Designer heads rankings based on turnover growth and job creation over the past five years for her fashion label
Victoria Beckham, the pop star, model and Wag who reinvented herself as a fashion designer, has topped a list of Britain’s 100 most successful entrepreneurs of 2014.
The woman formerly known as Posh Spice came in at No 1 in the list compiled for business magazine Management Today. The rankings are drawn up by assessing turnover growth and job creation over the past five years.
The magazine said of the designer, who opened a 6,000 sq ft (550 sq metre) boutique in Mayfair, central London, for her fashion brand last month: “Beckham is living proof that celebrity may be the most marketable commodity of all.”
Philip Beresford, who drew up the list, said it was “her finely tuned business acumen” that won her the top spot.
Since the 40-year-old mother-of-four and former Spice Girl set up her fashion business five years ago, her staff has grown from three to a 100-strong team with the latest turnover at £30m.
Offering leather credit card holders for £150, T-shirts for more than £700 and handbags for up to £18,000, she has seen sales growth of 2,900% and employment growth of 3,233%. “Deservedly she is number one in these two crucial measurements for success,” Beresford said.
The accolade follows her topping of a poll to find the greatest style icon at London fashion week in September.
Beckham spoke of her transformation from singer to designer in a recent Guardian interview, saying: “First time around I felt famous, but now I feel successful.”
She added: “I used to wear clothes which would make me stand out and now I don’t so much because I don’t feel I have anything to prove.”
Born Victoria Adams in Harlow, Essex, she burst on to the pop scene with the Spice Girls in the mid 1990s and married the England footballer David Beckham in 1999. The couple’s joint wealth is estimated at £380m, and she is credited as the driving force behind “Brand Beckham”.
She joined the other Spice Girls for a world tour in 2007/8, but chose not to perform a solo song, instead posing as though in a fashion show, in a nod to where her real ambitions lay.
Beckham launched her eponymous fashion label in 2008, and a lower priced diffusion label in 2011. As a businesswoman, she has demonstrated herself to be “an adept exploiter of her own celeb value”, according to the list. By 2011 she was a fixture at New York fashion week.
Her Dover Street shop opened in September, but she missed the official opening to speak to the UN general assembly in New York about her role in the UNAids campaign. Since then a steady stream of celebrities have been through its doors. It has been likened to an art gallery, with sparse interior, clothes hanging from chains on the ceiling or a jagged rail, and no cash tills as all purchases are completed through an iPad.
The “burgeoning entrepreneurial talent” of Britain’s Asian community is also evident in the list, said Management Today, with nine individuals or families making the rankings. They are led by brother-and-sister team Amit and Meeta Patel, in second place, just pipped by Beckham. The siblings’ London-based pharma operation, Auden McKenzie, specialises in the development, licensing and marketing of niche generic medicines, and is at the cutting edge of work into areas such as treating heroin addiction.
Mahmud Kamani, 50, of online fashion site Boohoo.com, is ranked third, while Julian Dunkerton 49, of clothing chain SuperGroup, claims fourth spot.
Apart from Beckham, the list includes 14 other women, up from 11 when the rankings were last published in 2011. Among them are software entrepreneur Suzanne Marshall-Forsyth and Cathie Paver, founder of Paver Shoes.
The top 100 were “real job creators”, said Management Today. “In five years, they have added more than 61,556 employees to their payrolls taking their head count to 158,189. This represents a 64% rise, and shows that in the critical area of productivity,(in which much of the UK economy is notably lacklustre) our MT 100 members are right on top of their game.”
Spice Girls – where they are now?
Emma Bunton, 38, Baby Spice. She has guest-hosted on shows including GMTV, Lorraine and was a judge of Dancing on Ice. She presents a show on Heart FM and has two children
Melanie Brown, 39, Scary Spice. She has been a judge on a number of reality TV talent shows. She is currently a judge on X Factor and has three children,
Melanie Chisholm, 40, Sporty Spice . She has sold more than 12 million records as a solo artist, including collaborating with Bryan Adams on the hit “When You’re Gone”. She has also won acclaim in muscial theatre. She has a daughter.
Geri Halliwell, 42. Ginger Spice. She has recently appeared as a judge on Australia’s Got Talent and has one daughter.
