Eurofurn came to life in the 90s, but the family roots go much deeper. They were inherently cabinet makers by trade, and Marco’s dad (Carlo) was doing agency work in Italy for some of Australia’s highest-profile suppliers. Carlo met his wife in Australia on a working holiday. He ended up staying, setting up a business and working on his first Australian domestic project with his son on the Brisbane airport.
After the airport gig, Marco and Carlos business (Eurofurn) started to grow and become increasingly popular. In the late 2000s, Eurofurn started to become renowned for distributing Italian furniture. When the Global Financial Crisis hit, Eurofurn was inundated with a problem of overstock, unable to sell in the calendar year. There became multiple cash flow problems that began to have a domino effect on the business. Marco picked up the phone and rang BUSINESSNAV.
We are more interested in the outcome of the customer, instead of our financial gain. We love providing goods and services that we know will stick around for years to come.
It was obvious that multiple changes needed to take place. Utilising BUSINESSNAV’s CASHFLOWNAV Factor assisted in identifying the issue at hand. This, coupled with thorough financial budgeting and planning, helped unravel the source of Eurofurns lack of cash.
There were bad customers that would never pay on time, an issue in the business model and selling method. Eurofurn needed a kick-along and guidance to help structure the business.
To any company that believe they may have some cash flow problems, take a look at the CASHFLOWNAV Factor. BUSINESSNAV are experts in developing strategies to help improve your business.
Eurofurn began to minimise its wholesale operations and expand into direct business 2 business (B2B). They began working for large companies such as Woolworths, Coles, Star Casino, Stellarossas and more.
This greatly assisted cash flow, as inventory turnover was far more streamlined. Eurofurn turned from a credit provider to a business that could get deposits and payments from businesses instantly. Getting paid on time made a huge difference to their operating cash flow.