Congratulations to Inika for making BRW magazine’s 2010 Fast Starter List!
Inika is a manufacturer of mineral cosmetics, made ‘of’ Australia, making its mark in a highly competitive sector. Being entirely mineral based they are vegan products and fantastic for sensitive skin. Miranda Bond, the founder and CEO, is an energetic woman and totally passionate about her products.
I have been advising Inika on a range of business issues. As a small, fast growing company they have experienced most of the growing pains that I’ve seen before. For one, they were lacking systems and processes. Over the past few months they have replaced their accounting system, and after some false starts, are now up to date and can see the score at any time. This is making a huge difference in their ability to see how things are going and to plan for the future. Next up will be to implement a proper CRM system so they can more accurately track the opportunities to get into new salons, pharmacies and other outlets for their products. At the same time, I advised them to develop detailed role responsibilities for every position in the business and procedures for the key operating activities. In just a few short months, this has made a world of difference in each person’s effectiveness, to the point where the existing staff should be able to support another doubling in size next year.
Second, was people. Getting the right people in the right roles has also had some false starts, but now the team is really starting to fire. Having clear definitions of their roles have allowed them to focus on their jobs and reduced wasted time, and multiple people being involved in processes where only one was required.
Third, is execution focus. With the main operational areas now under control, Miranda and her team can now focus on executing the future business plans, such as expanding overseas distribution channels and developing innnovative marketing strategies.
Inika has fantastic products (or so I’ve been told by the females in my life that have tried them), and now the company can begin to capitalise on that knowing that the organisation can support another round of massive growth.
I’ve been speaking with Andrew Vincent lately, the talented man who produced the television series Your Business Success. It’s a series of interviews between experienced and less experienced entrepreneurs and is full of both inspirational stories as well as fantastic tips on improving your own businesses, from strategy and finance to marketing and customer service. The show featured some of Australia’s best known entrpreneurs from a variety of industries.
And speaking of successful entrepreneurs, I was reading Naomi Simson’s blog today – check it out! She’s a fellow EO member and the founder and “Chief Experience Officer” at Red Balloon, a successful online gift retailer. It’s full of good advice, was an inspiration to read and got me fired up to start blogging on a regular basis about all the fascinating people I have been meeting and the exciting things I have been learning.