In the highly competitive world of food distribution, achieving sustained growth while at the same time managing financial complexities is a significant challenge.
Maningham Fine Foods, a prominent player in Western Australia’s food distribution landscape, has successfully navigated these challenges with strategic acumen and resilience.
From modest beginnings to robust growth
The Maningham Fine Foods journey began in 2003 in a humble garage.
Ricky Seppings, founder and managing director of the company, brought his extensive experience as a national manager to the forefront.
"We started from a garage," Ricky says. "Keeping costs down was essential."
This principle steered Maningham through various growth phases, transitioning from a garage to serviced warehouses and eventually to their current expansive facility.
Celebrating 20 years of operations in 2023, Maningham has weathered such crises as a global pandemic and various economic downturns over the years.
"We classify ourselves as a family business with corporate training," Ricky says, emphasising the blend of personal touch and professional expertise that defines their business approach.
Financial challenges and the shift to MYOB and Butn
Despite the steady growth, financial management, particularly cashflow and customer account handling, posed continual challenges.
"The whole time, it's always been about cashflow," Ricky says.
About ten years ago, they sought relief through a debt finance company, which, while helpful initially, brought constraints and a lack of control over customer relationships.
The transformative moment came with the adoption of MYOB and Butn's financial solutions.
"It was the freedom we gained," Ricky says.
This new system restored control over their debtor book and enabled more direct interactions with customers' accounting departments, a change that not only streamlined financial transactions but also fostered a sense of trust and ownership in their operations.
Key Benefits of the MYOB and Butn Partnership
Regaining control of their debtor book was a crucial benefit. "We now have our debt book back, and we contact our customers directly," Ricky says, highlighting the direct impact on their financial autonomy.
The speed and efficiency of transactions with MYOB and Butn dramatically improved their financial management. "It's three times as fast," Ricky notes, emphasising the difference from their previous experiences.
Quicker access to funds meant improved relations with suppliers, reducing stress and enhancing overall business operations.
The financial stability and confidence provided by MYOB and Butn enabled Maningham to concentrate on growth strategies and effective business management.
“It feels like you're in control of your money," Ricky says, underscoring the trust and autonomy they regained in their financial operations. This shift has been crucial in fostering a sense of ownership and responsibility within the company.
A partnership that resonates
Reflecting on their journey with MYOB and Butn, Ricky emphasises the partnership's significance.
"It’s a partnership, you know, that actually feels good and right," he says.
This relationship has not only addressed their immediate financial needs but also aligns with their long-term vision of maintaining control and fostering high-quality customer relationships.
Charting the course for future success
Maningham Fine Foods’ collaboration with MYOB and Butn is more than a financial success story; it’s a narrative of a business reclaiming its autonomy, enhancing its operational efficiency, and setting a course for sustained growth.
As they continue to grow by prioritising their expertise and dedication to customer service, their story stands as an excellent example of how to navigate a complex market with powerful and supportive partnerships.