7 lessons from 7 years in business
By Gemma Smyth, Founder & Managing Director, &Smyth
Economists and philosophers through the ages have explored the concept that both the economy and life moves in 7-year cycles. For economists, the cycle is a somewhat gloomy one of boom, stabilisation, recession and depression. Philosophers and spiritual leaders have a much more positive outlook. They contend that there is a natural release of energy every 7 years which encourages us to move forward and make changes in our lives.
For me, being a glass-half-full type of person, I would like to believe that the second theory holds some weight. When I founded my own communications consultancy, our first baby was just 7 months old and I felt a need for a career change. In 2020, this business entered its seventh year and encountered many challenges as a result of the Covid-19 pandemic. With every challenge comes opportunity however, and we embraced the opportunity to reflect, develop and grow.
Over the last six months our business has gone through a major transformation and is entering a whole new phase in its development, supported by a strong team with big ambitions for our future. So as we enter our next 7 year cycle, I have taken a moment to reflect on the 7 key lessons I have learned in business in this time.
Build a team who share your values
Building a strong, capable team is crucial to the success of every business but finding the right employees can be hugely challenging. When recruiting, I have learned to prioritise personality over qualifications and actively seek out individuals who share our company values. I have learned that skills and competencies can be taught, but a good work ethic, enthusiasm, commitment and diligence cannot.
2. Seek diverse opinions
While shared cultural values are important in a team, this does not mean that everyone should think in the same way. In order to be a progressive business, it is critical to engage in diversity of thought to critically analyse every situation and introduce creative thinking to the proposed solution. It is also important to regularly seek external feedback, or ‘outsights’, from clients or contacts in your network who can critically analyse your work or approach.
3. Trust your gut
While “trusting your gut” is not as tangible a learning, it is something which I believe is key. It applies to everything, from hiring staff to engaging with new clients. I have found that if something doesn’t feel quite right, it usually isn’t, which illustrates the power of intuition. It also applies to the importance of being true to who you are, being authentic and upfront about the way you run your business and not being afraid to push back if something doesn’t sit well with your ethos or values.
4. Always. Question. Everything.
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This is a lesson often learned the hard way but is fundamental to growing a successful business. It can be applied to everything from critically analysing a clients preferred method of communications to querying the suggested approach of a third party supplier. It also extends to looking inward at our own proposed strategies and regularly reviewing our methodologies. I have learned that you cannot have enough eyes critique a project or proof-read a piece of written material and we should never be too proud to ask!
5. Take advantage of technology
In business, it is important to know your limitations and identify efficiencies so as not to waste valuable time. This could come in the form of outsourcing elements such as accounts or payroll, or taking advantage of the many fantastic technology solutions which can assist in the smooth running of your company. For our business this includes Sage Accounts & Payroll; Toggl Track for logging time; Hootsuite for scheduling social media content and Canva Pro for creating graphics.
6. Prioritise internal communication
It has been well documented that employee satisfaction is intrinsically linked to productivity. No matter the size of the organisation, if your employees do not feel that they are part of business journey, they will become disenfranchised and less productive. Good internal communications, based on an open forum allowing for two-way dialogue between employees and management, is key to success and should be a top business priority.
7. Do not underestimate the power of your network
A big factor in the success of our business has come down to our extensive professional network and contacts, in particular in the agri, food and drink industry. Building a network takes time, but the groundwork can be laid from early on by encouraging younger employees to nurture the relationships they are developing daily. A professional network should not only be a business development vehicle, but also an important source of mentoring, strategic advice and insights. It should also include the development of a trusted partner network to draw on for external support as required.
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Gemma Smyth is Founder and Managing Director of &Smyth, a creative communications agency based in Dublin.