“Setting clear expectations came from putting formality into our business. When we first met Peter that was the first thing he said to us. I think the thing that resonates with us is how much are you prepared to pay to love your life. It’s a really clever thing he said and we often come back to that. Putting formality into our business was the catalyst. It encouraged us to develop a structure right throughout the business and led us down the path Corporatizing. The formality that was introduced to us by Peter and surrounding ourselves with the right people was the best thing that ever happened to us. It has developed right throughout our business.
Setting clear expectations came from putting some sort of formality into our business. When we first met Peter that was the first thing he said to us “he said you guys turn over a lot of money and you guys are trying to do everything. One of the first things he did was he got us a PA (Personal Assistant). I think the thing that resonates with us is how much are you prepared to pay to love your life. It’s a really clever thing and we’ve often come back to that.
Putting formality into our business was the catalyst. It encouraged us to develop a structure right throughout the business and in some ways led us down the path of corporatizing. With the formality one of the things we did was that we really made very clear job descriptions so when you signed up you knew exactly what you are expected to do. That same formality is right through the business and there is now, regular reporting, regular meetings, minutes, agendas, job descriptions with KPI’s etc. So day one when you are employed you know exactly what you are employed to do. You know exactly what you are going to be measured against and that is benchmarked every month.
That formality and surrounding ourselves with the right people was the best thing that ever happened to us. In some respects, the formality that was introduced to us by Peter early on has led ultimately to that, because the formality has been developed right throughout the business. That and having the right staff meant we were able to concentrate on growing the business as opposed to running the business. We just could not do both effectively.
It’s all about formality, whether it’s from us or our staff. It’s all written down so everyone knows where we are at. Until you are prepared to really invest in your company, surrounding yourself with the right people but also formalising it you are just going to tread water and go hard.