Click here to read original article 'Victoria Beckham tops chart of Britain’s most successful entrepreneurs'
When you’re feeling the pinch and money is tight it’s easy to assume that everyone is feeling the same way. You transfer your money beliefs over to your potential customers, by thinking: “Surely they won’t pay that” or “They can’t afford those prices”.
And your mind reinforces these beliefs by adding little comments such as: “Who do you think you are, charging those prices?” and “They’ll see through me and realise I’m not as good as they think”. This is what happened to someone I was chatting to recently. Instead of positioning herself as the true expert and brilliant coach she is, she made it into a money issue.
There are loads of business owners who feel uneasy when they’re discussing price and who subsequently charge a fraction of what they’re really worth. And assuming their customers have the same money beliefs as themselves is just the start.
They don’t know who their ideal customers are and, as a result, don’t understand the huge value they bring to them. They have a “spray and pray” approach to marketing, where any customer will do, and then they end up competing on price. Bad place to be.
Let’s face it, when you get into the “competing on price” game you’re always focused on being the cheapest. If you only attract people who want the cheapest, you will always have to offer more for less, just to keep up. It’s a hard way to make a living.
But do you really want to be the cheapest? People looking for “the cheapest” probably won’t be loyal. They don’t really care about you. They just want a commodity at the lowest possible price. Which is fine if you’re selling baked beans or toilet rolls.
But you’re a small business. Your business is a huge part of your life, filled with your passion, energy and time. So it’s better to find those ideal customers – people who really value you, love what you do, for whom you make a real difference. They aren’t looking for cheap. They’re looking for the best fit for them. There’s a big difference. Leave cheap to the others.
Value what you do. Price it so you make a decent profit. Get clear on how you make a difference to your ideal customers. Then, only market yourself to your ideal customers, not people looking for “cheap”. It will make a huge difference to both your bottom line and brand value.
Small Businesses can also use the free bank account switching service launched by the banking industry
It isn't just personal current account customers who can take advantage of the free Current Account Switch Service to swap between banks - small businesses up and down the country can make the most of the service, too, if they want to move to another current account provider.
Launched by the banking industry last September, the service ensures that existing payments such as Direct Debits or standing orders will be moved to the new account automatically, and any transactions which do go through to the old account will be redirected to the new one for 13 months, avoiding the problem of any payments going missing.
The company making or taking the payment using the old account details will also get a message instructing them to update their records with the new account information. On top of that, the service is backed by a guarantee which means that if something should go wrong during a switch, any charges or interest will be refunded.
Until the service was brought in, changing from one account to another could be a lengthy process, with the switch typically taking between 18 and 30 days after the new account had been opened.
That was a huge hurdle for small businesses heavily reliant on cash flow, with worries about missing out on invoice payments landing in the right account or suppliers not being paid according to terms, with the possibility of late payment charges being incurred.
But that timeline's been reduced right down to seven working days from the day the switching process starts to when the switch takes place.
One of the drivers behind the Current Account Switch Service has been to increase competition between banking providers, and make it much easier for small businesses to vote with their feet when it comes to picking the account which works best for them.
So, is it time for you to look at whether you're getting a good deal with your business banking? Here are the things you should consider:
Do I need a business bank account at all?
If your business is either a limited or incorporated company you must have a business account. If you are a sole trader or partnership, you could use your personal current account but that can make your finances messy - keeping personal and business accounts separate is the better option.
Am I spending too much on bank charges?
Some banks charge a fee for business banking services, and some don't. Other costs are transaction-based, like fees for cash withdrawals, cheques, Bacs transfers and overseas payments. Think about exactly what you need to use and check the charges for each service. Some providers offer free banking, either for a set time or with limits on the number of transactions over a month - look at the penalties for going over those limits, and charges which kick in when the free banking period ends.
What if I need an overdraft?
Costs can be quite high but will vary between banks - check interest rates, set up fees and the amount you can borrow this way.
And what about a business debit card?
Lots of business accounts come with these facilities but ask if you're eligible for a debit card - and a cheque book, if you need one - before changing to an account where you might not qualify for these.
What if I'm not happy with the service at my new bank?
With the new Current Account Switch Service, you can change your provider again quickly and easily.
Will switching bank accounts affect my business credit rating?
No - as long as you repay any outstanding overdraft with your old bank or building society. If there are any problems with payments as part of the switching process, your new bank or building society will deal with them as quickly and make sure your credit rating is not affected.
Click here to read original article 'Making switching simple for small businesses'
