Reflections on the first year of Guardian Actuarial
This article was originally published on LinkedIn on 30 June 2016
Some might say that business is in my DNA. I grew up watching my mum working out of the lounge room as a dressmaker, making cabbage patch doll clothes and school uniforms for local families. My dad had a range of businesses, ranging from mowing lawns to private practice as a barrister. My brother is also a successful businessman, running a number of businesses from photography, web design and printing. My husband built and ran an online second-hand bookstore to help with the bills during his tenure as a stay-at-home-dad.
Despite the family connection, I’ve always preferred the security of permanent employment. I’ve previously dabbled in business, running an HSC tutoring business to put myself through university and a Tupperware business while on maternity leave with my fourth baby to pay for swimming lessons for the kids. However, the first year running a professional services business has been an incredibly exciting adventure and involved a very steep learning curve.
I’ve been warmed by the number of people who have reached out, prompted by my LinkedIn work anniversary, asking about the first year of Guardian Actuarial. In response, here are some of my key learnings:
Know and remember your “why”
People first
Forget about the scoreboard
Build your panel of mentors
Keep it all in perspective
Know and remember your “why”
Growing a business is rarely a smooth experience, so it is really helpful to be clear about why you are in business.
The idea of knowing your “why” has been explored by many people. Personally, I had enjoyed the experience of being a permanent employee for most of my career and the idea of self-employment was terrifying. When the going got tough it was helpful to remember my “why” in this business. On a professional level, I wanted a business that would challenge me and let me learn new things, as well as an opportunity to ability to apply my skills to problems I am passionate about. On a personal level, I wanted more flexibility to spend time with my four kids.
Everyone’s “why” is different, but it has been helpful for me to have clarity of purpose.
People first
At the heart of any business, there are people. Your clients are people. Your staff members are people. You are human. At Guardian Actuarial, I wanted to create a business where we look after our staff so they, in turn, can look after our clients.
Without clients I would not have a business, and I am thankful for the opportunities that have arisen to make new contacts and build relationships with clients over the last year. I look forward to continuing to support our clients with their current and future challenges.
I am also thankful for the talented people who have joined the Guardian Actuarial team, either as staff or subcontractors, this year. It takes guts to join a start-up company, but our people tell me they enjoy the flexibility and the opportunity for interesting work as part of the Guardian Actuarial team.
Forget about the scoreboard
Unlike previous businesses I’ve run “on the side”, this business needs to support my family and provide for my husband and four kids. The pressure to provide for a large family has always been tough, but without a regular pay check it can be easy to panic about finances. Interestingly, I found that the more I worried about the bank balance, the less headspace I had to meet with clients and help them with their problems.
By making sure we had sound pricing practices (yes, being an actuary helped here!) I found that ignoring the “scoreboard” of revenue levels and targets enabled me to better focus on our clients and their needs, which in turn meant that the scoreboard took care of itself.
Build a panel of mentors
The first year of business has involved a vertical learning curve. I have learned loads about growing a business, running a team and delivering client work. In addition, I’ve also learned about many topics outside my core disciplines, such as accounting, legal, finance and IT.
This volume of learning has only been manageable by having a fabulous panel of mentors who act as a sounding board. I’m lucky enough to have built a panel of generous, talented people who have broad expertise in different areas of business and consulting, who are not afraid to share their experiences and views on request.
Most challenges (in business and in life) have already been navigated and overcome by someone else before, so it is helpful to find people ahead of you on the path and learn from their experience.
Keep it in perspective
I have often compared my new business to a new baby – it’s all you can think and talk about, you are constantly seeking advice (and often getting well-meaning but conflicting advice!) and there are some nights where you lose sleep over it. This year has taught me that despite the challenge and excitement, it’s important to remember to keep it all in perspective.
One of my clients has a beautiful photo on her office wall, with a caption that says “Never get so busy making a living that you forget to make a life”. What a great reminder to keep us in check along the bumpy but exciting experience of running a business.
In summary, I have learned a lot over the last twelve months. It has been a wonderful year establishing Guardian Actuarial and helping our clients. I can’t wait to see what our next year brings!
