The power of advisory: Employers Comp client story

When Alex Orfanos conceived the idea of Employers Comp, he never imagined in a few short years the online platform would grow from a minimum viable product servicing one state to a serious nationwide competitor.

But with hard work and the ongoing support of RSM’s Partner in Business Advisory, Pat Flanagan, Employers Comp has achieved impressive growth and earned a reputation as the go-to for business owners navigating workers compensation and wage compliance.

 Taking a new idea to the next level 

Before launching Employers Comp, Alex had extensive experience in workers compensation legislation, Fair Work compliance, and business development. Knowing workers comp and wage compliance were particularly complex areas for small businesses, Alex set out to deliver a stress-free solution. Collaborating with developers, he created an online platform and launched it in 2018 to customers in NSW.  

“I knew I could help business owners save time, money, and stress by simplifying workers comp requirements,” says Alex. “Once I launched the platform it grew quite quickly, but then COVID hit and slowed everything down so I returned to the corporate world.  

In just over 12 months, Employers Comp:

• Upgraded the platform’s technology
• Expanded nationally
• Achieved break-even point
• Attracted more advisors to the board

“Pat introduced me to other experts who could bring complementary skills to the table – such as a tech expert who had built a software company. As more advisors came on board from different disciplines, we became a really strong team. We now meet monthly to discuss financials, growth, sales, challenges, vision, next steps, and so on. It’s a simple process to protect the health of the business, not unlike going to the gym to stay fit.”

 The reality behind business expansion 

When Employers Comp found itself at a critical juncture in late 2024, Alex turned to his advisory board for help.  

“When your business is growing fast, there’s lots of moving parts. It’s easy for things to get away from you because it’s not only customers or sales that are growing but expenses too. You might be used to paying a certain amount in BAS or transactional costs, and suddenly you’re up for a whole other amount. 

“I sought the board’s advice and what they suggested ended up being the reason we’re still here today.” 

Alex was also grateful when he considered exploring grants and Pat connected him with RSM’s grant specialist, Rebecca Barnes, for advice.

“Rebecca saved us a fortune – both in time and money. She gave us very practical advice about the grants process and whether it would align with our business trajectory, and we were able to make informed decisions based on that. 

“It’s really valuable to work with an advisor from RSM who can tap into the broader expertise of their team so you don’t have to go elsewhere.”

 The value of a skilled business advisor 

Now with a thriving business, Alex recommends an advisory board to any business owner who doesn’t have one. 

“Pat and my other advisors have been fundamental to the success of Employers Comp. I can see things I couldn’t see before – like understanding certain financial aspects or spotting risks that seem insignificant but could become serious. The foresight you achieve with the right advisory board is huge.”

Alex highlights that the best advisory boards will:

• Act as a sounding board for ideas
• Open doors when you need them to
• Offer solutions to problems
• Provide foresight in risks and opportunities
• Steer the business toward growth and success

“When you run a business, it’s easy to get consumed by the day-to-day and lose that important strategic view. This is where Pat and other members of Employers Comp’s advisory board have played such a crucial role. I’ll always recommend an advisory board to any business owner now. As long as the board is functional – everyone gets along and contributes diverse viewpoints – then you’re surrounding yourself with the right people who are giving the right advice at the right time. And that’s key for success.”

FOR MORE INFORMATION

If you would like to learn more about the topics discussed in this article, please contact your local RSM office.