The Kindest Cut of All (Published October 2004)
When a client names themselves after the 1000-mile Italian motor race
from Brescia to Rome and back, you instinctively know it will be fun to keep
them on their course.
This association with the essential ingredients of power, speed and reliability
of the "Mille Miglia" race is no accident and Miglia
Technology credibly carry this through to their product line, obviously
backed up by excellence in the pit-crew!
But after an intro like this you may be surprised that Miglia is not a manufacturer
of car accessories. I suppose motoring enthusiasts are all technologically driven,
but the classic Ferraris, Maseratis and Alfa Romeos of the Mille Miglia are
much removed from the technology of Miglia's Digital Video products, although
the latter can be used to produce pictures of the former!
"Our job is
to ensure that increased turnover does not mean that the wheels simply fall
off!"
Miglia's products enable Apple or PC users to edit their videos and watch
them on computer or TV. Their principal product, "Director's Cut", is the kindest
cut of all. The directors own the Intellectual Property and the company now
has a premium brand image in its marketplace – a racing pedigree. Our job is
to ensure that increased turnover does not mean that the wheels simply fall
off!
Miglia were factoring when we first met them. However, they also needed purchase
finance as sales were increasing geometrically, roughly doubling each year,
a trend expected to continue. Their customers are distributors and retailers,
now 75% exported, 100% insurable. We buy to match customer orders. We sell to
Miglia and recover from the factored debt, normally in £, $ or €. Miglia do
the credit control, using contracts and processes agreed with us.
Of course, few clients are that simple. We actually buy the Printed Circuit
Boards from Singapore and they are stored in bond by Firefly Management in West
Bromwich until required to be put and wired into their casing, tested, boxed,
packed and distributed. This is done by a company in Scotland. Initially the
Singapore manufacturer wanted a Letter of Credit, but now it and the Scottish
company are secured by our standard Supplier Undertaking.
Miglia are now approved suppliers to Apple Computer.
With the imminent opening of the Apple store in Regent Street, Miglia is forecasting
a further leap in sales.
Watch this one; it will go the course.
Written by David Ross Director
Download
the Article 'Kindest Cut of All' at www.fairfaxgerrard.co.uk/docs/BusMon 1004
Kindest Cut of All.pdf
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