Industry Comment
The journey of a fledgling business
starting to fly (and how not to get in a flap about it)
Industry veteran Gillian Suggett of St Mawgan Embroidery Company has hosted a seminar session in Printwear & Promotion LIVE!’s Knowledge Centre for the past three years. Here she gives an overview of her third year in business.
P
rintwear & Promotion LIVE! has always featured in my work diary, from the mid-90s onwards, firstly as an exhibitor with Wilcom and later with DecoNetwork, and now as a business owner and embroidery specialist.
Back in January I presented the third instalment in my business journey, ‘a fledgling business starting to fly’, talking about the motivations behind starting my own company and my forays into getting to grips with business planning and finance, internal systems and programmes, marketing and business growth.
The Knowledge Theatre programme invites industry experts to share their expertise and experience on all manner of industry related topics. Visitors report coming away feeling better informed and motivated, even inspired! Not normally more than 30 minutes long; unless it’s me speaking… as I do tend to overrun somewhat; these seminars are free to attend and offer invaluable take-home information making the time you have taken out of your own business to attend the show that much more worthwhile.
I established my own embroidery business in the spring of 2017, having worked for many years in the industry. My first job in embroidery began in 1991 after having recently completed my BA in Textiles at Manchester Metropolitan University. I spent over 20 years as a product specialist and business development manager, so it took me quite some time to be ready to take the plunge into running my own small business. A lifestyle decision prompted by a combination of desires to be self-directed, independent and to use my creative talents in a fulfilling enterprise. Our business journey, which I have shared in The Knowledge Centre over the last three years, has taken us from a starting point of recognising our unique set of skills on which our business is based, to identifying a market for these skills, and onwards to securing investment and establishing our small rural business.
| 50 | March 2020 Gillian Suggett presenting at P&P LIVE! in January
Based in Cornwall, St Mawgan Embroidery Company is an embroidery specialist company, we provide design and product development services and retail quality embroidery.
the importance of business planning Everyone of course has their own unique set of skills and experiences. I think the ability to draw on these skills and to critically identify your strengths and weaknesses, should form a major part of any business venture and any initial plan.
From a business idea, to being in business…
I’m a strong supporter of the need for a business plan, a lesson learnt both from experience and education, but I also believe that they can take many forms: from a simple framework to a comprehensive detailed document. What is most important is that you have one and that you have applied some serious attention to it.
Creating our business plan helped us to maintain the disciplined approach that is essential when you are attempting to transform what begins as just an idea into a well thought out business proposition. We think of our business plan as a work in progress; it is never finished because, of course, things change; some things work out and others do not. Updating a business plan helps you to be more strategic about your decision making, less reactionary to external (and internal) ups and downs, and more purposeful in your actions.
Managing growth… The ‘eat me/ drink me’ dilemma
One of the challenges our business faces right now is how to fully utilise the resources we have in the context of our business growth. Do we expand? Taking on staff was always part of our plan but when is the right time? Should we take more risks and get bigger? Considering the economies of scale, would this give us greater rewards? Or should we refocus our aspirations on our original business startup drivers of a good work/ life balance? We know that we can all learn from Alice’s
www.printwearandpromotion.co.uk
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