SIB Development & Consulting
SIB Development & Consulting, Inc.
|Headquarters||Charleston, South Carolina, United States|
|Key people||Dan Schneider (CEO)|
|Services||Business consulting, expense auditing, fixed cost reduction|
SIB Development & Consulting, Inc. is a privately owned business consulting firm specializing in expense auditing and fixed cost reduction for public and private enterprises in a variety of industries. SIB was founded in 2008 and is headquartered in Charleston, South Carolina. SIB stands for "Solutions Integrated Business."
History and Founding
After parting ways with two previous entrepreneurial ventures, company founder Dan Schneider settled in Charleston, South Carolina and rented office space without a clear idea of what his next project would be. By settling into the routine of leaving home and visiting a working environment every day, Schneider hatched the idea of a contingency-based cost savings consulting firm, which eventually became SIB.
SIB was founded in November 2008, just weeks after the financial crisis which led to the Great Recession. Despite the economic downturn, SIB grew steadily with estimated revenues of $2 million in 2010 and $6 million in 2011, while continuously hiring to keep pace with growth. Schneider has said that the recession played a role in SIB's successful start, since the company offered a way for other businesses to make up for lost revenue.
In 2013, SIB moved to a newly renovated 10,400-square-foot headquarters building in the upper peninsula area of Charleston. This facility is expected to allow SIB to eventually grow to up to 100 employees.
Services and Business Model
SIB reviews businesses' fixed monthly costs and makes recommendations for cost savings. The typical expenses subject to SIB's review are vendor services, such as waste hauling and telecommunications services, although other fixed costs such as insurance premiums and taxes are also reviewed. SIB's purview is restricted to fixed monthly costs paid to third parties, and therefore SIB does not engage in management consulting, personnel evaluation, or internal auditing.
SIB employs analysts who conduct reviews in its Charleston, SC office, but also employs specialists with industry-specific experience who work remotely to lead audits in certain fixed cost areas. SIB's savings typically result from obtaining credits or refunds to compensate for past billing errors, and also from future, recurring cost savings that result from negotiating more favorable contracts with lower monthly service rates. SIB offers services on a contingency basis, in which SIB collects a percentage of the cost savings resulting for its review, typically 50%.
Board of Advisors
SIB promotes an upbeat and informal office culture. One longstanding company policy mandates that, rather than facing more traditional disciplinary action, employees who make significant mistakes must instead buy ice cream for co-workers. Schneider has explained that this practice draws enough attention to the offender to discourage future errors, while addressing transgressions in a more positive manner.
SIB has policies to promote work-life balance and workplace wellness. The company provides its employees with a free, healthy lunch every work day, and encourages employees with pets to bring their dogs to work. SIB designed its headquarters facility to include an employee gym, outdoor pet area, outdoor meeting space, and natural light throughout the building.
SIB attracted national media attention in 2011 for their policy of awarding retention bonuses in the form of $50,000 lump-sum payments to any employee who remains with the company for at least five years. The bonus is awarded regardless of job title or salary at the company, and is renewable for every five-year interval the employee remains employed by SIB.
Schneider enacted the retention bonus policy to incentivize and reward company loyalty, and to reduce the expenses and inefficiency associated with employee turnover or job-searching while on the clock. He also liked the idea of awarding a single, large lump sum payment to maximize the impact on SIB employees' lives.
- Clifford, Catherine. "Keep your job for five years, get $50,000". CNN Money. Retrieved 27 March 2013.
- Slade, David. "Firm helps businesses save money". Post and Courier. Retrieved 27 March 2013.
- Bryant, Adam. "Made a Mistake? Just Treat Us to Ice Cream". The New York Times. Retrieved 27 March 2013.
- Brock, Daniel (December 20, 2010). "Entrepreneur earns by saving companies cash". Charleston Regional Business Journal.
- "Consulting company moves to Charleston's upper peninsula". The Post and Courier. Retrieved 25 March 2014.
- Wallace, Meaghan. "New office design boosting employee morale". WCSC. Retrieved 25 March 2014.
- Bowers, Paul. "The $50,000 Five-Year Bonus". Charleston City Paper. Retrieved 27 March 2013.