By Rod Gilmour
Read More: Meet Britain’s ‘king of billboards’ who sold his business for 拢1bn
鈥淚 realised the creative side should come out of one brain and it isn鈥檛 the vast majority of my year,鈥 he says. 鈥淚t was part of the process of learning the business from scratch, a second degree via YouTube, packaging and Google (GOOG) advertising.鈥
Despite the change from the City to the risk of a tie venture, entrepreneurship has been etched into his family’s DNA and he figured that the corporate world would never be his final calling.
While working in finance 20 years ago, Dudley-Williams had looked into buying some mirrored aviator sunglasses. He was soon earning more than his monthly salary after finding a distributor in China and selling via eBay. Other sellers soon latched on and he called it a day.
鈥淲hen I was working in finance I travelled to the US a lot and saw how ties were branded differently,鈥 he says. 鈥淚n the UK, it was a symbol of the corporate grind, heritage and stuffy brand messaging. I felt we could do something fresh and fun.鈥
In 2014, ocean-inspired Reef Knots partnered with the Blue Marine Foundation which, says Dudley-Williams, has opened doors for the sustainability brand. With early tie designs featuring fish and sailing boats, the likes of Prince Harry and Richard Branson, the latter briefly to support the brand, have been seen wearing Reef Knots ties, while its swim shorts are made using recycled ocean plastic.
A board member for seven years at the UK Fashion & Textile Association, Dudley-Williams says Reef Knots has sometimes been accused of not being a British brand, with its lifestyle products also made in Portugal.
Read More: ‘Why we set up a sustainable mobile operator to save people money’
鈥淧eople could look a little closer at independents and realise the jobs they do for the economy in the UK,鈥 he argues. 鈥淭he reality is that we don鈥檛 have the developed manufacturing industry that we require to make things as British as we would like them.
鈥淲e always do things right and try to put the customer first and I will put our product in front of almost anyone in terms of quality and the way it is produced.”
Today, Reef Knots has one store in Salcombe, headquarters in Chippenham and a staff of six. From revenues of around 拢350,000 in 2015, Reef Knots is currently a mid seven figure business.
鈥淲e run a lean ship,鈥 he adds. 鈥淚 sometimes look at these businesses and I don鈥檛 know what these people do. We make products, we have operations and marketing. If you have good people with enthusiasm to learn you can get an awful lot done.鈥
After 12 years, Dudley-Williams has also packed a lot in to survive and thrive as an independent clothing firm, a world away from having three children under the age of three and walking back to his old office to sell ties to former colleagues.
鈥淚 said to myself that if this was what I was going to do for a living then I can鈥檛 be embarrassed to go back,鈥 he says.
鈥淭here were moments where I asked myself if I had done the right thing. But I had to be all in on it.鈥
Tips from the top
Managing cash flow
We are never surprised by pitfalls. Investors we speak to have been surprised at the level of detail in our cash flow numbers. The clothing business is a difficult game to manage with upfront costs for stock and cash flow is the number one thing to make you grow, as well as the returning customer base.
Powering up growth
I spent three hours looking at our Google Ads campaigns recently. I have used many agencies over the years, all have promised to turn water into wine and none have. To grow the fastest there are certain things as a founder that I need to master and understanding what drives our growth is a key part.
Telling our story
For a long time on social media we’ve had models walking in slow motion with their tops off. There is a place for that for a certain customer, but people also want to know what鈥檚 behind the company. The best performing ads are ones where I am discussing our journey and challenges. It has been really valuable.
Consumer promise
Our job is to always over deliver for customers. We tell people our returns are processed in a week but we make sure it鈥檚 done in a day. That way we are always beating customer expectations and that鈥檚 how they become loyal. Ultimately that鈥檚 what we are creating as a business.
Download the Yahoo Finance app, available for Apple and Androi