Investment, succession planning and exit strategies were among the topics discussed at BusinessCloud’s latest roundtable.
The discussion was organised by MHA and CG and hosted at the Bonded Warehouse, in Manchester.
Character World co-founder Danny Schweiger opened up about his experience of dealing with panic attacks before several entrepreneurs shared their own approach to growth.
Green shoots of recovery
Richard Barnes is the commercial director of sales recruitment and training company Furza, which is backed by private equity firm MonacoSol. “In terms of growth we’re seeing green shoots in the market at the moment,” he said. “We’re investing in our staff to ensure they can be the best that they can be but we’re also hiring junior people to support those senior staff to continue the growth.”
Be authentic
Hannah Munro is the managing director of ITA Solutions, which helps finance teams and businesses transform the way they work using Sage technologies
She said: “Not all customers are equal. My takeaway from today is the importance of understanding your customers, understanding which customers add value to the business and don’t take as much resource as they give. Once you understand that, find more of those customers and build on that.
“One of the things about being an entrepreneur is it allows you to create something that suits who you are as a person. Authenticity is key.”
Surround yourself with good people
Daniel Ashton is the owner of KeyGenie and The Surveying Experts. He said: “Surround yourself with people you trust. That’s probably my experience. A lot of people who have worked for me have worked for me for 15+ years and we’ve promoted people quickly from within. There’s definitely some benefit to bringing some external resource in.”
Plan for your end game
Nick Richardson is the founder of The Insights Family and has been appointed as the Entrepreneur in Residence at the University of Greater Manchester. He said: “Ultimately, it’s got to be based around what your end game is. If you want a £10m-£20m business you are possibly going to need investment.”
Award-winning entrepreneur opens up about mental wellbeing struggle
Richardson said planning ahead was crucial. “Looking at things five years (in advance) is a good place to be,” he said. “We’ve seen some of our three-year plans take longer and we’ve a lot of things come quicker but for me five years is always a good number.”
Deliver best customer experience
Dave Timmis is the founder of Stockport-based car leasing comparison site Leasing.com. He said: “Focus on a niche, deliver the best consumer experience you can do, surround yourself with the best people and empower those people to be the best people. Also, listen to customers and keep your customers happy.”
Don’t fear failure
Mark Lindsay is the CEO of WeDo Finance and said: “Don’t be afraid to try different things. Don’t be afraid to fail because sometimes they’re the best lessons you can learn. But when you find something you enjoy, go with it passionately because life is too short to do something you don’t enjoy.”
Work smarter
Kate Burt is the founder and CEO of Preston-based HiveRisk and advises law firms on market strategy, insights and regulatory compliance.
She said: “In the early days you’ve got to get it off the ground. If you’re starting a business from scratch you’ve got to use all your own vital energies and you’ve got to lay those bricks yourself and it’s very difficult. When you’ve got the thing off the ground it’s time to get smart and you use efficiencies to grow faster and easier.”
Raising investment has pros and cons
Rob Richardson is a corporate finance partner at MHA and said: “When we talk to our clients it’s about thinking about the end game, where you want to get to and what are your objectives?
MHA & CG roundtable with Character World co-founder Danny Schweiger
“Then you can build a plan that works towards the shareholders’ objectives and stay on track along the way.That may or may not involve taking investment but it’s about having a clear objective of where you want to get to.”
Incentivise key staff
Sean Mitchell is a tax partner at MHA and said it was important to surround yourself with the right people. He said: “Make sure those people who are key to you are well incentivised and they’ve got things that will keep you for the long term. Don’t forget to look after your personal wealth outside the business as well. Make sure you’ve got that derisk, that nest egg and that mortgage paid off.”
Plans change
Derry Green is the owner of Secret Garden and went on Dragons’ Den to secure investment. He said “Everyone has a plan but my plans change literally change on an hourly and daily basis. What I want to take away from this discussion is figure out a more stable line of growth for what we do. My own passion drives the speed of what we go at.”
Invest in technology
Dominic Bennett is the CEO or eLearning platform Aspire Software and said: “We’re a growing business with nine staff. We’re a tech business and we lean heavily into AI to make us more efficient.”
Protect your mental health
Ben Dredge is the managing partner of North West law firm CG, which employs nearly 70 staff across its three offices in Manchester, Liverpool and Chorley.
He said: “My takeaway from today would be around looking after your mental health and looking after yourself, particularly as a business owner and founder. Also, authenticity is important. If you’re going to set your own business up, be passionate about it. Why would you not be authentic and make sure your customers and clients can see that?”