The Perth company with the quirky name; 3 Monkeys Audiovisual, has grown from a fledgling business run from the owner’s attic to a multi-million dollar enterprise about to move into its own uber-modern showroom in Bayswater.
Owner Francis Fragomeni says Insight Advisory Group has been right alongside it every step of the way, providing an impressive range of services from business advice to bookeeping and payroll.
He explains the relationship started in the year 2000 when Insight principal Domenic Manno introduced him to a business opportunity; the chance to become a partner in an audio hire company. That business grew, even developing a sales division before Francis sold his share and moved into wholesaling.
He changed direction again when he started 3 Monkeys Audiovisual in 2008 from his house. In just 18 months it grew so big it had to move out of home, and into dedicated commercial premises near the city.
The company has moved to larger premises twice since and with advice from Insight, recently purchased land in Bayswater where its double storey offices and ultra-modern showroom are nearing completion at Tonkin Park Industrial Estate.
Francis explains that in the early days, the sector was focused solely on the audio – microphones and speakers for venues like halls and theatres. That morphed into audiovisual, with customers seeking gear like large screen projectors and LED screens and as technology progressed even further, into interactive whiteboards for schools and video conferencing for the corporate sector.
With the COVID-19 pandemic limiting travel for conferencing and forcing employees to work from home, business is going from strength to strength.
“We’ve moved from a business that did about 80 percent of our sales in education to one that now is 50 percent education and 50 corporate,” Francis explains.
“We’re not about just selling you a box; we provide the training too, which is something we’ve always done; if we’re providing you with a PA system, we train your staff to not just use it, but to make your event much better by using it.
“If we’re supplying a school or company with interactive whiteboards, we train staff in how to use the hardware and the software that supports that.”
And with the support of Insight’s expertise, 3 Monkeys Audiovisual continues to explore creative growth opportunities.
Francis explains its push into robotics and drone technology is in its very early stages and an exciting next phase for the company.
Domenic says Insight’s role with 3 Monkeys AV has grown with the company. It currently monitors profits, implements financial systems, takes care of bookkeeping, payroll and reporting systems.
He says as a creative and agile company, 3 Monkeys AV needed suitably agile business supports and he’s enjoyed working with the company to provide them.
“This company has grown very rapidly and expanded into different markets and its needs have grown with that.
“Insight has needed to adapt with it to meet those changes,” Domenic explains.
“Just as an example; some audio equipment; like hearing assistance systems, are GST free. Educational products will have their own set of tax complexities, so we’ve had to work as a team to ensure we provide the company and the authorities with accurate reporting.
“And as much as it’s been a challenge it’s been hugely rewarding to learn and adapt with this client along the way.
“We’ll be right there as Francis and his team take the next challenge and move into delivering a more service based product in the STEM sphere.”
Francis appreciates that Insight is more efficient in what it does than he could be and importantly, he says, it frees up his team, allowing them to focus on their core business. This enables him to work more closely with clients and their audiovisual needs.
“There’s more value to me in having our team focus on our clients’ audiovisual needs, rather than the administrative tasks,” he says.
“But it’s not just the administration side of things. Insight presents me with advice, giving me comfort and certainty about the outcome which enables me to move forward with confidence.”
And for Domenic, he says with the purpose built new premises nearly finished, the relationship will morph again into more of a consultative one; Insight has always been a valuable sounding board for Francis’s business ideas.
“Though we don’t always agree and that’s the way it should be,” he laughs.