Smart Business Los Angeles

Business of people

Although International Profit Associates is focused on figures, the company has not lost sight of the importance of people. —HANNA ARONOVICH

Managing rapid growth while emphasizing customer and employee satisfaction are the key priorities for one Illinois-based management consulting firm.

International Profit Associates (IPA) Inc. was founded in 1991 as a small business development firm. The company has grown in a relatively short amount of time to become the largest full-service management consulting and professional services firm in the world dealing with small and medium-sized companies, it says. According to the company, no other business development consulting organization in its niche has grown its revenues faster.

President Gregg Steinberg says IPA was formed in order to provide quality consulting services to businesses, as well as a rewarding lifestyle for its employees. This vision still holds true today, he says. "We change people's lives," Steinberg stresses. "Our goal at the end of the day is to have an impact on our clients personally and professionally. We ensure that our clients profit in business and prosper in life."

IPA provides consulting services and guidance to owners of small- to medium-sized businesses in a variety of industries. Steinberg says IPA's business resides in construction and construction-related trades, with an equally substantial focus on manufacturing companies, job shops, distribution, transportation, automotive aftermarket and dealerships, hospitality, and food and beverage, he notes.

Within the last couple of years, IPA has branched into the tax consulting business, which Steinberg says has grown significantly in the last year. The company has expanded on its success, and Steinberg says IPA has begun reaching out to current and new clients with broader services, such as its tax consulting group.

Strategic product and service diversification has allowed IPA to expand its capabilities more rapidly. International Tax Advisors, IPA Advisory & Intermediary Services, Integrated Business Analysis, Accountancy Associates and ITA Implementation Services are all sister organizations that have been built to accommodate this diversification. This family of companies adds value to IPA's clients, Steinberg says.

Whether or not IPA creates an organization to offer a new service depends on its objectives. "We look at whether or not a new business which we control or a strategic alliance is the best methodology to expand our products and services," Steinberg says. "We employ various innovate strategies to expand which may include acquisitions, building within and joint ventures or alliances. We look at the various factors – such as the quality of service we need to provide and legislative restrictions – and determine the best route to take. Sometimes with legislative restrictions, it's cumbersome to expand within. In those cases, we look to a joint venture to expand."

Methodology for Success
Part of ipa's historic and ongoing success traces back to its growth strategies. Steinberg says the company "identifies key tenets within the business that have the ability to impact the day's activities." Each division within IPA measures the success and impact of the products and services it provides – both in relation to its clients' business and to the other IPA divisions.

"If something in the sales cycle lapses, it impacts other areas of our business," Steinberg says. "We've employed methodologies that can track key trends and key benchmarks in the business on a real-time basis. We review our data on the quarter of the hour, hourly, daily or whatever increments make the most sense."

Constantly reviewing its performance allows IPA to make immediate changes, rather than pursue corrective action at the end of the month. Aggressive goals and quotas – with compensation to correspond – have allowed IPA to grow rapidly. "Without the ability to deliver a quality product and maintain satisfied clients, a business can only go so far," Steinberg says. "The key is to have satisfied clients. Over the course of IPA's existence, we've had more than 125,000 clients."

Steinberg stresses the importance of both the personal and business side of IPA's work. "We have to make sure our clients generate a profit that is fair and reasonable based on the work they do," he says. "We work with them to generate a reasonable cash flow and add to the ease of their operations."

On the personal side, an effectively run and profitable business allows IPA's clients to maintain a high quality of life. "Our clients have the wherewithal to take advantage of the opportunities and benefits that owning a business provides, such as financial stability and freedom of time," Steinberg explains.