Every quarter, Innovating for Growth: Scale-ups chooses a cohort of high-growth businesses to take part in our 10 week programme designed to help business owners re-evaluate their business across areas such as marketing, products and services and business model.
We caught up again with Sian, founder and director of luxury wallpaper business Sian Zeng to see firsthand the impact of the programme on her business. You can read about the first half of her Innovating for Growth journey in the first installment of her diary. Having finished the programme, Sian can now reflect back on what she has discovered and the improvements she has already been able to put into action.
'Since our first post, we’ve now finished the Innovating for Growth Course. And in that time, my team and I have already made so many changes to how we organize ourselves, what we prioritize and how we present our brand.
Before joining the programme, one of my biggest goals was to find out how accurate our financial figures were; our inventory system often failed us and without an accurate stock figure, it was difficult to gain a real insight into how much profit we were making! Up until recently, I’d been keeping our books myself, which was another pressure on my workload and time I could be using elsewhere.
During the course, I was lucky to have two one-to-one Financial Planning Sessions with Suzie Campbell from The White Space Collective. In these sessions, we discussed the issues I was facing with bookkeeping, how I could improve our inventory system, our wholesale profit margins and worked through our cashflow forecast so that we can make an informed decision on which projects to invest in and people to hire going forward.
On the book keeping side, Suzie referred me to a company that was very well suited to our ecommerce business and was able to give advice on installing a good inventory system. We’ve now switched to an accountant that can fulfill our business needs.
As a creative business owner, I’m always tempted by so many projects I could invest in or hiring more help, but seeing the cashflow forecast with Suzie and the advice she gave me, I’m now a lot more strategic when making these decisions. I now know what to prioritize and when to stop an investment if isn’t working.
When it came to my session with Oliver Henderson, I already had several questions I wanted to ask him specific to my sector. Oliver has great research skills and found valuable market information for me to work with.
During my one-to-one with Dave Vann from ABA Design, I came to realize that some of our branding wasn’t translating effectively on our website. Even though our site is very functional and visually compelling, it lacks the storytelling element our brand is known for as a whole. Dave helped me tease out some of the stories I could share on my site, which is something that I hadn’t thought about before.
Next up, I had a marketing session with Izzie Sully from ABA Design. Using Trello, we went through my marketing plan and it was really helpful to visualise and create it in this way. One of the priorities we discussed was developing a CRM system to help create bespoke customer journeys specific to my business. I have now implemented it for our trade customers and have already seen a massive improvement in how we interact with this audience. We feel so much more organized with a system in place.
Both Dean Wilson and Ophelia Spowers from Fluxx were extremely helpful. I enjoyed speaking to Dean because he often questioned my assumptions. I assumed I needed stock of all my patterns in the new magnetic wallpaper material which we would be launching soon. This would have been a very large financial commitment. He was suggesting perhaps if customers were happy to wait for stock in the past then I might be able to print on demand rather than pay everything upfront. This also means I don’t have to wait until all collections are printed before I start launching this material.
We also discussed that we should have more regular and personal communication with our trade partners going forward, to build those relationships and explore how we can work better going forward. It was suggested that I start arranging catch-up calls with our partners and Ophelia was kind enough to draft a list of questions I could ask during these meetings.
I had a session with Robert Foster from Red Ochre at the very beginning of my course and it was there that we set out a series of goals to guide me through this course and beyond. I was happy to see how much I’ve already tackled. We have agreed on a new set of objectives for the next few months for myself and my team, and I am excited to see where else we are able to simplify and streamline our business.
Overall, the Innovating For Growth Programme has made such a big difference to my business. I feel I understand it on a deeper level and know which systems I need to put in place to not only grow faster but ensure I do more of what I love - painting, designing and creating. I’m very grateful to all the experts for the valuable advice and the British Library staff for organising everything so smoothly, especially during these difficult times.
If you are thinking of signing up for this course, I can’t recommend it enough!'
To find out more about Innovating for Growth and to apply for our next cohort, visit bl.uk/grow.