Advisory business hails year of innovation and invention
Plenty of businesses have referred to 2020 as “unprecedented” but for growing advisory firm Progeny, it’s been a year of innovation and invention.
Speaking as the firm posted its annual figures which showed a revenue increase of 18.2% Neil Moles the firms chief executive stated the business has “changed what’s possible and opened up new avenues” both for the business and the wider sector.
Moles told told TheBusinessDesk.com last July that he felt businesses shouldn’t use “Covid as an excuse for halting business plans” and that Progeny was committed to investing and acquiring.
Now, looking back on a year which he describes as “interesting” the chief executive states that the firms decision to invest and not hibernate has been vindicated, as it saw turnover reach £14.5m, a figure which four years ago was £1m. And true to his word, in the last year the firm has continued to grow, recently completing the acquisition of Watsons Law in Leeds.
Looking ahead the changes which Progeny has made in the last 12 months are here to stay Moles states.
“Throughout the pandemic, the Eureka moment was actually this isn’t a short term things this is a long term transition both for the industry and for us as a professional services practice.”
The transition he refers to is both a digital transition but also one that has seen changes to business practices from the amount of travel to the amount of paper used.
“We’ve [grown] at a time where we’ve changed our business forever, and not only adapted to what’s happened but also sought to get ahead of where everyone else is and the digital transformation we’ve seen [over this period].”
Moles remains focused on delivering for clients, explaining that he believes it’s important to listen as opposed to assume client needs during these turbulent times and as we leave lockdown, but he also wants Progeny to lead.
“We cannot simply allow all of our efforts, all of the challenges, the stress of the last 12 months to [be in vain] and simply go back to the way that we used to do things. Because so many positives have been created, we now have to lead clients through [the new normal] rather than just going back to a pre-pandemic status quo.”
One of the prime examples of this he states is the environmental impact of Covid-19. 2020 saw fewer cars on the roads and less paper use and this is a change Moles wants to see continue not just with Progeny but the wider professional services sector. In its annual report the firm has pledged to become a “climate positive workforce”, which Moles explains means being not just carbon neutral but carbon negative and offsetting its carbon footprint further.
Looking ahead the chief executive states: “I think the future is very bright I’m very optimistic for us as a business”, however he cautions that this is not be the case for the wider sector referencing research by the FCA which shows 4,000 financial services firms at a heightened risk of failure.
Do those distressed businesses pose a further opportunity for growth for Progeny? No!
“I don’t see an opportunity for us in acquiring distressed businesses, because I’m not here to fix other people’s problems”, he explains.
“We will still acquire those businesses that are doing well, have pivoted and stepped up to the plate. But it was too easy to sit back and furlough people and to not look after your clients and they’re not businesses I want to work with at all.”
However he does remain confident about the growth opportunities for the business.
“Progeny will continue to grow organically as our brand continues to reach out to more people. We’ve seen a new way of operating and delivering great services to clients and I see an opportunity [to grow] and work with like minded people, businesses and clients.”
