Independent Operational Review for a Scaling Rights-Led Commercial Business
Short Overview
NorthCo was appointed by investors to deliver an independent operational review of a fast-growing rights-led commercial organisation whose revenue had scaled quickly but whose operating system had not kept pace. Despite strong demand and a capable commercial engine, the business was experiencing cash strain, forecasting uncertainty, uneven productivity, and renewal performance below model expectations.
Over a three-week engagement, NorthCo worked with the senior leadership team to identify the underlying operational drivers, rebuild clarity around timing and sequencing, and provide investors with a clear view on stabilisation and value protection. The review formed a core component of the Investment Committee pack. Funding was approved, and the company is now implementing the recommendations as part of its operational plan.
Full Case Study
Context
A rights-led commercial business was scaling rapidly across multiple territories, adding new programmes and increasing headcount to meet rising demand. Top-line growth was strong, but margin visibility, cash predictability, operational rhythm, and renewal performance were no longer aligned with the speed of expansion.
For the Investment Committee, the central question was straightforward: is the business structurally sound, and what is required to stabilise performance and protect value?
NorthCo was engaged to provide that clarity. Over three weeks, I worked directly with the CFO, COO, Sales Director, Programme Director, General Counsel, Technical Director, and CTO to assess operational causality, leadership bandwidth, forecasting integrity, and overall readiness to deliver the forward plan.
What I Found
A strong underlying commercial model
The business had genuine strengths that any investor would value: a proven and scalable rights-based revenue model, a high-energy sales engine, growing inbound demand, and strong access to high-value properties. The review confirmed that the issues were structural and timing related rather than conceptual weaknesses.
Structural timing mismatches as the root cause of cash strain
Earlier agreements carried high fixed exposure, late activation dates, and compressed selling windows. Once historic under-recognition of rights-fee commitments was corrected, the true source of cash pressure became clear. The issue was not the model but the sequencing.
The organisation had scaled faster than its operating discipline
Sales headcount had expanded significantly, but productivity had not kept pace. A stable four-to-one productivity spread meant a small upper cohort delivered the majority of contribution, while the median and lower quartiles lacked structured management and coaching. Growth had come from headcount rather than capability uplift.
Renewals as the most underleveraged value driver
Renewals were sitting in the low-to-mid twenties against a requirement of 35 to 45 percent. Account Managers were carrying portfolios far above a realistic load for proactive retention work. Strengthening renewal ownership and capacity represented one of the most immediate levers for improving margin and cash generation.
Governance and forecasting needed to match complexity
The organisation operated within a high-dependency timing chain involving rights activation dates, selling windows, preparation lags, production sequencing, cash conversion, debtor ageing, and renewal cadence. A static model could not reflect these interdependencies. A structured monthly commercial rhythm and integrated Sales and Operations Planning cycle were required to improve predictability and align decisions with financial reality.
What NorthCo Delivered
A clear, investor-ready explanation of root causes
The review provided a concise and accessible explanation of the operational drivers behind cash strain, uneven performance, and forecasting volatility. It gave management and investors a shared understanding of the underlying issues.
A targeted stabilisation and value-protection plan
NorthCo set out a focused suite of recommendations, including strengthening frontline sales management, establishing a formal S&OP cycle, embedding improved rights-structuring discipline, strengthening Customer Success to uplift renewals, introducing a more structured Operating Board rhythm, adopting dynamic scenario-based forecasting, and tightening debtor management in higher-risk markets.
Validation of the funding requirement
The operational assumptions underpinning the forward forecast were tested in detail. The funding requirement was validated as a one-off bridging need rather than an ongoing dependency, enabling the business to shift to a more disciplined and better-sequenced operating model.
Outcome
The review was incorporated into the Investment Committee materials as the independent operational perspective on the business. Funding was approved.
Management has since used the recommendations as the blueprint for implementation. The organisation has strengthened its operating cadence, tightened rights governance, increased focus on renewal uplift, and improved forecasting discipline supported by better data and controls.
The business now has clearer visibility on stabilisation through the current cycle and a more disciplined foundation for long-term value creation. The challenges were structural and fixable, and the recommendations now provide the basis for ongoing operational improvement.
