The Munro family owns and distributes some of the country’s best-loved shoe brands from Midas and Mollini to Django & Juliette. They own the retail boutique chain Cinori and Australia’s biggest online shoe store, Style Tread.
In 2015, Styling Services acquired Wanted Shoes, growing the Styling Services family from 200 employees to more than 400. But despite their size, this close knit family business was finding it difficult to recruit and retain the talented staff needed to drive growth.
Lee Munro, CEO of Styling Services attended a Growth Clinic and went on to participate in the Growth Modules with two members of his executive team as part of the ANZ Business Growth Program.
During the Growth Clinic, Lee identified these challenges:
- Their internal communications were problematic (both among the family, and between the family and staff);
- They needed better information about what was happening in their business so that they could make better decisions.
- There was no consensus within the family about risk should they pursue acquisitions, expand their wholesale operations, or invest in Enterprise Resource Planning software?
Following the first Growth Module, the family developed and agreed upon a business mission, and a three year vision with a strategy for growth. These were then communicated to all employees.
The family also began recognising employees who were living these values. The family team implemented monthly operations meetings to improve internal communications and receive feedback on strategic decisions. These meetings also enabled the family to keep track of how well the business’ goals and strategies were being implemented across the company.
More open engagement with key management and staff was a change from the closed, family decision making they had practiced before coming to the program. In addition to doubling the business, one of the most positive outcomes of the program was the fact that the family aligned around the business strategy and family relations improved, as well.
Revenues have increased by 85% since enrolling in the Growth Modules and the Accelerate and Scale Program. Store on store growth is up, and the online store, Style Tread, has increased sales by 40% over last year.
The introduction of a new Enterprise Resource Planning system, clarity around the roles and responsibilities of the team, and the alignment of the business’s growth strategy should now enable this family owned business to continue to grow and prosper in the coming years.