Your business is coasting along. You have stock – check, a website – functional, a loyal following – albeit small. You believe your product is a game changer and you’re striving for entrepreneurial success, but you also know there’s a missing link. A foundation that has the potential to make a good business, grand. Strategic direction is the magic ingredient to help transform your business.
In this case study we look at how the Entrepreneurs’ Programme helped a business with a strategic plan to promote growth in tough times.
For naturopath and nutritionist Anna Mitsios, a medical condition was the catalyst to creating her business Edible Skincare Australia. A range of toxin-free beauty and personal care items that are safe enough to eat.
While working in a fertility clinic, Anna noticed the impact toxins, fragrances and preservatives were having on her clients. In recommending dietary and lifestyle changes, and with her own health at stake, she took a leaf out of her own book.
Anna discovered a gap in the market for toxin-free products to help support good health and wellbeing. “We use about 500 chemicals on our skin everyday …I was fed up with the lack of skincare that was safe and clean, especially for pregnant women,” she said.
Edible Skincare Australia is unique and the first of its kind in Australia. “I made it my mission to create the products myself,” Anna said. The products are carefully crafted with sustainable therapeutic botanicals and exotic Australian ingredients. The range is Australian-made, supporting the local economy with productivity and employment. Anna’s startup story is similar to those of many entrepreneurs. The business was founded in her mother’s kitchen. Her journey began in 2014 and has been somewhat of an experiment where science meets business.
As an Entrepreneurs’ Programme delivery partner, Business Australia has supported Anna to enjoy the fruits of her labour. In 2020 Anna successfully extended her product range with the launch of ingestibles for liver support.
The Entrepreneurs’ Programme delivers advice and grants to enable high-potential businesses and businesses impacted by the summer bushfires to strengthen, grow, innovate and
commercialise nationally and globally.
For a long time, sales were steady and although business was growing, profits were low. Anna believed she understood her customers and what they wanted but this was an assumption. Customer engagement needed to be stronger. She had a marketing budget however the ROI needed improving for profits to climb. A strategic plan focusing on goals, communicating the value proposition in the marketplace and revenue management was required to help scale the business.
Through the Entrepreneurs’ Programme, Anna was appointed a growth facilitator who conducted a comprehensive business evaluation. This led Anna to develop a structured and high-level strategic plan. It helped her visualise where the business was going and identify the key steps and priorities for overall improvement.
The evaluation also demonstrated the importance of segmenting the customer base so tailored marketing plans could be created for each customer group. With online sales contributing to 58% of revenue, redeveloping the brand’s digital marketing strategy would strengthen customer engagement and lead to a jump in repeat sales.
With the help of her Business Australia facilitator, Anna was able to secure a Business Growth Grant. This allowed her to address the marketing and brand issues that had surfaced from the business evaluation. Anna was delighted with the results and said online sales immediately spiked and then settled at about 25% more than previous monthly sales.
With the challenges of 2020 and the loss of significant sales through retail channels, Anna has managed to enjoy a 10.5% increase in revenue in the past financial year. In discussing the business evaluation process, Anna stated it “has been instrumental in helping me to increase sales despite this challenging environment… revenue could easily have fallen 10 to 15%, but we achieved an increase.”
With strategic direction, Anna no longer made assumptions about her customers. She was able to apply data-driven insights into her marketing campaigns, create engagement and resonate with each customer group. She was able to scale her business, increase profits and launch new product lines.
So, while bringing a business idea to fruition is an achievement for any entrepreneur, implementing a strategy to take it to the next level is a game changer.
Jenny Dikranian is a content writer passionate about entrepreneurship and innovation in inspiring business success.
Business Australia has a range of resources for your business. Get support managing your employees, reducing your business costs, accessing business funding, and marketing your business.
Already a member? Get started
Subscribe to our newsletter and receive the best business tips and articles straight to your inbox.
We take your privacy seriously and by subscribing to our newsletter you agree to the terms of our Privacy Policy available below.
