RISKS ASSOCIATED WITH GROWTH
Customer loyalty is vital to our profitable growth, and we see some risks associated with our expected growth:
- Losing touch with customers:
We would not wish to find ourselves rushing to make “one-of”s for many individuals while neglecting our “bread and butter” clients, and vice versa. - Loss of clientele to other designers:
As is always the case in the fashion industry, new designers are “born” every day, and as the market continues to expand, and tastes change we may find ourselves struggling to hold on to our customers - Quality of services diminished:
If we expand too quickly there is the risk that the product quality will suffer. - Knock offs:
This is an ongoing problem for designers, and one which we will have to be very careful to safeguard against (as much as is possible).
The risks facing the expansion of Siim can be summed up in one word: competition.
In order to gain and sustain a strong position we need to outshine our competitors, presenting the world with a consistently distinctive style . By maintaining our focus on superior products and by maintaining cutting edge, classic designs , we will be able to uphold our position in the industry, thereby retaining current clients and attracting new clients.