In this episode of ScaleUp Radio, we are delighted to welcome Chris Forbes, the co-founder of CheekyPanda, a pioneering company in the bamboo tissue and hygiene products sector. Since its inception in 2016, CheekyPanda has grown from a visionary idea into a £15M revenue business with 35 employees and a presence in 10,000 UK stores. Join us as Chris shares the inspiring journey of CheekyPanda, highlighting the challenges, successes, and lessons learned along the way.
The standout takeaway for me from this interview with Chris is his emphasis on resilience and adaptability as crucial factors for business success, especially in the face of unexpected challenges. Chris highlights the numerous obstacles Cheeky Panda has encountered, from currency fluctuations and Brexit to the COVID-19 pandemic and supply chain crises. Despite these challenges, Cheeky Panda has continued to grow and innovate, driven by a strong mission and strategic planning.
Key Discussion Points:
Business Overview:
CheekyPanda’s origin: Started in 2016 by Chris' wife with a mission to create sustainable, plastic-free products.
Achievements: £15M revenue, 35 employees, B Corp certified, and selling 1 toilet tissue every 2 seconds.
Scaling Challenges:
Initial struggles: Balancing operations, generating leads, and hiring the right people.
Advanced hurdles: Managing larger risks and developing an enterprise mindset.
The importance of resilience and agility to handle unexpected events.
Funding Journey:
Early financing: Using rewards and equity crowdfunding to fund working capital.
Success: Raised £500K in 4 weeks through crowdfunding, which showcased demand and facilitated retailer partnerships.
Current strategies: Accessing invoice financing and trade finance as a larger company.
Key Success Factors:
Taking calculated risks, such as removing plastic packaging.
Staying true to the core mission and purpose.
Prioritizing cultural fit over skills when hiring.
Learning from other entrepreneurs and leaders.
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For now, continue listening for the full story from Chris.
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More on the Book HERE - https://www.esusgroup.co.uk/
Chris can be found here:
https://www.linkedin.com/in/chrisforbes/
Resources:
Netsuite - https://system.netsuite.com/
Xero - https://login.xero.com/
