In my recent interview with Lara Morgan I agree with her sentiments that “the Government have it wrong; they should not back start-up businesses, start-ups should have to sweat and prove their validity first. The Government under invests in great growth stories, these businesses have a high success record therefore less chance of failure and they continue to employ more people.”
Lara Morgan founder of Pacific Direct who was attracted to making a job rather than getting a job in an earlier recession, start selling soaps and sewing kits, which 19 years later, she sold for £20 million.
Lara refers to the NESTA report ‘The Vital 6 Per Cent ’http://bit.ly/131suKW, report highlights the importance of fast-growing businesses that between 2002 and 2008 generated the majority of employment growth in the UK. The 6% of businesses cross all sectors and include both established and start-ups, small and large.
It was only after 9 years in business that Lara went to Cranfield School of Management to develop her business plan, by this time she was already turning-over £4.5million. However is it here Lara said that she learnt her management skills, how to behave with focus and professional competences; having looked at herself she said she was able to ask more of others, this experience helped her to make Pacific Direct global.
Lara said there were 4 Key Elements which helped her Grow her Business
1. ‘The thing I knew how to do was selling. Sales are core to growing a business, you have nothing until you have proven that you can sell – the rest follows, without it you will not grow.’
2. ‘Grow your business through people. All great business people grow their business by unleashing the power of other people; they empower and trust others, people are critical to grow a business from small to large.’
3. ‘Abandoned by my family, put on a plane in Hong Kong to go to school in Scotland, I did not realise then what a huge asset this would be to me. I understand everyone has something to offer, I have met and experienced wonderful cultures, I have tasted some hideous and delightful food, however, the ability to be open and create win-win – the return on cannot quantify the joy this brings to life.’
4. ‘The international cake is growing quicker than the UK – why take a piece of a small cake when you can have a small piece of a large cake. Export is a higher value card and can have easier entry points. The legal framework is to our advantage. The British are massively respected abroad but they lack the ambition, are weak at engaging internationally and need to develop greater humility http://www.croydontv.co.uk/business.html
Lara recalls when the business was on the cusp of being sold, September 11th put a hold on this and the business lost 50% of its revenue and had to rationalise to survive. The NESTA report supports, “businesses that had demonstrated high growth before the recession were less likely than other firms to become insolvent when the recession took hold. This suggests that some of the characteristics of businesses that achieve high growth may also be responsible for their resilience in tough times.” http://bit.ly/131suKW
High growth businesses have a common trait: they are innovative. Lara Morgan innovated her business to create the world’s leading global licensee ‘Brand Boutique’ concept, a collection of luxury retail branded toiletry products made in miniature for the hospitality market. The NESTA report states the primary economic conditions Government policymakers need to improve to promote innovative high growth business in the UK.
Lara Morgan hates waste so she created Companyshortcuts.com, the site gives free access to business templates so business people can spend more time on the important stuff, such as sales.
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Janice B Gordon: The Problem Solver Business Growth Consultant, Mentor, Speaker and Author. Business Evolution – Creating Growth in a Rapidly Changing World will give you the guidance you need to evolve you and your business and exceed your customers wants and needs.