Whilst our business was growing we realised we would need capital if we were to fully exploit the market opportunity. We wanted to grow different categories and move premises to a larger facility.
Although not actively looking I met an investor at a networking event and had a couple of meetings to explain our vision. The investors had experience of growing a global brand, were entrepreneurs themselves (founding Skype and selling out to Ebay) and so there was a good fit. We quickly agreed on terms before Christmas and by January we had millions in the bank and a team of influential investors on our side.
With their help we tapped lots of new opportunities and grew our position to be the UK's number 1 Online Pharmacy.
After five years of being the CEO at Chemist Direct I realised I wasn't enjoying the daily slog of running an ecommerce business. We were growing and profitable, had extended into new areas but the business had become very KPI focussed. I wasn't being as creative or developing the business as I first was.
I then decided to bring in someone to take on the daily running so I could concentrate on development and work on the business instead of in it. I was impressed by the ex Play.com Managing Director I interviewed and promptly went ahead to bring him on as CEO so I could step into the Executive Chairman role.
This allowed me to focus on wider areas and become more strategic. I now take a similar role in businesses I invest in. I look to add value and utilise my skills, contacts and capital to maximise the outcome for everyone involved. Most businesses I work with need an action plan, energy, skills and experience, I aim to offer this and help build success. Some businesses my team and I have worked on have required turnaround strategies, this includes cost cutting, revenue quick wins and cashflow generation etc. Others have needed development in certain areas, whether it's geographical expansion, vertical integration, a digital strategy, marketing plans or NPD.
Although it is inevitable you get bogged down in the detail and have to roll your sleeves up to make change happen, I believe it is important to be able to put your head up so you can see what's on the horizon, to remind yourself to work on the business rather than in it.
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