Kendra Scott nearly lost her jewelry and home decor business during the financial crisis. Years later, though, she traces her company's now-massive success--the business pre-pandemic was valued at $1 billion--directly to those dark days. The situation made her realize that her business model wasn't sustainable and forced her to make a crucial pivot. After securing a loan from a local bank, she began opening the brand's own retail stores and launched its e-commerce site. From there, the business began to experience rapid growth.
Underlying the move, Scott said in Inc.'s latest Real Talk: Business Reboot webinar, was a hyperfocus on her customers. Ultimately, forging a direct connection with them was the key to the company's turnaround. She said she's maintained that focus ever since, a practice that she strongly encouraged all business owners to follow.
For more of Scott's insights from the May 28 event, watch the highlights below.
On surviving the financial crisis:
On delighting your customers:
On creating community:
On the future of retail:
On keeping employees engaged:
On the post-pandemic workplace:
On supply chain management:
On why people will always need brick-and-mortar stores:
On overcoming adversity: