IN this week’s SME Focus we hear from a young entrepreneur whose experience suggests small firms need to differentiate themselves from giant rivals but must be ready to learn the lessons bigger fish can teach them.

Name:

Peter Telfer.

Age:

28.

What is your business called?

Urquhart Opticians.

Where is it based?

Our flagship practice is in Kilmarnock and we also have locations in Prestwick, Troon and Glasgow.

What does it produce, what services does it offer?

We are an opticians offering eye care services and selling a range of over 800 designer and affordable frames. We also visit the Highlands and Islands several times a year providing free NHS eye examinations for those in remote locations.

To whom does it sell?

Our customers can be anyone of any age but our target market is aged 30 and over.

What is its turnover?

Since we have taken over we have increased our turnover to over £1million from around £840,000, with more growth projected.

How many employees?

20 with plans to take on more.

When was it formed?

n 1916. My business partner, Alistair Duff, and I took over in late 2014.

Alistair and I have been friends since primary school.

Why did you take the plunge?

I always wanted to run my own business especially after completing my studies at Strathclyde Business School and was just waiting for the right opportunity. Alistair was working as an optometrist in a small opticians in Cumnock, Ayrshire, when he was informed that family business Urquhart Opticians may be up for sale. We both felt it was a tremendous opportunity for us as it had a very loyal customer base with great potential to increase this by modernising the business. This meant that I could use my skills and experience to really make a difference.

Multiples have won a big share of the optical business but we believe we can compete by delivering a clearly differentiated service. We offer a wider range of services than giants tend to and in-depth personal assessments for clients. Each of our practices carries a unique range of eyewear that is tailored to their location and client base.

We have invested a six figure sum in refurbishing our Kilmarnock and Prestwick locations as well as introducing state-of-the-art equipment and technology across our four practices.

What were you doing before you took the plunge?

I was marketing and business development executive for brightsolid, a digital services provider in Dundee.

How did you raise the start-up funding?

We mainly self-funded. Through Business Gateway’s help we’ve accessed funding to improve our shop front with better signage and to help with the cost of ensuring our website is effective and customer friendly.

What was your biggest break?

The attention and social media engagement we’ve had due to the 100th anniversary this year has been unexpected but great in getting our name more widely known.

What was your worst moment?

Working to a tight timescale, the refit for our Kilmarnock practice was just about ready when I noticed water dripping. We were just hours away from the whole ceiling collapsing. Luckily we spotted the flooding in time to minimise damage but it was a low point as we were so close to it being finished.

What do you most enjoy about running the business?

The autonomy that being my own boss brings and working with a mix of employees who seem to enjoy their work. Some have been with the firm for many years.

What do you least enjoy?

The buck really does stop with me and Alistair and when you know that it’s hard to switch off. While I was on holiday a few things cropped up that I had to deal with even though I wasn’t in the country.

What is your biggest bugbear?

When people say that the large chains are taking away customers. I see the big companies as the benchmark for what we want to achieve. The customer experience and service they provide is highly desirable and this should push independents like ourselves to improve and introduce new methods which will satisfy existing and new customers.

What are your ambitions for the firm?

Our three year plan was focused on increasing turnover and adding to our expertise by recruiting the right people, which we’ve done. Now, our aim is to carry on growing and eventually open up more locations in towns across the country.

What are your top priorities?

Enhancing patient experience.

Raising awareness of the business through our marketing plan.

Investing in staff.

Growing the business.

Operational excellence.

What single thing would most help?

Due to our ages it would be a great help to have additional support from a mentor who has not only set up but has run a successful company. Through Business Gateway Ayrshire we received a retail audit from our adviser John Strachan, the results of which formed the basis of the refits we carried out in two of our practices. This external support was vital. To expand on it by having a mentor who could share personal experiences with us would be beneficial.

What could the Westminster and/or Scottish governments do that would help?

Initiatives to revive town centres would make a vast difference and help footfall whilst simultaneously filling empty units.

What was the most valuable lesson that you learned?

Expect the unexpected. Every day can be different and you need to be prepared for anything.

How do you relax?

I’m a big football fan and support Kilmarnock so can often be found at Rugby Park. I also love cycling and enjoy walks along Troon seafront.