As Australia’s most trusted online action site by customer reviews, Allbids is renowned for their large range of unique auction items. Originally starting as a small family run business in 2002, Allbids has grown into a large auction house auctioning over 100,000 items each year.
For director Rob Evans starting his own business was a natural progression, especially after watching his parents run a successful pharmacy as he grew up. “I always wanted to run my own show and back my own abilities. Being in business has always been important to me and I am very proud of what we have created at Allbids,” he said.
In 2014, Allbids partnered with MGI Joyce|Dickson as their business advisors. Rob said, “it was important to partner with an accounting firm that was like-minded and had similar values to us. We have developed a strong relationship with the MGI Joyce|Dickson team, they understand what we are trying to achieve at Allbids and provide expert advice tailored to our needs.”
As with any successful business, Allbids has had to make a number of changes to find the right formula for their success. This has resulted in simplifying the business and focusing on their three key divisions which are: antiques, art and collectables; motor cars; and general auctions. By simplifying the business Rob and the other directors at Allbids have been able to invest their time in creating a great culture, improving their business environment and using technology to the businesses advantage.
Two of the biggest challenges that Allbids has faced over the past 5 years have been changing the organisation structure and ensuring the financial reports are accurately reflecting the businesses performance.
Restructuring a business at the director level especially in regards to changing roles and responsibilities is always challenging. “It was important that I was able to lean on MGI Joyce|Dickson not only for their technical expertise but also for moral support. They helped provide clarification and support for the actions I was undertaking,” said Rob. Lorin Joyce, managing director of MGI Joyce|Dickson, adds, “the restructuring allowed Rob to empower his employees and focus on working on the business as opposed to in the business which has contributed to the strong results of the company.”
Managing the finances of an auction clearing house is challenging due to the sheer volume of transactions combined with timing issues. “To overcome this we developed our own internal software to simplify our reporting needs and utilised MGI Joyce|Dickson’s expertise to integrate our internal software with our accounting software. Our reports are now an accurate reflection of our performance,” said Rob.
When asked where he sees the business going, Rob responded with, “we want to consolidate and continue to strengthen the business. We want to continue to be in a position to retain our great staff and ensure their happiness. We know that we cannot have a great culture if we do not have happy employees.”
“Our relationship with MGI Joyce|Dickson is also a big part of our culture as we are able to ask for advice from MGI Joyce|Dickson on any matter without judgement.” said Rob. Lorin adds, “we consider ourselves to be an extension of our clients team and work closely with them to understand what is important to them and their success. It is exciting to be a part of Allbids and to witness the changes they have made that have resulted in the strong position the business is in today.”
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