Author: Mark Templeton, Managing Director, TAG Financial Services
Officially launched on 1st May 1997, we had to manage some rapid growth before readying ourselves and our clients for the biggest tax reform ever with the introductions of the Goods and Service Tax in 2000. Amid all this, we quietly wondered if the world would end when the clock struck 12.00 at the turn of the Millennium.
Not only did we survive; we thrived. From then on, it was onward and upward being confronted with the normal issues that businesses encounter from time to time.
Never in my wildest dreams did I ever think we would need to be ready for and manage our way through a global pandemic. I did not expect to be in a spare bedroom leading an organisation over a computer and a phone. Strangely, as I sat in that room, apart from the computer and phone, there was a familiarity with the environment. It eventually came to me – it took me back to my boarding school days, sitting in my bedroom studying.
I know this pandemic is not over, and living with this virus will be a long-term thing, but when this started, I promised myself I would learn something from this event. From a business perspective, here are my top four lessons learnt:
- Know who your friends are and look after them. In business, that is your team, your clients, and the business itself. Without these people and these factors standing up, contributing, and surviving we would have been in trouble.
- Always stay strong and fit. Never allow yourself to be weak in business. Working capital, fighting funds, carefully managed debt to equity ratios, a strong culture, great product and service and loyal and engaged clients. Never be complacent and always be ready for anything.
- Manage the priority and learn to read the play. For any business, owner or team member, a lot goes on every day and it easy to get lost and overwhelmed. STOP – many things are not important now – manage the priority. Take the time to assess and consider the future (as much of what we do is a waste of time). But if you read the play, you ensure you achieve those things that are important in shaping the future.
- Leadership is not a game or a part time role. Leadership is not self-serving, and you must be brave. Accept that you won’t always get it 100% right and you will be criticised. But without true leadership people get lost and hurt when things go wrong. Be clear and swift with your communication, your instructions and you will help people achieve and survive things that maybe they didn’t think they could.
You may say I should have always known these things and you would be correct. I did know these things.
What I learnt was these things are a lot more important than I originally thought. You are always learning, but there is no point to it if you don’t also implement your findings. So, I will focus on leading the organisation to be bigger and better around these things in the years to come.
With acknowledging this milestone, I would also like to thank our great team and loyal clients – Happy Birthday TAG!
Disclaimer: The information contained is general in nature. Professional advice should be sought before acting on any aspect on this page. Financial planning services provided by TAG Financial Advisors Pty Ltd (ABN 77 154 205 017 AFSL 415632), a wholly owned subsidiary of TAG Financial Services Pty Ltd (ABN 67 075 374 686). Please do not reproduce without the expressed written consent of the author.