Focus is key to staying on track and meeting your business goals.
With so many things to think about when running a business, it’s easy to become distracted. Here, five successful SME owners reveal the key issues to focus on.
Pay attention to the practicalities before you launch – and have a strategy mapping out where you want the business to go and what you’ll need (and won’t need yet) to get it there, says Patrick Horan, founder and CEO of Bombinate Web Design, which was named Best New Business at the SME National Awards last year. Horan takes time out to mentor start-ups and says he’s seen plenty launch with a great idea then too quickly get blinded or bogged down by practicalities, such as finance, copyright and premises.
“A common mistake is to commit to spending money, say on advertising, before it’s needed,” he says. “I’ve seen start-ups go through the first few months’ revenue before they’ve got off the ground, and when they run short of money, they take their eye off the ball and start taking on clients or selling products to support cash flow, rather than to support the business idea they believe in.”
Jennifer Hunter, owner of artisan shortbread bakery Pinnies & Poppy Seeds on Edinburgh’s historic St Mary’s Street, attributes her success to a focus on what she loves to do (baking shortbread), and the customers she wants to serve. “I’ll go into other retailers and not be sure what they’re actually about, because they’re trying to do everything,” she says. “I understand that. I had plenty of people suggesting I bake and sell bread or cupcakes to grow faster.
“But I wanted to make this business about something I believed in, and the shop to be a destination for people who wanted to buy fresh shortbread made from local ingredients. I’ve seen others quickly open a second and then third shop, and when it loses focus, they start to close. For me, success will be if my shop is still here in 30 years making money.”
Successful businesses have a strong leader and strong people who believe in that leader’s vision, says Tyrell’s crisps founder William Chase.
“Set the tone. Be at work before everyone else and be clear about what makes your business tick and your vision,” says Chase, who has gone on to found Chase Distillery and cider brand Willy’s ACV. “Then people can see and believe in what you’re doing, too. Of course business models metamorphose, but those leadership skills and that focus will put you in control of how that happens.”
“As we’ve diversified, we’ve been careful to focus on why we started this as a family business 16 years ago,” says Alison Lea-Wilson, co-founder at Halen Môn Sea Salt, which is now sold around the world both on its own and as an essential ingredient in other leading products. “Those ideals act as a filter when we’re looking at new ideas or new people to work with,” adds Lea-Wilson, whose client meetings at Halen Môn can include a meal at her kitchen table or a picnic on the beach at Anglesey.
“Company values have to stay at the heart of what you do, and shape the decisions you make and how you deliver your service. They have to be a continual focus as you grow”
Aron Gelbard, co-founder and CEO, Bloom & Wild
“It makes a difference. We’ve turned people down as a result but also built relationships with others – retailers, customers, distributors – because we can look them in the eye, enjoy a conversation and know they’re in tune with our business ethos.” An example, she says, is her Spanish distributor, who had one product in his portfolio when she and husband David first met him. “We knew he understood us, and we liked his business ethos, and we’ve grown together over 16 years and become good friends.”
For Aron Gelbard, co-founder and CEO at fast-growing flower-delivery company Bloom & Wild, the values of his business are a constant focus. “Those values [delight, pride, innovation, customers first, among others] were agreed early and are now a bellwether for recruitment, a measure of success, and a tool for reviewing performance,” says Gelbard.
“It’s not enough to list and look at them – though they are on our wall. They have to stay at the heart of what you do and shape the decisions you make and how you deliver your service. They have to be a continual focus as you grow.”
Every Monday Gelbard leads a companywide meeting and talks about the values and how they’ve been embodied in achievements in the previous week. “We assess outcomes and each other on those values. We talk about them all the time,” he says.
Further Reading
We have a thriving and diverse community of thousands of entrepreneurs from multiple sectors, backgrounds and skill sets helping you to connect with the right people at the right time. No matter whether you’re looking to upskill, get feedback, engage with new people or simply observe, there’s something for everyone.
‘Want to learn more? Register for NatWest Business Builder to view all of their business development tools. Click HERE'