Accountants, Accounting, Tax, GST, FBT, Taxation, Audit, Business, Cashflow, Superannuation

Manta Industries Ltd mantamarine.com History Manta Marine Stainless is one of the largest manufacturers and suppliers of stainless steel accessories to the New Zealand powerboat industry supplying major boat manufacturers such as Tristram, Rayglass and Buccaneer. The current owners are Steve and Louise Pribicevich. Manta manufactures a wide range of marine products including bow rails, steering wheels, rod holders, bait stations, ski poles and ladders. They pride themselves on the quality, design, performance and durability of their products. Manta has been manufacturing stainless steel marine products since 1969. Steve has been in the business since 1986 and in 2007 he purchased the company from his father. In 2008 the business suffered a major setback when fire destroyed the manufacturing operations of one of their largest customers – Rayglass. The Process The temporary loss of Rayglass as a customer, combined with the onset of the economic recession, meant that like most other small businesses in this difficult economic climate, Manta needed to reassess their business. Manta took the opportunity to update and streamline their business operations and put in the solid foundations and practices on which the business will grow when the economy improves. Using the WBB Business Needs Analysis we asked Steve and Louise to identify the issues in their business that needed attention and to prioritise the order in which each issue should be addressed and actioned. The first priority was to address issues that needed immediate attention. Most of the actions listed have been or are almost completed. Calculating the breakdown point to know the level of sales required to cover their operating expenses each month. Freeing up Steve’s time by delegating some of his duties to his `second in command’ so that Steve can visit customers throughout New Zealand on a regular basis with a view to increasing their sales. Determining the extra capacity of the factory by calculating the production staff available hours and then measuring these against the actual chargeable hours recovered each week. Preparing a detailed Marketing Plan incorporating the agreed ideas and initiatives to promote and increase the sales of Manta products. Preparing a marketing timeline listing the dates by when these actions will be completed. Reviewing the annual Sales, Operating and Cashflow Budgets and instituting monthly Directors Meetings to compare actual business performances against forecasted results and KPI’s achieved. Conducting a customer survey to determine where Manta can better service their customers and to ensure that their customers are fully aware of the complete range of Manta products and services available. Steve and Louise have welcomed this opportunity to review, improve and better control their business operations. Whilst it is still “work in progress”, as a result of this initiative Steve and Louise will have a better understanding of their business, and believe Manta now has the tools to emerge from this recession a better, stronger and more capable organisation. Working with WBB “Owning a business through a global recession is pretty tough but being a New Zealand manufacturing business can prove to be very testing. Steve and I realised that the only way to get through was to get sound guidance. We realised this needed to be not only about our balance sheet and profit and loss but also about every facet of our business. Lewis at WBB suggested that Barry Clausen would help us with some of the issues we were facing. Right from our first meeting with Barry we felt comfortable and his role as a mentor to us was very well received. Steve and I have both found that all the fresh and also `tried and true’ ideas he has given us have been invaluable. A lot of new systems have been put in place and made us feel more and more in control of our business. The support for Steve has been great.” Louise & Steve

History

Manta Marine Stainless is one of the largest manufacturers and suppliers of stainless steel accessories to the New Zealand powerboat industry supplying major boat manufacturers such as Tristram, Rayglass and Buccaneer. The current owners are Steve and Louise Pribicevich.

Manta manufactures a wide range of marine products including bow rails, steering wheels, rod holders, bait stations, ski poles and ladders. They pride themselves on the quality, design, performance and durability of their products.

Manta has been manufacturing stainless steel marine products since 1969. Steve has been in the business since 1986 and in 2007 he purchased the company from his father. In 2008 the business suffered a major setback when fire destroyed the manufacturing operations of one of their largest customers – Rayglass.

The Process

The temporary loss of Rayglass as a customer, combined with the onset of the economic recession, meant that like most other small businesses in this difficult economic climate, Manta needed to reassess their business. Manta took the opportunity to update and streamline their business operations and put in the solid foundations and practices on which the business will grow when the economy improves.

Using the WBB Business Needs Analysis we asked Steve and Louise to identify the issues in their business that needed attention and to prioritise the order in which each issue should be addressed and actioned.

The first priority was to address issues that needed immediate attention.

Most of the actions listed have been or are almost completed.

Calculating the breakdown point to know the level of sales required to cover their operating expenses each month.
Freeing up Steve’s time by delegating some of his duties to his `second in command’ so that Steve can visit customers throughout New Zealand on a regular basis with a view to increasing their sales.
Determining the extra capacity of the factory by calculating the production staff available hours and then measuring these against the actual chargeable hours recovered each week.
Preparing a detailed Marketing Plan incorporating the agreed ideas and initiatives to promote and increase the sales of Manta products. Preparing a marketing timeline listing the dates by when these actions will be completed.
Reviewing the annual Sales, Operating and Cashflow Budgets and instituting monthly Directors Meetings to compare actual business performances against forecasted results and KPI’s achieved.
Conducting a customer survey to determine where Manta can better service their customers and to ensure that their customers are fully aware of the complete range of Manta products and services available.

Steve and Louise have welcomed this opportunity to review, improve and better control their business operations.

Whilst it is still “work in progress”, as a result of this initiative Steve and Louise will have a better understanding of their business, and believe Manta now has the tools to emerge from this recession a better, stronger and more capable organisation.

Working with WBB

“Owning a business through a global recession is pretty tough but being a New Zealand manufacturing business can prove to be very testing.

Steve and I realised that the only way to get through was to get sound guidance. We realised this needed to be not only about our balance sheet and profit and loss but also about every facet of our business.

Lewis at WBB suggested that Barry Clausen would help us with some of the issues we were facing. Right from our first meeting with Barry we felt comfortable and his role as a mentor to us was very well received. Steve and I have both found that all the fresh and also `tried and true’ ideas he has given us have been invaluable. A lot of new systems have been put in place and made us feel more and more in control of our business. The support for Steve has been great.”

Louise & Steve

WBB Chartered Accountants, Auckland, New Zealand