Two of my favourite things are retailing and chocolate, so when a good news story comes up that includes both, the urge to spread the news is irresistible.
This story comes from Smart Company and they should be given a big plug as a great source of small business news. The chocolate retailer is Noosa Chocolate Factory and from a low key start in 2012 they now enjoy $3m+ annual turnover and feature seventh in the top 50 list of Australia's fastest growing small businesses.
The link to the full article is here and it is certainly worth a read but there are a few key points that could be highlighted as being particularly relevant to a market trader.
1. In the family - the family commitment here is strong with a history of family involvement in the confectionary trade. Passion and commitment are really good ingredients in a business.
2. Hands on - knowing what is happening is important. There is no set and forget here, and the owners visit each of their 4 stores most days and of course make sure their factory is operating smoothly.
3. Attention to detail - getting the look they want in their stores is important and every detail of presentation, and particularly packaging, is carefully managed.
4. Work ethic - for the owners a working day starts at 5:00am and holidays are simply an opportunity to sit in front of their laptops in a different environment.
5. Staying focussed - wholesaling was always an option for this business but they reasoned that margins are tight and adding costs was not smart. They also like to keep control of the selling environment and give the best possible customer experience.
Retailing is tough right now and much can be learned from those retailers that have made good. It would seem that a clear focus, a strong work ethic, and a degree of passion are core ingredients.
Thanks to Smart Company for this story.