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Case study

How a Kitchen Manufacturer Turned “Profitable” Projects Into Real Profit

Goal

Understand why profitable-looking projects were creating cash pressure and build a financial operating system to support profitable growth.

True project profitability visibility, project by project.

Pricing based on full business costs, not just direct costs.

Better project selection and execution control, plus predictable cash flow management.

The Company

A Canadian custom kitchen manufacturer delivering residential renovation projects.

The company appeared profitable on paper: every project showed attractive margins in their project calculator.

However, the founder saw a different reality:

  • Cash was constantly tight.
  • The bank account balance did not match reported project profitability.
  • The sales partner was bringing in a growing number of projects, but management lacked visibility into which projects were actually worth accepting.

The founder worried that accepting every opportunity would eventually overwhelm the business.

The founder came to us with one key question:

If every project is profitable, why are we always running out of cash?

Diagnostic: The Business Was Measuring the Wrong Profit

We reviewed the existing project profitability model and discovered that the calculation included only direct production costs:

  • Materials
  • Labor
  • Project-specific expenses

However, the model excluded the fixed costs required to operate the company:

  • Management salaries
  • Rent
  • Administrative expenses
  • Software and operational costs
  • Other overhead expenses

As a result: projects appeared profitable individually but were not generating enough contribution to cover the full cost of running the business.

What We Found

1

Pricing Model Did Not Reflect Full Business Economics

The company was making pricing decisions based on gross margin instead of operating profitability. We rebuilt the pricing model to answer:

  • How many projects does the company need to complete monthly?
  • What pricing level is required to cover fixed costs?
  • Which projects create sustainable profit?
  • Which projects create operational pressure without sufficient return?

We developed four pricing scenarios benchmarked against market pricing to identify the optimal balance between competitiveness and profitability.

2

Hidden Cash Buffer Created False Liquidity

The company appeared to have more cash flexibility than it actually did.

Our analysis showed that liquidity was supported by:

  • 1 month supplier payment terms
  • 3 months of credit card financing

This created a 4-month artificial cash buffer that masked underlying cash flow problems.

We redesigned cash management by separating:

  • operational cash requirements;
  • supplier financing;
  • debt-supported liquidity;
  • true cash reserves.
3

Uncontrolled Rework Was Destroying Project Profitability

The company had a hidden profitability leak: project rework. Projects frequently required additional work, but:

  • rework was not tracked;
  • costs were not assigned to projects;
  • no one owned the financial impact.

We implemented:

  • Rework tracking
  • Project accountability
  • Cost ownership by project stage
4

Projects Were Delayed Without Operational Visibility

Many projects were running behind schedule, but management lacked a consolidated view of project health.

We created a project performance dashboard showing:

  • project stage;
  • timeline status;
  • profitability;
  • risks;
  • completion progress.

We also redesigned incentives by introducing performance bonuses tied to:

  • completing projects on time;
  • reducing delays;
  • improving execution discipline.

Results: From Growth Without Control to Predictable Profitability

Net Profit Margin+25% in 5 mo
Sales Growth3x
On-Time Completion40% → 86%
Profit VisibilityFully implemented
Pricing DecisionsFull-cost economics

Additional impact:

  • Eliminated confusion between reported margins and real profitability
  • Created transparency across sales, operations, and finance
  • Improved project selection decisions
  • Founder regained confidence in business performance

Want this level of clarity in your business?

Every engagement starts with a financial and operating model built around your business.

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