%. This was largely due to a better understanding of who our customers are and how to serve them.”
The new financial planning system has also streamlined operations, and a clearer marketing strategy has contributed to a 16% increase in revenue. Alex also credits the programme with inspiring a fresh mindset, pushing him to think more broadly about the business, which has led to smarter decision-making and a more cohesive team.
“The programme forced me to think bigger, and now it’s become a habit. I’m more focused on new services and overall business growth.”
The British Library’s Scale-up programme provided Alex with the tools, insights, and confidence to take his family business to new heights.
Mentoring: Inspired by the support he received, and eager to give back, Alex became a mentor for the Get Ready for Business Growth Mentoring Programme. His mentee, Ella Snell of Art School Plus, was in need of confidence and structure for her financial planning. Alex helped her build a simple financial plan, which empowered her to commit to running her business full-time. His role as a mentor has allowed him to give back while gaining fresh perspectives on his own leadership journey.