HoopFlo

Hoop Flo is an online shop and a thriving community of movers and artists founded in 2020, offering vibrant-colored hula hoops and hoop straps of various sizes to keep the art of hooping alive.

Problem Statement:

• Hoop Flo, an online shop and community for hula hoop enthusiasts, lacked financial foresight and inventory management systems, making it challenging to keep track of expenses and revenue.
  ‍
• The business had no standard operating procedures (SOPs) for financial management, creating a need for mapping and monitoring financial dealings.
  ‍
• Hoop Flo targeted an international audience, which required strategies to equip the business with the necessary tools for global success.
  ‍

Process:

• 360° Analysis: Our team conducted a complete analysis of the business to identify existing and potential future problems. We set up organized processes for inventory management, revenue management, and product-wise sales management to understand the unit economics of sales and estimate the scalability of the firm.
  ‍
• Process Mapping: We tracked the entire process, from sourcing and production to sales and profit generation, and ensured that the same was reflected in the business's bank statements.
  ‍
• Enabling E-commerce: Our team surveilled payment processing of digital e-commerce platforms such as Shopify and Razorpay which the business sold their products.
  ‍

Outcome:

• Tracking Revenue: Our efforts resulted in a seamless flow of business, a strong record of expenses and revenue trends, and ease in the computation of increased profits. We could track data for a specific product type and the revenue generated through it and ensure the reflection of the same in the bank accounts of the business.
  ‍
• Increased Organization: We accurately calculated the minimum order quantity and reorder quantity, cut down on unwanted expenses, and invested the funds in areas of need.
  ‍
• Better Sourcing Options: We assisted in finding the most viable option to buy materials and discovered alternate options for sourcing materials at a much cheaper cost, increasing profit margins and reflecting the same in the P/L statement of the business's books in no time.
  ‍

In summary, by analyzing the business and implementing organized processes, Viable was able to improve inventory management and revenue tracking, enable e-commerce, and source materials at a lower cost. These efforts led to a seamless flow of business, increased profits, and a more organized financial system for Hoop Flo.