We’re one! A founder’s reflection
Stranded in Lanzarote with covid
As we signed-off on our first-year accounts last week, I was drawn to write a blog with a slightly different angle. We’ve created loads of content on regulatory publications, enforcement actions and of course – new joiners. It’s wonderful, and we are all immensely proud that we’ve grown to 11 people, been appointed to four skilled person panels, cemented relationships with 33 clients and secured five Master Service Agreements and we’ve had no external funding whatsoever. Our clients range from sole-traders to some of the largest financial institutions in the world.
But today I wanted to reflect on seven less tangible elements of our business and what I’ve learned from them.
Before I do that though I wanted to take a minute to thank my ever patient wife Jen and my incredible daughter Joanna (4) for their unwavering support. None of this would be possible or worthwhile without them. One of the amazing things about being at Avyse is the flexibility I have. I do nursery drop off (almost) every day and next week alone I will be at the nursery day trip to a farm, sports day and Joanna’s taster day at her new school. I shouldn’t feel lucky to be doing these things - it should be the norm but so often it isn’t encouraged in this way. I’m immensely proud of our “family first” value and the fact that it is a real thing, not just a statement.
1. The team is so much more than the sum of its parts:
For a people business, identifying and attracting great people is essential. It isn’t about the most technically knowledgeable, it’s a delicate combination of an individual’s values, behaviours, commitment and capability. Hiring exclusively those we previously worked with has materially de-risked our recruitment process, saved us extensive recruitment fees and accelerated our togetherness. Of course, this won’t be the case for ever and we are going to have to go to market very soon. Hiring based on relationships remains important to us – but also, hiring at junior levels is going to be key. This will naturally propel the responsibility of our existing team whilst, ensuring our culture and philosophy stays at the forefront of what we do every day. And of course recruitment isn’t a one way process – we’ve been put through our paces too – and we’re delighted by the faith that has been shown in our project by the team.
2. The carrot is infinitely more powerful than the stick:
Our long-term success is dependent upon an engaged and energised team. Long-term decision making puts a client’s best interest at heart. Some consulting firms will go for the quick win or over-sell to clients to maximise revenue – but we’re firmly against this. So, to enforce this client proposition, we must instill long-termism in our staff.
All staff are shareholders – not with options, but with real shares that have already paid real dividends. This directly ties long term performance to success and remuneration.
Financial performance is a collective matter – it isn’t simply that the highest utilised staff get the best reward. This encourages a “right person for the job” mentality and doesn’t create unnecessary internal competition for chargeable work.
3. Trust can’t be something to be earned, it has to be inherent:
Trusting our colleagues is crucial. Not just because we’re all working remotely, but because it’s the right thing to do. We are a team of experienced professionals with the right incentives to do a good job – so why would we not trust people to do the right things?
Family first – although it might seem odd to have a “family first” rather than “client first” value – we recognise that if our personal lives are working for us and in good order that enables us to be our best for clients – and then everyone wins. No member of staff should miss important family events, feel pressure over medical appointments or not have time to walk the dog.
Annual leave policy – we don’t cap annual leave. Staff can take as much or as little leave as they deem necessary to balance their professional commitments, rest and recuperation and family commitments. We’re acutely aware that the real risk is staff not taking enough time off – and we’re monitoring for that. I personally have found it liberating not to be checking whether I’ve got enough leave left or whether I need to take time off just so I don’t lose my allocated entitlement.
Learning culture – we actively encourage input and perspectives across the firm – we know our processes aren’t yet perfect and staff are actively encouraged to continually improve what we do and the way we do it. This empowerment is infectious and self-fulfilling.
4. Love your job:
I once worked in a firm who had “love your job” as a defined value – as if that is something you can just tell someone to do. I also personally used to subscribe to a philosophy that “you don’t have to love your job, but if you like it more than 50% of the time then you should count yourself lucky”. Despite generally believing I was happy with my professional life for the last 15 years; I now recognise the potential that can be unlocked when truly engaged with a corporate mission. Leaving stable employment was bold – but it’s paid off – my advice would be never to stay in a job or with a firm that you don’t love or that doesn’t align to your values. Not everyone will want to go and set up their own firm – but seeking a firm with a culture that works for you could be the best career move you ever make.
5. Keep it lean:
Much like arranging a wedding or having a child – running a business comes with no end of “additional costs”. So we’re very consciously and constantly seeking to keep the business lean – we won’t be recruiting permanent back office staff for some time. Whilst individually these costs aren’t material, collectively they quickly add up. As a new and small business the cost challenges are obvious, but more generally this is a philosophy which will be a strategically important part of our client value proposition as we grow. Key considerations for us have been:
Outsource the specialist activities – accountancy, legal and IT need to be right – but they’re not full-time jobs – so we outsource them. We have great providers who understand us and help us to deliver things that we just couldn’t do on our own. I have been on a long journey learning about IT security and website design - but it definitely isn’t my passion, or what I really want to be spending my time doing.
Trade off on time vs cost – we’ve done a lot of things ourselves – whether it’s building and maintaining the website, marketing activity, HR policies and processes. The questions every time are a) can we do it and b) is it good use of our time doing it? If the answer to either question is “no” then we’ll go externally.
6. Purpose:
We focus extensively on “purpose” in our consulting work – but this is also front and centre of internal decision making too.
Performance management process – we want to keep the admin out of performance management. Too often an annual cycle results in box ticking, form filling and arbitrary deadlines. So we’ve torn that up. Everyone is here to run their own race and our “better not best” philosophy focuses on people getting recognized for improving themselves rather than only celebrating the “highest performers” (however you might go about defining such a term). Performance management is a continual process of identifying areas of development and reflecting on recent achievements. It’s incredible watching the team grow and develop already as their roles are open and they see the opportunities which are there for them to grab.
Face-to-face time – it’s great to get together. The pandemic has transformed working norms. We’re not interested in any arbitrary rules around “we must be in the office X days per week” but we do get together frequently – either in small groups or as a whole company, because you can’t beat face-to-face time for deepening relationships.
7. It’s a rollercoaster:
There have been some incredible highs over the last year. They’re the bits which are fun to shout about. But it has been far from easy. There have also been more than a few lows. Losing opportunities is part and parcel of consulting - but it’s never nice. The personal responsibility and pressure in relation to payroll however is the ever present weight on my shoulders. These are things that you wake up in the night worrying about, even when revenue is looking good. I’m learning not to get too carried away with the emotions at either end of the spectrum - but it’s fair to say I’ve still got work to do on this one.
In summary:
Our philosophy is summarised in our values and diversity and inclusiveness statements – two things which we are very proud of. We want to create a great place to work. This in turn will ensure we’re a great consultancy to do business with. It has been far from easy, and we’ve a long way to go. But what a first year!
And to the future? We have grand ambitions to grow, to attract new and exciting talent and to establish new services. It will be a balance of vision, risk and of course a little bit of luck!
Thank you to every client and affiliate who we have worked with so far – your faith in us means the world. For those who have approached us for pitches and quotes – thank you too – every engagement builds our market awareness and creates a learning opportunity for us.
And for those who have read this far – thank you too – I’d love to hear your thoughts and feedback.
Until next time.
