Self starters share growth tips

Gibbs, however, speaking from Korea, well remembers "bootstrapping," in other words, growing her business through ways other than through external capital.

Trilogy, which has been on the Deloitte Fast 50 list three times in recent years, sells its range of 40 skin and hair care products to 15 markets globally.

Gibbs puts their success down to maintaining "upmost control" over the quality of formulations so that products were tried and bought again and again by increasingly loyal customers. Another tip she gives is to ensure that you strive for tight financial management, absolutely key for companies choosing to grow in the early days without seeking external finance.

"From the start we produced monthly financial and management accounts to track progress," says the co-founder. Innovative and original marketing ideas were also imperative to early success and the sisters wanted a strategy that didn't cost the earth.

"The requirement was to innovate and to be creative ALL the time," she adds.

Keeping a close eye on stock levels, was another important mantra favoured by the Wellington-based entrepreneurs. A strong logistics function was crucial. "Out of stock" is not a word used at Trilogy," says Gibbs.

Of course relationships with stockists and suppliers were essential, she adds. 

"Stockists and suppliers are the backbone of our business and the key relationships too."

Certain limitations were placed on the founders when they were operating independently. They focused on a small number of export markets rather than going for larger numbers, says the Trilogy director.

And while the two sisters may not have looked externally for finance, they worked hard at creating external partnerships to keep their business healthy. An advisory board, including Deloitte partners Dean Ellwood and Mark Mathews, the CEO of a former Trilogy distributor, has been extremely important, says Gibbs.

Lastly, the entrepreneur's advice for fast growing new businesses who are currently bootstrapping is: "Balance strategy and operations closely to ensure you are both on the right track strategically, but are actually implementing as well."

Trilogy's new owner, Ecoya, the listed candle and natural fragrance business, is 65 percent owned owned by 42 Below's Geoff Ross and Grant Baker's investment company, The Business Bakery. Ross, Baker and Justine Troy did their fair share of hard work in growing 42 Below to a certain level before and after they took the company public.

42 Below co-founder, Troy's book is aptly titled  “Every bastard says no: the 42 Below Story".

“You have to be prepared to do it yourself, that's just  fact,” says Troy.