When looking for business success tips, the best course of action is to ask successful founders themselves. Paul Beare, founder and MD of Paul Beare Limited, an international accounting firm with offices in London and New Zealand which offers support to overseas organisations wanting to set up in the UK, shares his 5 success tips.
1. Hire people you trust
It’s the people that make your business a success, so go with your gut and hire good people you can trust. I hired my ex business banking manager and then her area director. After that I brought in a controls person who would review the keyed transaction that a customer would request in person, also in a branch of a bank. All of them were vital in helping us grow because I trusted their judgement and knew I could rely on their expertise and integrity. Now, we have eight ex-bankers working in the business, with two on the senior leadership team, which means banking is a huge part of what we do for our clients.
2. Be tough when needed
We all try to develop good relationships with clients, but sometimes, things go wrong. In those cases, you’ve got to be tough. In practice, don’t be afraid to use the legal system to make sure a client pays their unpaid bills. Slow or non-payers can cripple a business’s operations, especially when the work was completed fairly and per the contractual agreement, so staying strong and making sure you get correctly recompensed can be the difference between a thriving business and administration.
3. Check yourself for burnout
Without overplaying the mental health card, burnout is real, remember that work culture counts. Here’s why; it’s massively important to appreciate work/life balance before it shunts you into ‘off mode’ and things start to go wrong. Burnout is insidious, and it manifests in many ways, often unnoticed. You might get sloppy, or begin to treat staff and clients poorly. You might let your standards slip or allow the business to drift into perilous waters. My key advice for any business founder is to acknowledge the hard work you as business owners put in and pause regularly.
4. Be cautious with spending
Whatever stage you’re at with your business, be careful on the spending. It’s important to realise when the team are at capacity in whichever department. Regular check-ins will determine if more personnel are needed or whether the current flow is working well. This regular contact helps keep momentum and culture positive.
5. Enjoy the journey
Finally, enjoy it. I often get asked if I’m ready to sell. My answer is simple; when I dread opening my inbox, that’s the time to sell. So while you can, and for as long as it enhances you as a person, make sure to enjoy the founder process. There’s no greater joy than running and owning a business while watching others navigate their careers and flourish while knowing you are helping their skills to develop and shine.
When looking for business success tips, the best course of action is to ask successful founders themselves. Paul Beare, founder and MD of Paul Beare Limited, an international accounting firm with offices in London and New Zealand which offers support to overseas organisations wanting to set up in the UK, shares his 5 success tips.
