Kylie Jenner is clearly at the top of her game right now. She is set to be the youngest self-made billionaire ever, and her fans have even started a crowdsourcing campaign to make sure that she hits the target. Whether you love Kylie or you hate her, you have to give her credit for a few key business decisions.
She Runs A Tight Ship
When it comes to running a business, Kylie knows her strengths and weaknesses and increases her bottom line by outsourcing tasks that she isn't proficient at. Her company only has 7 full-time employees and 5 part-timers. That's remarkable. Given the amount of product they sell, produce, and fulfill every day, how is that possible?
They outsource their production to Seed Beauty, a private-label producer in Oxnard, California. Their sales and fulfillment are outsourced to Shopify. Financial and public relations, she hands over to her mom Kris. So basically, all that's left to do is promote the business through social media and watch her net worth grow. Because she has made her role so clear she is able to give her best attention to it and do it extraordinarily well.
Want to take a page from Kylie's book? Begin by looking at your own systems and processes and look at where you can automate or outsource. Building strong internal controls is not about you, the business owner, being in control, but rather enhancing and giving control to your business. Which Kylie does beautifully.
Here are a few places you can set up controls for your business:
Negotiating parameters for your purchasing team
Approvals process for all sales exceptions
Standardized sales paperwork and contracts
Limited / segmented access to company database of prospects and clients
Master marketing calendar
Automated marketing e-mail sequences
Standardized sales collateral
Sample Operational Controls
Production schedule / timeline
Pre Approved vendor lists
Competitive bidding process for all contracts over a certain dollar level
Quality review checklist
A centralized (likely cloud based) document filing system
Sample Financial Controls
Formal employee expensing system
Formal written, refund policy
Written customer credit policy
A/R write-off approval process
Two unrelated parties in the accounts payable process
Collectively, your systems, team, and controls are what allow you to successfully scale your company.
She Leverages Her Strengths
Kylie understands social media more than most. With 111 million followers on Instagram and 25 million more on Twitter, she is able to tap into that fan base to sell her products. She spends her time taking pouty selfies and making emotional connections with her young female fans. They want to "live like a Kardashian" and have brand loyalty to her makeup line.
Don't have several million fans chomping at the bit for your next product? No worries! You can still create an emotional connection with your customer base to leverage your business.
Begin with the following exercise: What are the top three brand emotions that you want your market to experience after every interaction with you?
Understanding that people take symbolic slivers of their experience and inductively expand what they mean by generalizing outward, you can intentionally design your market's interactions with your business to increase the odds that they'll feel your brand emotions. Brainstorm how could your company design into your customer experience the pieces needed to increase the odds that your customer feels your brand emotions.
So, if you are looking to take your business to the next level take a page from Kylie's book and focus on getting your systems and controls in order and your brand emotions on point.