Margot Spalding never thought her one-time small business would grow into a 10-store retailer. But she has adapted to a changing economy and consumer market, and grown the business along the way.
The founder and managing director of Bendigo-based Jimmy Possum – an iconic furniture, homewares and jewellery store – has seen the business go through various iterations since launching it with her husband in 1995. Originally a timber furniture company, Jimmy Possum has evolved into a fabric-focused furniture line – surviving the GFC and ongoing rises in rental costs along the way.
“We never had any anticipation or expectation to grow this big. I thought we’d have a very small business with maybe half a dozen folk working with us, and other shops selling our products,” Spalding tells Women’s Agenda. “But we got to a point where we were just so busy we couldn’t even think anymore.”
Spalding admits the rapid growth of the business was challenging. “All of a sudden we were involved in areas that I perhaps wasn’t so familiar with, or that we never would have claimed were our areas of expertise,” says Spalding. “We had to learn on the job, and read read read. It would be much easier now because there is an internet available!”
She says the business’ boom period lasted from 1996 to 2008. “The GFC did affect us, very much in a reduction of sales. But we also saw a shift in how well-informed customers are now, thanks to the internet.”
Not only have customer expectations changed, but so has the focus of Jimmy Possum, which is now centred on upholstered furniture. “We were once timber manufacturers solely, but there is so much more dynamism in fabric so we’ve been focusing on that. My favourite aspect of my job is with product development, selection and fabric selection and colour direction,” says Spalding, who credits the rapid decrease in demand for cabinetry to the increasing presence of built-ins in homes.
Spalding says her team is now focusing on smaller stores because of high rental prices, meaning they also need to create smaller collections. The fact that Jimmy Possum designs, manufactures and sells its own stock allows Spalding to adapt to chang.
“It takes a specific set of skills to be able to manufacture products, and a different one to be able to retail products,” says Spalding. “You’ll be working with totally different people, different timeframes, and the way that you work differs too.”
With a factory and head office still based in Bendigo and shops all over the country, Spalding has a large network of team members to manage. She stresses the importance of communication and the need to enjoy the creative challenge of being a good manager to a big team. “My husband Alan is an excellent designer; he’s highly creative and thinks differently from most people. But he’s never been interested in or up for telling people what to do. He’s never been interested in directing people. That’s my role. We have different kinds of creativity, and practicality. It works well.”
Margot Spalding is a finalist in the NAB Women’s Agenda Leadership Awards Regional Entrepreneur/Manager category.