2024 has been a year of navigating for a lot of businesses in the UK.
Navigating an election year with the subsequent budget announcement, a later Black Friday and Christmas than usual, a recession, a cost-of-living crisis, and a multitude of internal issues that require consideration from a business owner. Navigation brings failure, but it also brings learning.
So, what have I learned in this year of navigation? My first top tip: Keep the fun! For the first three quarters of this year I was absolutely miserable. By the end of Q3 I was ready to quit, because of continual staffing issues, huge rising costs without room for price increases and the general turbulence of the economy and having to constantly try to stay ahead of it. But then I realised that life is too short. We need to lighten up and try to bring the fun element back in. These thigs are going to be happening around you either way. You can choose to face them with a terrible attitude or grin and bear it.
Second, learn the difference between being kind and being nice. I’ve been guilty so many times in the past of feeling sorry for an individual and putting their individual needs before those of their colleagues and the company. It never pays. If people aren’t pulled up on their bad behaviour, you are giving them implicit consent to continue that behaviour, and the problem always gets worse.
My third learning is making sure that everything is measurable. You have a photographer, for example. What is their output requirement? For every project, for every month, for every person in the company, you need specific targets that are quantitative.
Four – go after low hanging fruit. When times are good, it’s easy to pad the team out with ‘nice to haves’. When we’re headed into a year of increased wage costs and a huge increase in employer’s NI, do we really need these roles? Is the salary at least adding that money back to the bottom line, either directly or indirectly? If not, do we need that role or could it be incorporated into another role? We know individuals can fill their day or become acquainted with a certain workload, so it doesn’t mean people aren’t working hard, but the question must be asked. Are these jobs a ‘nice to have’ or necessary for the functioning of the business?
My fifth learning is what Tony Robbins always says – you must take time out to work on the business and not in the business. You can become so entangled in the day to day weeds that it becomes difficult to stop, pull back and look at the higher level work that demands its own focus. I’m spending the quiet time between christmas and new year to really strategise on how we can reach new markets.
Sixth: the most difficult (for me, at least.) Procedures, procedures, procedures. Most entrepreneurs (including myself) hate procedures, but without them, you leave the company vulnerable to risk after risk. If any member of staff is taken out of the business, are there enough procedures for someone to step seamlessly into the role? Does their role have clear, step by step guides and expectations set? This is something that needs to be set up for every job role. This will also support tip four. When you know what goes into a role, you can measure how necessary each task is.
And finally, my seventh top tip. Either trust your staff or let them go! There is no point in hiring staff to do a job and then micro managing them. If you surround yourself with good people, they should know more than you in their chosen field. Let them get on with the job.
It’s been a really tough year, but the reason for stagnation in growth this year is due to me, as the leader. Yes, the market is tough, I mean really tough, but it’s down to me as the leader to navigate that. Half of the work of a leader is being able to hold the mirror up and recognise your failings, and then rather than beat yourself up over them, look to the team around you to compensate for some of those shortcomings.
Rachel Watkyn
Eco Entrepreneur Rachel Watkyn is the founder of Tiny Box Company which has a £10,000,000 annual turnover. www.tinyboxcompany.com and Know The Origin www.knowtheorigin.com which allows consumers to make sustainable choices on household goods, activewear and gifts based on their personal values.
Rachel is a well-known expert on sustainability and to date is the most successful female to appear on Dragon’s Den
Rachel runs a large team in Sussex and is a frequent speaker at business events.
Rachel runs free business clinics once a week for those looking to get back into the work force or who have a new business idea.
