07/ 25/ 2007
It started as a goof. Friends Tim Mikkelsen and Phyllis Wright-Herman were hanging out drinking champagne when Mikkelsen discovered an old family photo album. Ripe for satire, the two began to come up with snarky captions for the '60s-and-'70s-era pictures. Inspired, Mikkelsen sat down at his vintage pica typewriter and tapped out some of the captions on stationery cards.
Today, some 15 years later, they now preside over Charlotte, N.C.-based MikWright Ltd., which produces nearly a million greeting cards a year. Despite the fact that their company has become quite successful--they generated nearly $1.5 million last year--the proprietors have retained control over their products--and how they do business. Nearly all the photos they use come from friends, family and co-workers, and they still glue all of the pictures onto the cards by hand.
"The decisions we've made are not the industry norm, but are the MikWright way," Wright-Herman says. "They make sense to us."
Another principle the company adheres to is keeping a tight rein over where its products are sold. Though the company now produces a range of products, including cocktail napkins, notepads, mugs, photo albums, magnets, coasters, calendars, clocks and plaques, they've resisted requests from giant chain retailers like Target. Of the 10,000 or so retailers around the world that sell their products, the majority are smaller independent operations.
"We feel a commitment to them," Mikkelsen says. "They've helped us become what we are today."
While the MikWright duo says they're happy that they've stayed true to small retailers, looking back they say they would change at least one move. Like with nearly any business, MikWright must have a continuing influx of new accounts to adjust to changes in the marketplace.
And this, Mikkelsen says, can sometimes prove difficult when dealing with small retailers, many of which face their own challenges in trying to remain competitive and viable.
"If we had to do it over, we might adopt a 100 percent nonexclusive policy," Mikkelsen says. "If we are willing to give an exclusive to someone, then maybe we should be asking for some exclusivity back."
Nonetheless, they both agree that the benefits of staying small far outweigh the costs of getting too big too fast. "A small, consistent growth pattern is preferred at MikWright," Mikkelsen says. "We'd rather have balanced lives than be a huge conglomerate. The costs of growth can often be measured more in stress than in dollars."
Keys to Authenticity: How do you expand your product or service and broaden its appeal without losing the qualities that make it distinct? Tim Mikkelsen and Phyllis Wright-Herman of MikWright Ltd. did it by sticking to these principles.
- Keep that personal touch. Despite growing beyond a two-person shop, Mikkelsen and Wright-Herman still forego stock photography for handpicked photos gathered from relatives, friends and co-workers. This effort leaves customers feeling like they're getting something special.
- Remember your best customers. It's great to branch out and expand your customer base, but never forget the people who got you where you are. Though Mikkelsen and Wright-Herman have been courted by Target and other big chains, they sell almost exclusively to the same type of retailers that made them successful in the first place. Of the thousands of businesses that carry MikWright products worldwide, the majority are small, independent operations.
- Practice patience. When a business idea takes off like MikWright's greeting cards did, it can be tempting to capitalize on every opportunity that comes along to expand your reach. But not so fast. Rapid, uncontrolled growth can bring more headaches than profit. Any proposals or partnerships you consider should line up with your original goals and vision.
NFIB.com
Discover how to grow without losing your authenticity in "Strategic Planning" in the "Growth and Planning" section of www.NFIB.com/toolsandtips.
