Boosting Growth for LMN Engineering

Background

LMN Engineering is a consulting firm with 60 employees, providing services to federal agencies. The firm was experiencing slow growth due to high operating costs associated with prevailing wage obligations.

Challenge

To fuel expansion, LMN Engineering needed to reduce overhead costs without reducing staff or cutting corners on compliance. They sought expert advice on optimizing their compensation structure.

Solution

Black Bishop developed a comprehensive 401(k) plan that integrated prevailing wage fringe benefits. We provided ongoing support and compliance monitoring, ensuring the plan remained advantageous for both the company and its employees.

Results

Cost Reduction: Lowered labor costs by 15%, freeing up capital for investment.
Growth: The company expanded its services to two new federal agencies.
Employee Engagement: Improved morale and productivity due to enhanced benefits.

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