Most Valuable Pets
Most Valuable Pets
Pet Store Puts The Bark Back Into Its Business
About Most Valuable Pets
Melissa Whitton accomplished her lifelong dream by opening her own pet store, Most Valuable Pets in Nicholasville, Ky. This 4,800-square-foot store houses a menagerie of animals including dogs, cats, birds, fish, reptiles, and small mammals.
Voted the country’s “Best Single Pet Store” by Pet Product News, Most Valuable Pets has a reputation for quality customer service, expert animal care and a growing line of pet supplies. The store sets itself apart from other pet stores with its interactive layout. Few of the animals are caged and customers can take puppies and kittens into "love rooms" to play with and get to know the animals before taking them home. The store also boasts a Rainforest Aviary, where birds can fly freely in a natural-like setting that simulates thunderstorms, complete with flashes of lightening, every 30 minutes.
The Challenge
While Most Valuable Pets had won awards for their unique concept, its profits were very low. The owners overworked themselves for little to no profit. They had been running the business every day, every week. Yet, they were not generating appropriate profit for their efforts. The store initially hired advisors to help improve store layout and design, but offered little insight on how to increase profits.
The George S. May Solution
The George S. May International consulting team helped the store see their path to increased revenue, decreased inventory and doubled take-home pay. In just 10 days, the consultants worked with the owners to change the entire operation of the store.
One of the first tasks was to restructure Most Valuable Pets' management team. The team created task and duty lists to clarify current job responsibilities, as well as plan for future job changes or new positions. The biggest undertaking was the entire overhaul of Most Valuable Pets' computer system. In one weekend, consultants imported existing financial data into the new computer and installed Quickbooks for better financial controls. They also set up a new payroll system and profit and loss statements, which enabled the owners to better analyze expenses and identify areas that could be reduced or eliminated.
A Gross Margin Test revealed that the business was losing a significant amount of profit to damaged goods, lost or mismarked inventory and unrecorded in-store use of supplies. George S. May consultants recommended that the store tighten up inventory controls for another $30,000 in savings. Further recommendations identified opportunities to save more on payroll taxes and the company's health insurance premiums.
To ensure that Most Valuable Pets continues to stay the course, the owners meet with George S. May consultants quarterly to review operations and identify additional areas for improvement.
The Benefits
Most Valuable Pets boasts $1 million in sales and enjoyed a profit increase from 1 percent to 6 percent.
- Owners saved up to $60,000 by reducing overhead expenses and tightening inventory controls.
- New financial controls help owners track financial progress, and reduce time spent on payroll.
- After Most Valuable Pets’ bottom line had improved, owner Melissa Whitten was designated Lexington's Woman Business Owner of the Year from the National Association of Women Business Owners (NAWBO).
“My growth and achievements have been truly amazing since I partnered with the company. George S. May International Company hasn't just helped me with my work, but with my life.” – Melissa Whittman, owner of Most Valuable Pets.
