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Boutique Businesses

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Boutique Businesses

By , November 25, 2008

Boutique businesses are quite a different prospect to scale – they are not focused on volume – but on the opposite – typical words to describe boutique businesses are premium and exclusive. These businesses service a niche and the very best ones drive themselves further and further into that niche, specialising their service offering and their product focus until it is BOUTIQUE.

Some typical examples are Rockpool restaurant in the Rocks in Sydney – expensive, great food, premium wine list, really strong service – this restaurant is built around a celebrity chef in Neil Perry and is well known to the niche market it is targeting. Neil Perry is the chef for Qantas – but only for business class and first class – again supporting the premium positioning this restaurant and its chef enjoys.

It is important to recognise how we add value in these businesses – simply put drive further into the niche – specialise, improve service and product. Become more premium and more exclusive – price is never an issue in these businesses.

Craig West

Craig West

Managing Director | Succession Plus

Craig West is a strategic accountant who has over 20 years’ experience advising business owners. His background as a CPA in public practice, provided invaluable experience in the key issues of concern to business owners. Following 6 years of study to gain two masters degrees, Craig focused on Capital Gains Tax (CGT) for business sales advising on strategic management of tax issues. This experience formed a very strong view that business owners (and often their advisers) were unprepared and unaware of the steps required to prepare a business for exit.

Craig now acts as a strategic mentor for mid-market business owners and has written four critically acclaimed books on employee incentives, succession planning, asset protection and exit strategies. Craig has conducted numerous seminars and keynote presentations throughout Australia & internationally, including adviser education programs for the Institute of Chartered Accountants and CPA Australia.