Stories of Brave – Theodora Dimova
Theodora Dimova FCCA , Finance Director, Select Roofing Ltd.
Multiple cranes on city skylines are a familiar site throughout the country. Construction is an industry that has had to reinvent, reassess, shrink and grow multiple times over the last decade and with sites completely closed for three months, it was one of the hardest hit during the Covid-19 pandemic. Businesses had to adapt and be ready to move quickly as soon as their sites had the go ahead to reopen.
One such company is Select Roofing Ltd where Theodora Dimova is the Finance Director. Founded by John Kinsella in 2001, and expanded further when Paudi Reidy joined in 2012 as a partner and Business Development Director, the company has grown hugely over the last six years. Company turnover has increased 4.5 times in the last 6 years - from €4million to €17million and the team has grown from a team of 20 in 2014 to over 58 full time staff now.
With a company moving that fast you need an exceptional person running the finance side and it is Theodora’s role to handle everything relating to cash flow, financial budgets and overheads. It takes a lot to compete and grow in the market at this level and Theodora’s commitment in her role is evident in everything she does.
“I would say that Select Roofing Ltd is one of the three main players in the roofing and cladding industry. We have now a team of 58 full time staff that includes Quantity Surveyors, Contract Managers, Designers/Drawers, Finance and Admin professionals, Site supervisors and Roofers. We also work with more than 50 subcontractors on a regular basis. As part of my role I have to ensure that the decisions are feasible and there is enough funding available. That’s why the forecasting, cost-benefit analysis is so important and require focusing on compliance and quality control of the business planning and process changes. Reporting accurate financial information is a must because many decisions are based on the data provided.”
Impressive growth of the levels that Select Roofing has seen requires astute vision and ambition and Theodora explains that the company’s expansion was carefully planned. “It was always our goal to expand and become market leader. We are working to identify opportunities to achieve the desired revenue growth - by market development (we have been working on projects in Europe) and with diversification by adapting new products.”
Part of that diversification plan was to have exclusive products and complementary services. It takes bravery to make the leap into new markets and to have the courage to add new businesses into an already successful enterprise. But in order to grow and to make the customer journey even more seamless, Select Roofing Ltd knew it was the right move to make. To that end, they are one of only two contractors in Ireland accredited to use the Kalzip standing seam system and now have two sister companies that allow them to provide complete solutions for their customers: Select Access which provides safety work at height systems and Earthing & Lightning Protection, a company that provides complete solutions for buildings and equipment from hazardous climate conditions.
The recent pause in construction was extremely challenging for the Select Roofing Ltd team but with the safety of everyone and the livelihoods of the entire team at the forefront of their minds the company acted fast to get new procedures in place.
“At the start of the pandemic we developed a crisis management plan with a focus on proactively communicating with stakeholders across the company to ensure that we were prepared for any outcome. The primary focus is the preservation of health, safety & welfare of all our team, supply partners and associated sub-contractors and we took proactive measures in line with government advice, to ensure we could resume our operations, while managing the developing situation.”
With so many stakeholders involved on a project, Covid-19 affected the construction value chain which Theodora says requires constant monitoring and agile management. In her role, Theodora ensured that ordering was streamlined, communication within all levels of each project was open and potential problems were identified before they became an issue.
“The projects that we work on are very complex. As the risk continues there is continued pressure because of the changes required on working sites and supply chain disruption. Thus, the costs increase and reduce project margins. Construction companies need to become more innovative in order to overcome the current challenges. Assessing the impact of Covid-19 on every individual project, adapting the project schedule, monitoring the material and labour costs and communicating new requirements with all stakeholders is vital.”
That innovation will be the key to future success and Theodora believes that the crisis will speed up the changes in the industry. Select Roofing already stand out in the market for their innovation. They adopted the digital solutions for the future like Building Information Modelling (BIM) and advanced project management systems a number of years ago. It’s this eagerness to adapt and change and to embrace new technology that will future proof Select Roofing Ltd and see them continue to succeed and grow.
Companies that adapt digital tools, automate their processes, and build strong relationship with all parties involved, including customers, suppliers, employees, financial institutions and government bodies will be able to succeed in a post Covid-19 environment and beyond. It is team members like Theodora Dimova, with her talent, passion and commitment to the success of her company that make Irish enterprises special. Having colleagues like these make it possible for businesses to not only succeed but to flourish, grow and become international players.
AIB is backing brave by providing a range of supports and cashflow solutions tailored to your business needs. For further information, visit www.aib.ie/backingbrave.
Customer received a gratuity.
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