Magnetar IT

Background

Today, the IT business solutions company has a global presence and last year alone increased its profit by 100% whilst being recognised as the Professional Services Firm of the Year during the CoventryLive Business Awards.

So, what helped Magnetar elevate its business to new heights?

“When we first launched Magnetar IT there were so many moving wheels to manage! Aside from registering the business domain and laying other foundations needed to launch a business, we needed to grow our client base as soon as we could. We went out and spoke to our closest network of people to see if there was anyone interested in our services but, like with any new company, the greatest development managers we had were our family and loved ones – like my mum, who got us our first client. At this point we were willing to do anything to get client work, so we started taking on simple IT projects like developing websites without setting our sites on the work we truly wanted to be doing.

“Slowly but surely, our client base grew as our reputation as an IT business solutions company improved. Whilst our business was slowly evolving, we still felt stuck – we were going to every networking event in our area without reaping many rewards. It was at this point, with impeccable timing, our local Action Coach, Kevin Riley, reached out to me on LinkedIn. I’ve always been a big believer in the transformative effects of coaching, and I knew it was something we needed in the business to help us really excel. Positioning himself as a business growth specialist, I knew Kevin would not only help us close more deals and help the business grow financially, but also utilise his valuable experience to help us become expert salesmen.”

After a complimentary strategy session with Kevin, in May 2019 Raf and Lewis invested in weekly 1:1 coaching sessions.

Initial Improvements

“Before ActionCOACH, we had no real idea about business management. One of the first things we went through was focusing on our sales process, which we realised was detrimental to our business – if our client work was unstable, then we couldn’t make any real money. We realised it doesn’t matter how good your service or product is – if you can’t sell, you can’t survive.

“We needed to alter our business paradigm, but first I needed to have a mindset shift of what it meant to be a salesman. I had the stigma in my mind that a salesperson was pushy, disloyal and someone who would do anything to close a sale – but Kevin taught me this was far from the truth. I realised a salesperson is actually someone who is facilitating or providing a service to fulfil someone’s needs or requirements. I recognised in order to be a better salesman, I just needed to prioritise my clients. This was brought about in the form of improving our processes and delivery to make our business as efficient as possible, ensuring we were hiring the right people with the right values and creating a culture which can both accommodate for growth and strive for it.”

“In our infancy, we needed to sell and have a steady flow of client work, but our culture was equally as important to us. Our coaching was instrumental in helping us to ensure all aspects of the business thrive, which meant even as we navigated the turbulent time of the pandemic, our business remained strong.”

The Results So Far

“Personally, mine and Lewis’ work-life balance was non-existent when we began working with ActionCOACH. This took a little while to improve as, due to the nature of our business, we were working around 65 hours a week during the midst of Covid. Throughout this period, we felt like we had to make up the time we would’ve spent networking and building relationships with other businesses in person but, once we had steadied ourselves following the first hit of the pandemic, our coaching introduced us to how we could achieve a better work-life balance.”

“ActionCOACH has a team of business growth coaches and after being coached by Kevin initially, we also began coaching with Hana. We learnt how to work on the business rather than in the business and, as we were in such a strong position after Covid, this meant we were able to hire a team which further improved our work-life balance. The fact Magnetar was excelling despite such a difficult time, which had proved to be too much for some businesses, was a huge success for us – we were able to not only survive but thrive, thanks to the key forecasting skills ActionCOACH had introduced us to. We began by hiring two employees followed by a third, and we quickly realised how much of a difference this meant to our work-life balance. We’re now able to have holidays and spend time with our families whilst working on a thriving business – it’s completely the best of both worlds.”

The Future

Magnetar IT’s profit has increased by over 4,000% since the founding pair began coaching. During its first year of award entries last year, scooped an accolade in addition to being selected as finalists for a further two.

“As for the future, I’m going after world domination! Our next steps involve setting up a Magnetar group which will allow for subsidiary companies – and eventually acquisitions – for our business. We’re also looking to specialise in additional IT areas. We’re incredibly proud of what we have accomplished in the space of four years at Magnetar IT, and we’re confident ActionCOACH will remain an integral part of our growth as we enter this next chapter.”

The Coach’s Perspective

“Coaching Magnetar IT is very rewarding, not only because they have a huge appetite for learning and are hungry for success, but the appreciation they have for self-development is second to none. They have grown their business to impressive heights due to improving their understanding of business strategy and cash flow. They deserve the continued success which will undoubtedly come in the future.”