TRAC Services Ltd
TRAC Services handles the process of obtaining the numerous governmental approvals required to take a medicinal drug to market, including for new or modified drugs requiring clinical trials or for existing products being delivered to a new market place. The business currently has a turnover of c.£500k and employs 10 skilled graduate level people. TRAC has a very enlightened approach towards its employment policy, being only the second company in Cornwall to have achieved the Investors In People silver award. The company has recruited the majority of its current workforce via the Unlocking Cornish Potential (UCP) programme.
How TRAC Services Ltd found out about the Coaching for High Growth programme
Initially TRAC heard about Coaching for High Growth through contacts in the public sector (Business Link). TRAC attended the Wonderland launch event for the programme and booked a 1-2-1 coaching taster session.
The Growth Challenge
The directors and shareholders of TRAC have a clear objective of growing the business to a profitable turnover of £1.5m - £2m over the next 3 – 5 years and increasing employment to 20 – 25 over that period. To enable this, the business has to move away from its current reliance on one main source of revenue, a situation derived from the company’s early development history, to a more diverse income stream involving a larger number of clients with differing regulatory requirements. An additional challenge relates to developing the organisational structure during this rapid period of growth.
How has Oxford Innovation’s Grow Cornwall Coaching Team Helped?
The Oxford Innovation team engaged with the company’s directors to provide a series of workshops designed to develop the company’s marketing strategy, thereby enabling it to increase its client base. Topics covered initially included identifying core business values and developing a vision and brand identity, followed by work on market identification and routes to market. Assistance was provided in the recruitment of a marketing manager, and it is hoped that the appointed UCP mentor for the new recruit will be one of Oxford Innovation’s coaches with sales and marketing expertise.
What is happening now?
Going forward Oxford Innovation will continue to provide support in developing the marketing strategy and in assisting with developing the organisational structure. The business is headed towards its first 25% p.a. growth target and is in the process of recruiting its 3rd of 3 graduate level candidates via the UCP scheme. Future activity will include a review of the Company’s approach to IT and how this needs to change to support its growth plans.
“We are delighted to be working with Oxford Innovation to develop our ambitious growth plans. The time that the team are able to devote to our company has allowed them to develop a depth of understanding that isn’t normally possible for business support people. This understanding means that they are able to offer us really effective support and also challenge our approach to running the business and objectives for TRAC in a constructive and very productive way.”
Lead Coach/Mentor: Richard Reed
Entrepreneurs: Sarah Trethowan, Jonathan Trethowan