Success by design - Annah Stretton

I’d been at art school in NZ and went on to complete a chartered accountancy degree. I worked initially for a clothing company as their accountant, then an opportunity arose to join their design team. Four years later, I went out on my own. Now we have 30 domestic stores which we run as a vertical operation, and are exporting globally, says Annah Stretton.

On this page: On woman and small businesses Business and common sense Discipline is the essential ingredient Aim to be more than average

On woman and small businesses

New Zealand women are the queens of small business. And they are often very happy to remain in a small environment. They’re doing something they love, they’re self-employed, and there’s flexibility around bringing up the family, so in many ways the operation never moves beyond hobby status.

You’ve got to have great levels of discipline and passion, among other things, to grow a business to the next level. Women can have a certain mindset; they drive hidden agendas, avoid confrontation, and there is a personal and emotive element that seems to enter into their business dealings.

If we can remove ourselves from the emotion and think in a more black and white way, we can become more effective in both life and business.

Business and common sense

I have a common-sense approach to business: I find it very easy to deal with challenges. I just take the relevant action and move on, I don’t deliberate or angst and I don’t revisit them. The challenge is getting the women I employ to also think in this black-and-white way.

My father used to say that business is about sticking to the knitting, and that phrase is something I come back to, especially during a recessionary year. Business is also about profit. You’ve got to work out how to make your culture work to maximise your profit.

I constantly advise people to find others they’re inspired by, or who can add value to their life. You need to be constantly listening and learning.

My business is currently trading at around 10 million, but to take this to the 20, 30, 40 million level, I need to engage with people from relevant environments who will help enable this growth. A woman who’s started working for us at an advisory board level has come out of a UK big business environment. The three or four hours a month spent talking to her about the areas in which I wish to grow and develop this business globally, are invaluable.

Discipline is the essential ingredient

Getting things done relies on one thing: incredibly good discipline.

To run a good business you need to be disciplined, in your time and people management.

I use the 80/20 rule. If you look at a day as 100 percent, 80 percent of the stuff that happens is peripheral – it can be delegated, left or ignored. A lot of people get sidetracked in a day and waste time. I will always focus on the 20% to ensure my day tracks efficiently and productively.

I also get up between 4 and 5 a.m. every day and I work on my business until 9am from my home office. When I’m in the head office, it’s reactionary, as there is so much to be actioned from moment to moment.

That morning or growth time is crucial, to take my business to the next level. That’s when I set up my day, work on my dreams and schemes and identify the 20% so that I know I won’t get sidetracked.

Aim to be more than average

I see so much mediocrity in business, and essentially it comes down to a lost passion, and an inability to run a sustainable and profitable business.

I never want to be seen as average. I love what I do after 18 years in this business. Although the people I interact with daily constantly provide challenges, I still love my products, my environment, and the team that surrounds me.

Every day I strive to take my operations to the next level – keeping that passion alive, for the products and services you have, is so damn vital. I’m still learning, and constantly seek challenges to extend and grow myself. I will continue to learn until I’m six feet under.

There are times when I’ve had to re-invent, but I see that as healthy, simply a new way to drive my business. Lots of people miss opportunities by simply being time poor, but my life has been shaped by opportunities, so it is important that I have an open mind and assess them all before I move on.

Business Drill-down

• Business type: Fashion retail
• Main products: Fashion garments and accessories
• Number of staff: 145 based in a purpose-built head office or one of 30 domestic stores.
• Trading since: 2003
• Main markets: New Zealand, UK, Ireland, US and Australia.
• Website: www.annahstretton.co.nz

• This information is provided by CapabilityNZ
  
  www.capabilitynz.org