Smart50 rank: 34
Revenue: $9,914,000
Growth: 53.97%
Founders: Les Katz, 40
Based: New South Wales
Employees: 40
Industry: Construction
Website: www.liftshop.com.au
The residential lift sector is a surprisingly cutthroat little industry. Just ask Lez Katz, founder of Lift Shop, which returns to the Smart50 this year after posting revenue of $9.9 million in 2008-09.
Lift Shop has enjoyed strong growth since its establishment in 1996, but admits that deflecting competitors - who have stooped as low as claiming Lift Ship didn't have a service department and had illegal products - has eaten into too much time.
"It was very clever really," he admits. "We found ourselves defending ourselves and talking about the rubbish that they introduced."
Katz's mantra has become simple: Don't quit. "You get your wins and losses where you least expect it. If you've got a genuine value proposition and just stick to that rather than get distracted, you will succeed. Don't stop pointing out the value."
The downturn hasn't particularly affected Katz's business plan, although the downturn in construction has hit the industry hard and clients are becoming far more selective. "This combination is working very well for us, they are finally being sensible in their search for value. Clients who spend wisely seem to shop with us."
He has pushed on with his plans to open offices in Perth and Brisbane and even did a job on Norfolk Island for the author Colleen McCollough. "The installers loved it, as there are not too many good looking single men going to Norfolk Island," he says.
However, Katz has done a bit of "tidying up" by eliminating basic waste and consolidating the team.
"We are doing some of the procedural and training improvements that we planned a long time ago, but did not have time to do," he says.
But reducing capacity is not a risk worth taking.
"When it turns we need to be ready, because we are already in pole position and as the other companies retire from the race, we expect we will be busy."
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