Hi Friends
I never intended for this blog to be an avenue for my professional exploits but will make an exception today sitting here at home in Singapore on the first day of the Year of the Ox and reflecting on my early days in business.
I started an ad agency a few years ago, in fact one of my very first business ventures in Fiji. It just so happened that advertising was still in its infancy in Fiji and most businesses (especially local) did not understand branding. So here I was, a young entrepreneur – with visions to conquer the world and all, trying to pitch my way in. I had worked with major international ad agencies so the advertising world was not new to me.
I had gone around to 4 banks seeking a small loan to start my business (yes FJ$10K), a meagre sum in comparison most start-up standards back then. Despite getting praises for my ‘perfectly written business plan’ the loans were declined by the banks just because I lacked collateral. For the banks, so ’splendid’ was my business plan that the banks itself (as clients) would repay my loan.The bank manager’s were clearly impressed but had to follow ‘guidelines’ when granting unsecured loans. One of the banks, had granted a $2.4M unsecured loan to a client of theirs. (Wow, talk about guidelines) The refusal did not deter me. In fact, I had so much confidence that I told the banks when collecting my ‘rejection’ letters that I would be back in a month and they would be paying me money to work for them. Pride had kicked in.
I applied for partial withdrawal from my FNPF (Fiji National Provident Fund) savings under the small business scheme and was allowed a withdrawal of FJ$2.4K. I bought a laptop, a PC (yes a PC for graphics), some software, a printer and a 6MP digital camera (all on credit) by putting a down payment of $1000. Needed space, so put up another $1000 in getting a two room furnished flat in the city which I converted to an office and hired a graphic artist. I was on my way to owning my own business. Wohooo!
My very first client happened to be a dairy/poultry/fresh food company. I had been following this company for a few years, they had excellent products but no sense of branding – at all. So I sat with my artist and we knocked out a rebranding proposal. In fact, it was an actual plan put up without even securing the client – or even meeting with the client. I arranged a meeting with the MD/Founder of the company. Went in, did my pitch (lasted 30 minutes). Client loved it. He hadn’t seen anything like it.
He drove me to his factory/warehouse then to one of his supermarkets. We ended back at his office after 3 hours. As we sat down and sipped on our coffee, he came up with the dreaded BUT. He was pleased with my initiative and had no qualms of going with the proposed rebranding proposal. Luckily the BUT had to do with his sales staff. He told me he had a real problem with his sales team and with him trying to micro manage every aspect of his businesses, he too had become complacent. His sales weren’t bad at all but the potential was far greater. So here I was with a extremely pleased new client yet one thing would stand in the way of making or breaking my pitch.
I got up, still sipping on my coffee, walked across to the set of milk cartons in the room, picked one up and quipped “You know something, Mr. X, if I was you and this was my company, I would never employ someone who could not sell milk to a cow.”
He looked at me blankly and after a few seconds, burst out in laughter, stood up, walked across, shook my hand and told me he was buying the proposal and for me to come back with a spend plan the next day. Elated, I walked out, still trying to figure out what I had said.
The rebranding was received exceptionally well, I got so many referrals from this one client alone that I had work locked in for the next few months. As for his sales team, he later told me that he fired 23 staff the next day and hired a few more in the coming weeks. Mr. X has become a close friend and business confidante now.
As for the banks, they did become my clients (some even offered me loans) but unfortunately for them, I don’t operate on credit anymore. Their business is always welcome though.
To this day, I thank the cows for the quip.
