The New Year is the typical moment in which goals are set, ambitions noted, and resolutions decided for the year ahead. Whatever your views are on this tradition, a moment of reset and reflection is useful for all entrepreneurs.
One month into 2021, I hope that you’re starting to see progress in achieving these goals, you’re focussed on your ambitions and you’ve stuck to your resolutions. Perhaps your aim is to increase the profitability of business by 20% this year, double your workforce, add a new product to your portfolio, or raise capital? Whatever your ambition, I want to put a question to you: do you have the right people and team around you to enable success?
While we all like to believe that we can accomplish big things by ourselves, that our go-getting attitude will conquer all challenges and lead to success, that simply isn’t always the case. The right advice and guidance from the best people is critical in allowing entrepreneurs to flourish. That’s why surrounding yourself with the right suppliers is so important.
An example of one supplier that has been instrumental to OnBuy.com’s success is our accountancy firm, Bournemouth-based Bulpitt Crocker and specifically our accountant, Mike Crocker. I have worked closely with Mike for 15 years and know that without his advice, I wouldn’t have achieved the level of success I have to date.
I first met with Mike in April 2006. I was in my early twenties and I told him I had big plans. I claimed that I was going to be his biggest client one day and shared my vision on how I would create something amazing. “It’ll take some time, but I’ll get there”, I said.
Mike, I’m sure, looked at me like a kid with wild dreams. Yet, he trusted me and wanted to support my ambition. Mike guided me all the way through the development of OnBuy; he kept me on track through research and development, offered guidance on business structures and has advised on personal financial matters, too.
I owe huge thanks, and a debt of gratitude, to Mike. Founders and entrepreneurs like me need a network of people who are invested in your vision from the start, so you can concentrate on driving your business forward. The mistake many entrepreneurs make is to think that they know best about everything to do with their business – that’s just not the case. Always invest in the most skilled people you can; they’ll bring skills and experience you don’t have, plus you can be confident that their specialist area is covered, allowing you to focus on the end goal.
When choosing a supplier, here are my three top tips:
- Do your research and get recommendations by word of mouth
Choose a supplier based on their reputation among those you trust. Firms that have a credible history and have come by recommendation are always a good place to start. Networks such as the Dorset Chamber are great for finding recommended suppliers, too.
- Chose a supplier that believes in your vision and shares similar values to you
Synergy between you and your suppliers is key to a valuable working relationship. Mike’s belief in my vision, however wild it seemed at the time, was critical to our success.
- Don’t just go with the cheapest option
Price comparison is an important part of the supplier selection process, but be sure to compare suppliers in their entirety, not just based on cost. If the more expensive option has experience in your sector and has more innovative ideas to help propel your business, they’ll be more than worth the extra cost.
Set aside some time this month to review your suppliers and check they still fit with your business needs. If they’re not contributing to your success, then they’re holding you back. Don’t let 2021 be the year that you fail because your team doesn’t hit the mark!