From humble beginnings to being named Australian Exporter of the Year, Territory-based business Monsoon Aquatics is reefing in the accolades.
Monsoon Aquatics experienced the humblest of home-based beginnings in a Darwin backyard.
Under a highset house in the tropics, Daniel Kimberly, a self-confessed fish nerd, decided to turn an obsession with the weird and wonderful creatures of the ocean floor into a full-time job.
That was 13 years ago. Monsoon Aquatics is now Australia's largest exporter of coral, fish, and exotic marine life around the world and recently gained another award, the 2021 Australian Exporter of the Year.
There have been several contributing factors to the success of the company, one of several businesses which have taken part in the Northern Territory Government’s Business Acceleration Program (BAP), but an important component has been Daniel’s mindset to become the CEO early on.
“On the surface, the business was growing well, but it was growing at an unsustainable rate - we couldn’t keep up with the pace, and I had to make a decision if I wanted to be the technician or the CEO,” said Daniel.
It’s this kind of business growth mentality that stood Daniel, his wife and co-owner, Brooke, and their Darwin skipper and shareholder Tim in good stead when the company registered to take part in BAP for the 2019-20 financial year.
“We were already on a path of growth when we landed this opportunity. We had expanded operations to Cairns and Bundaberg in Queensland, but the program helped us to consolidate and manage that growth and work with the cycles of growth,” he said.
“I would never say no to anything and during that program I learned that it’s OK to say ‘no’ to some things and focus on things that bring in return.
“When you’re in the trenches working hard, you don’t always have the time to plan and think strategically. Taking part in this program forced us to stop and take a look at this side of the business which was hugely beneficial.”
Launched in 2018, BAP is delivered by Jana and the Australian Centre for Business Growth and designed by world-renowned expert in entrepreneurial leadership, Dr Jana Matthews.
Daniel said the program, which provides participants with the knowledge and skills they need to develop as leaders, accelerate company growth and compete in a global marketplace, taught him about the importance of having mentors.
“Being taught by people who have made and sold successful companies, and not coming from a textbook point of view, was an important component. It forced you to do your homework because you knew it was rooted in real life. Invaluable, really.
“We came back with a business plan, plus a brand and vision statement. It was not always easy to commit to this program but it was so worth it in the end.”
Daniel said he learned a lot about sales and marketing, too. “Apparently, I’m a hunter when it comes to sales. I get a client or an idea, and then I want to move onto the next. Through this program I realised we needed staff who are more ‘farmers’, who are good at nurturing and maintaining those relationships.”
Not long after the program finished Daniel started looking for grants to help finance the company’s growth into aquaculture as a primary focus for the future.
"At the core we're a commercial fishing business and for years now have sustainably harvested fish and coral across the northern coastline from Broome in Western Australia over to Bundaberg on the Queensland coast," he said.
"We were already looking into aquaculture when we took part in the program, but it really consolidated our thinking, and highlighted the benefits of looking into the grants space for investment opportunities. It’s not something we’d considered before.”
Monsoon Aquatics has since spawned a couple of species of coral that are endemic to Australia - a world first - and is well on its way to commercialising the coral spawning and aquaculture side of the company.
Despite a number of challenges caused by the pandemic, in the last financial year, the company has also grown its total sales by 35% and export sales by 18%. These results far exceeded the average figures of 26 companies which took part in a growth tracker survey as part of BAP.
In fact, the biggest take home from the program, now open for registrations for 2021-22, is that Daniel and his wife Brooke have a winning combination when it comes to innovative business.
“We both won an award for leadership which was a first for the program, and it’s our complimentary skills as leaders which work so well.
“I’m not a details person and we call what I do the ‘fuzzy front end’ of shiny things, intangible thoughts and big ideas, and Brooke runs the ‘speedy back end’ and makes it all happen.
“We kind of knew this but having this confirmation told us that we’re definitely heading in the right direction.”
