Smart50 rank: 34
Revenue: $1,500,000
Growth: 53.29%
Founders: Dianne Gardiner, 40
Head Office: Victoria
Employees: 9
Industry: Internet
Website: www.latitudeinsights.com.au
Dianne Gardiner started Latitude Insights in 2007 when she recognised the huge opportunities presented by social media and Web 2.0. These new technologies and the changed social norms that come with them mean changes for market research.
“Competition is coming from outside the traditional players with new entrants coming in with completely different mindset and proposition. This is taking revenue away from traditional big players and creating new niches,” Gardiner says.
This makes it important to take risks and try new ways of doing things, because "taking risks moves you forward even if they don’t always work because you learn in the process”. It hasn’t always been easy. Earlier this year, the company experienced cashflow difficulties after rapid growth and a new office took attention away from balancing the books.
Gardiner did all she could to cut unnecessary costs, including asking her employees to consider reducing their working hours or take unpaid leave. She says, “while this was the hardest thing I have ever had to ask of my team, it was also gratifying how they took to the challenge of helping us overcome the issues.”
Within three months, the situation was under control and everyone was able to come back on board. “While it was an awful experience it provided a valuable refocus on the business and its costs.”
