In the fast-paced world of beauty, where trends come and go in the blink of an eye, Iris Smit dared to dream big and revolutionise the way makeup is applied with The Quick Flick.
But as the business expanded, Iris encountered a new challenge – managing and understanding her finances.
In search of a solution, Iris turned to SBO. Here’s how we helped Iris gain control over her finances and make informed decisions that would propel The Quick Flick to new heights.
Winging it
Operating from her dining room table, Iris Smit founded The Quick Flick in 2017 when she was just 21 years old. Motivated by the success of Kylie Jenner’s lip kits, Iris had a vision for a tool that would spare her the tedious task of spending 20 minutes perfecting her winged eyeliner.
Three months after launching The Quick Flick with her time-saving winged eyeliner stamp, Iris appeared on Channel 10’s Shark Tank, where she boldly turned down a $300,000 offer from entrepreneur Andrew Banks.
Initially an online business, The Quick Flick rapidly gained popularity and expanded its presence to retail stores. Today, the company is worth more than $10 million, and can be found in major retailers such as Coles and Priceline, making its mark in the highly competitive beauty industry.
But as the business grew, Iris came to realise she didn’t quite have a firm understanding of her financial position, and couldn’t monitor her company’s financial health at any given moment.
“I just wanted to get a grasp of where we were sitting financially at any point in time,” she says.
Iris considered various options, including an in-house financial team, but it was a recommendation from a trusted friend that led her to SBO.
“After speaking with [SBO Director] Jason [Andrew], I got a really good sense of how SBO works, and how they could support our business,” she says.
One of the critical factors for Iris was finding a financial partner that aligned culturally with her team, and shared her vision for success.
“I got the sense that SBO would fit in nicely with the rest of our team,” she says. “I also liked what they were proposing and what they could offer us.”
The perfect primer
To address Iris’s financial concerns, SBO developed a comprehensive three-way financial model that consolidates The Quick Flick’s Profit & Loss, balance sheet, and cash flow projections. This model makes it possible to forecast the company’s financial future and evaluate the impact of different scenarios on its bottom line.
With this financial model in place, SBO has provided Iris with a dashboard that allows her to easily monitor her business’ financial performance, track financial milestones and ensure the business is on course as she plans for the future.
This approach has facilitated data-driven decision-making for The Quick Flick. By setting targets and assessing numerical outcomes, Iris and her team can pivot and adapt to changing circumstances effectively.
“The dashboard allows me to check in at any point in time and get a really clear understanding as to where our business has been financially, and also where we were going,” Iris says.
“It’s helped to have that oversight there – not only to keep us on track, but also to keep myself accountable as a business owner.
Of course, SBO’s services extend beyond financial modelling. Iris says The Quick Flick has also benefited from the well-organised bookkeeping system SBO has implemented, ensuring that invoices are promptly and accurately processed.
“I find that really makes a big difference in just keeping things moving in the business,” she says.
Eye shadow
Iris says SBO has provided an all-important extra set of eyes, and an additional layer of financial insight and guidance for the businesses’ major decisions.
“It’s always nice to have a second sense check, especially if it’s a really large opportunity that is going to affect us financially,” Iris says. “It’s nice to have Jason and the team there offering that extra layer of support… I work alongside SBO every single day. There isn’t that disconnect that I’ve had in the past working with agencies.”
Iris has been particularly pleased with SBO’s CFO advisory service, which provides business leaders with specific, actionable advice to drive profitable outcomes – essentially outsourcing the role of a CFO.
“I’m able to bounce any idea off SBO and get their financial opinion on what the business can do moving forward to support it,” she says. “I find that really helpful.
“SBO are always willing to go above and beyond to help us. They really take pride in their work and make sure things are being done properly. There’s real trust there, which is great. I’m not up late at night worrying if things have been done properly. I know SBO have done their due diligence.”
Ultimately, Iris wholeheartedly recommends SBO to everyone in need of financial guidance and know-how for their business.
“They are supportive, they are organised – and they know their shit.”
