CNBC - Ben's Garden - How to scale up
As you start up or as you grow your Fashion Business, you want to discover what other companies have done.
You want to understand the golden rules and you want to understand the mistakes.
Do you agree? This can save you and time and lots of money.
Why not spend some time listening or watching The Profit on CNBC. In every episode, Marcus Lemonis is investing his own money in companies and he helps them scale up effectively.
What is unusual is the level of honesty and transparency in this programme. Marcus himself is happy to share the mistakes he made and the true reasons why he cannot work with a specific business owner. LEARN FROM IT.
Today, let's review what was shared in the episode of Ben's Garden, a retail store in New York City.
The business does around $1.6 Million per year.
Ben Busko: "I want to scale and grow and this is what I have been really stuck on"
Marcus: "And so, has your business gone down?"
Ben: "Yes, Sir"
At every little stage of your Brand's growth, you have to scale up.
The fact of taking on a new intern or employee, the fact of growing sales from £50 000 to £100 000 or from £500 000 to £600 000 may all mean that serious changes must take place in the business.
Our experience shows clearly that, when the scale up does not work, the Brand or the Retail business failed to put more training and processes in place.
Can those mistakes be avoided? Yes.
Here, at Ben's Garden, we had some leadership issues. According to Ben, the problems are staffing the right positions and retention.
It also transpired there was a stock gridlock. We are overstocked in products that do not sell and we do not have the cash to invest in goods which are selling well.
Could your retail/ online business be suffering from the same issue?
What is extraordinary about Ben is his infinite creativity. 90% of the products sold in the store have been created by Ben!! This is great when you see the range across all the product categories and styles inside each category.
Remember, what you plant you will harvest.
If you want more, plant more.
ACTION
As you scale up or strengthen your business,
do you identify gridlocks?
Do you think your Team is regularly trained to higher standards and higher performance?
Do you see your Team implementing or strengthening processes?
Do you feel your Team feel responsible and empowered?
Let us know more about your Brand and project as we are happy to help you all the way.
Often a call is the fastest way to create innovation and the opportunity to grow the business.
WhatsApp +44 7951 198 76
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After working with Brands and Retailers for over 25 years, let us share and make you discover
*The top golden rules to follow to preserve and sustain your Brand
*The top mistakes to avoid to grow the Brand
*The 5 ingredients for personal and business success
A Client stated: "You care more about my business than I do". The reason is that we see the green flag where the business owner sees a red flag (or the reverse).
By attending this 3-day bootcamp (flexible attendance), Designers and business owners told us that they had the real feeling that it has opened new doors of opportunities.
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We will answer all questions.
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