Initials, Inc., a home-based direct selling business focusing on women’s handbags and accessories, was financially stagnant in its first five years of business. Thanks to James York, who came on board as the company’s CFO in 2010, Initials, Inc. has received praise for becoming one of the fastest growing companies in the United States, according to Inc. Magazine.
Initials, Inc. Aims to Help Women Become Business Owners
Started by two sisters, Britney Vickery and Ivy Hall, Initials, Inc. launched as a result of their desire to supplement their finances while effectively balancing life’s responsibilities. After learning that their products were well-received by women in their respective states, Initials, Inc. was born.
However, prior to the addition of James York as CFO, Initials, Inc. was struggling to gain market share in the $32 billion dollar direct selling industry. With over 16 million people in the industry, the company was barely treading water. As seen in a recent interview, James York took some important steps that resulted in the company experiencing significant growth.
New CFO Turns Initials, Inc. Around
In 2010, Vickery and Hall added CFO James York to their team. An interview with York highlighted the measures he took to transform Initials, Inc. into one of America’s fastest growing companies.
- Investment in Growth.
When asked about his first steps with Initials, Inc., York replied that he began by proving the business model was profitable and re-investing capital towards the company’s future growth.
- Relationship Building.
After York joined the Initials, Inc. team, he was able to review KPI’s and discovered that the company’s focus on building relationships, both internally and externally, was a key factor to its success. As a result, the company uses social media to leverage its products.
- Increase Efficiency.
In an effort to increase efficiency within the company, York helped create dynamic teams of professionals focusing on social media, marketing, and sales.
Without the expertise and action-oriented goals created by CFO James York, Initials, Inc. would not have been able to achieve the triple digit percentage growth it has experienced in the past three years. What strategies do you use to promote business growth?