Master Slave share their 7 Small Business Insights with Sydney Business Month
Roderick Ng is the director of Sydney’s Luxury fashion, Bridal and lifestyle brand Master/slave and Weddings by Master/slave. Master/slave products have featured in over 45 magazines, television programmes, newspapers, films , music videos and new media in Australia and beyond.
Master/slave fashion has been bought and worn by the who’s who of Australian media, music and entertainment personalities. Weddings by Master/slave gain fame when Julie Egan marry Australian artiste Guy Sebastian in a Master/slave bridal gown.
Catering to discerning women and men, Master/slave products extension includes Couture Fashion, undergarment for women and men, Master/slave Luxury Scented Candle Collections are now available for wholesale.
1. What was the biggest turning point in your business and what brought it on?
The Master/slave business dramatically changed when the effects of the GFC set in. We had to go back to basics and focused on our core philosophy and centre in on the origin of the company. The heritage of our company and our methodologies, our creativity is what sets us apart from the rest of the design companies.
In business we constantly need to find ways to define ourselves and segment ourselves away from the masses of small businesses out there. Sometimes what sets us apart is what keeps us going and ultimately; growing.
2. What has been your biggest learning experience running your business?
When you have your own business you learn everyday. Challenges arise everyday and I constantly find new ways to resolve these challenges. Even when you think you got it down, variation s and different deviations of the similar types of challenges will arise in business.
I am constantly amaze at how many ways we have learnt to resolve these challenges. Through time and ultimately practice, as a business person one acquires many skills to resolve things in a professional, concise, and also polite manner.
This repertoire of skills can hold you in good stead through out your career in small business whatever industry you may be in. Small business principles are very similar across most industry. What you learn from one job can be applied to another job, it may just materialize in a different form but the knowledge you gain from running a small business is indispensible when running another small business, even if you are selling a different product or services.
3. What’s the best advice you ever got for your business?
Watch your expenses, have a tight reign on the outgoings and constantly go back to basics.
In small businesses, its very easy to overspend as small businesses do not have the complex financial infrastructure of medium- large scale organizations.
There aren’t complex compliance department to review methodologies and business ventures. Its always important to go back to basics and revisit your core business, your fundamental philosophies and put it all to work.
4. What do you think is the biggest change that Business Owners will need to adapt to over the next 2 years?
Small businesses have changed forever.The rapid adoption of shopping online and m-commerce has changed the way many small businesses work.
The retail stores with bricks and mortar shops have continued to struggle alongside giant department stores through this time of great change.
While there are a lot of small businesses falling to the wayside from not being able to afford to keep with up the technological advancements, there are also many businesses taking advantage of the current economic climate and diversity.
Technology and social media marketing will be the key to unlocking the next few years of marketing cycles.
5. What piece of technology or app can you not live without every day to make your business more efficient?
my smart phone. I utilize my smart phone to research and read a lot on business trends and research opportunities.
6. What business strategies are you focusing on to grow your business over the next year?
There are opportunities in the market. You just have assess them weigh out the risk versus the gains.
The future will be about creativity, innovation and originality. Since we are a design company, we have positioned ourselves as “the innovator” for the bridal and lifestyle category. Master/slave is finding new markets everyday for our designer luxury perfumed candle. We have many stockists across Australia and we continue to grow this arena of our business.
On another note, while there are a lot of cheap imports for bridal d esigns, we have positioned ourselves to create original, unique designer gowns that is not available on the net nor importation. Our company has cemented our brand with originality after 8 years in design, creating many designer couture for celebrities in Australia and beyond.
We will return to the core of our design philosophy and create stunning bridal collections in our signature ” Drape” styles mixed with opulent textures and beautiful handwork. This you cannot buy from a factory . Our bridal brand: Weddings by Master/slave’s latest collection “Flora Galaxies” is performing very well.
7. One thing you want NSW Government to change to help small business grow?
We need more flexibilities in taxing structures and we need more revisions on the position of Australia Post to provide better service, more competitive pricing to aid small business compete with the internationals on ecommerce front.
NSW Government is not doing enough to help educate small business and helping small businesses to secure better deals when it comes to ecommerce and postal options so that small businesses can survive this current economic storm and compete with the internationals.
In the comment section below, what business question do you want to ask Roderick from Master/Slave?
See there amazing designs at http://www.masterslave.com.au
Source Article from http://sydneybusinessmonth.com/master-slave/?utm_source=rss&utm_medium=rss&utm_campaign=master-slave
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