Clearly, at the set-up stage of any business its vital, and likely to be a financial necessity, that you immerse yourself in all aspects of the running of your company, so that you develop an intimate understanding of how to create success both logistically and financially. Equally, we’ve learnt the importance of planning and being confident enough to be prepared for success, right from the word go.
In terms of practice, this means as well as focusing on the immediate objectives of engaging with customers and delivering income, that you try to allow yourself the time to look to the future. Doing so can help ensure that, early on, you have a clear vision of the systems and support required to enable the business to scale up.
Thinking and acting big, even when you’re just a start up will, hopefully, help avoid over-burdening yourself with time-consuming and ineffective working practices. It can ensure that you can keep pace with the requirements of a growing business and help you successfully navigate, work alongside and compete with bigger more established companies in your market sector.
Specifically, we’ve learnt (sometimes the hard way), that fundamentals such as relationships with suppliers and financial business partners, can mean the difference between success and failure. For example, many businesses fail not because their ideas are bad but because of a lack of cash flow forecasting and so it is key to get a good working relationship with your bank manager.
It’s also true what they say, great businesses are built on great people. For us, with growing success has come the realisation of the commercial and personal value of not continuing to be a jack of all trades. Learning to delegate to professionals with specific, relevant experience saves on time and, sometimes, un-necessary mistakes. This is perhaps particularly relevant for women like ourselves who juggle our business with hectic home-lives and bringing up young families.
Focus on the bits of the business that can’t do without you and for the rest, find the best people for the job and trust them get on with it. Whether that be a great accountant or book-keeper who’s an expert with tools such as quick-books and can help with budgeting and financial management, or marketing professionals who you can call on to provide resource as and when it’s required. If they’re good at their jobs you should reap the commercial rewards from the investment.
The Micro Scooter mums, Anna and Philippa, are speaking at the Businessmums' Networking Lunch, hosted by Mothers Life in conjunction with Motivating Mum on June 22 in Blackheath.
