Auto King make the BRW Top 100 Fast Starters for the second consecutive year!
Managing Director Peter Hill referred to this article on ninemsn when describing the satisfaction of making the BRW Top 100 Fast Starters for the second consecutive year.
Both Peter and long time business partner Jay Luckie concur with the sentiment of the article that growing during the worst financial times since the great depression is no easy feat.
Both partners agree that unblinking attention to cash flow and choosing the right customers has underpinned their success!
From http://news.ninemsn.com.au/article.aspx?id=8457306:
For many Australian businesses, surviving the global financial crisis was challenge enough, but those that started and grew quickly during that time deserve special acknowledgement, according to an industry publication.
BRW (Business Review Weekly) magazine released its 2012 Fast Starters list on Thursday, naming the top 100 fastest growing companies in Australia, with cosmetics brand HiLife Health & Beauty coming in at number one.
Importantly, the list covered businesses that had been operating for four years or less – or during the height of the global financial crisis (GFC).
BRW editor Kate Mills said that element added particular meaning to this year’s list.
“Getting through the crisis is a medal of honour that our BRW Fast Starters hold high,” she said.
“They succeeded in spectacular style at a time when many would not even try.
“This year, perhaps more than in any other year, our list showcases how creativity, determination and lateral thinking can create business success regardless of the economic environment.”
HiLife Health & Beauty founder Peter Nicholas said the difficult economic environment had actually been beneficial to its start up.
“(The GFC) made multinationals easier to compete with,” he said.
The company – which produces Nude By Nature Mineral make-up – has achieved a revenue of $42.2 million.
More than a quarter of Fast Starters said the GFC had not hurt their business, while four in five said they had been able to capitalise on opportunities presented by the crisis.
Sourcing capital was also a challenge – but businesses got around it by having a low-capital base.
Construction company Smith & Sons Renovations and Extensions started with only $25,000, while Fidarsi Furniture, began with just $10,000.
Online business models were often used to maximise capital raising, as large amounts could be raised in less time.
Having lower overheads and debt-servicing costs also supported the companies’ growth.
The BRW 2012 Fast Starters are Australian-owned companies making more than $500,000 in 2010/11.
1. Makes sure your car is securely parked on a level surface. Seems obvious, but just getting this out of the way.
