Back to Boo

OK, some last few thoughts about Boo.

I know it’s been a while since blogging on this topic – my apologies. No excuses. Just a personality trait – easily distracted & a certain amount of laziness especially over the festive period. Well we’re all allowed to switch off sometimes aren’t we?

So was T2G a mini Boo?

Simple answer, yes. Or atleast we made many of the same mistakes just not on the same bank-breaking scale. We may have had sleepless nights but our bank manager (the Geoff Boycott of financial services for those of you with a long memory for that English tradition of cricket). The Boo bankers and investors though I’m sure acquired a very distinguished grey-haired look very quickly.

Starting a new business is exciting and the adrenaline rush for us encouraged the heart to rule.

Spend, spend, spend!

Did we need a plush office? Of course we did. It may have been serviced on an easy in/easy out agreement but it impressed our clients. It confirmed our story. We were going places, jump on fast guys or miss the ride.

Looking back, of course it was great to have a pleasant environment to work in, to talk with clients and suppliers in the ‘boardroom’ and to have a lovely lady answering the phone and welcoming our visitors. But in the early days until the revenue gained momentum, we should have stuck with home or hotel lobbies.

Many years ago, I had a client who set up an engineering business (equipment to test for foreign bodies in foods) literally on his kitchen table. Given his line of business he was always able to hide this fact as demonstrations were done at the client premises. It was only when one of his early customers wanted to arrange training for half a dozen staff at Dennis’s ‘offices’ that his cover was blown.

Even so, training in the garden shed gave them all a story to take with them and the customer still remained years later.

Business took off quickly though and the move to proper premises didn’t take long. Dennis sold his business a few years ago for a few $m having relocated to Canada for tax reasons.

Lesson: Even a garden shed can look swanky!

Procrastination

Jeoff and I also spent too long navel gazing. Jeoff likes to analyse & plan, two aspects of life that I have a natural dislike for, but know that in many cases they are justified. Unfortunately we spent too long analysing, planning, justifying, debating rather than just doing. Only when the balance in the bank account started to show too much red did we stop planning and start doing.

Planning is important and trying to get as much right as possible before launch is, of course, vital but how do you know it’s right? How do know the planning is accurate?

Only real-life feedback will confirm whether you’re on the right road. Be happy with 80% in place before launch, then launch. The 80% will soon become 90%. The other 10% you’ll never quite achieve – changing landscapes. But at least the bank balance will start to look healthy and you can draw an income.

And in some cases, no planning at all will work. Just get the idea going with the bare essentials in place & ride the rollercoaster until you reach your first comfort zone. Then start planning for the next stage of your development.

Lesson: Just Do It!

Variety is (not always) The Spice of Life

Some experts would say, pulling in the same direction is even more important. To an extent Jeoff and I wanted different things, had different ways of working, talked different languages but thought the umbrella set-up for T2G would accomodate this. I still think it would if the business had reached financial stability quickly. But when money (or lack of) is a constant pressure those differences quickly become issues.

Likewise Boo. Boo had no strong leadership. Everyone could do their own thing. Sounds great. But in reality it’s one thing to encourage creativity, there still has to be an overall direction.

Someone has to have the vision and to see it through.

Lesson: There’s only two directions in a tug-of-war – forwards or backwards. Whichever way your business is going, make sure all your team are still holding on!

There probably are other comparisons which we can all draw. But whatever mistakes are made the important thing is to learn. Making mistakes is good, repeating them is not.

Next up, I’ll go back to basics. Why start in business at all? They’ll be a bit about making lots of money, better work/life balance but also about what makes someone tell their boss to stick it & put themselves in the firing line.

Are entrepreneurs born or made?