- Players: Sam Paddock and Rob Paddock
- Company: GetSmarter
- Launched: 2008
- The Deal: Sold to NASDAQ-listed company 2U for R1,4 billion
- Visit: www.getsmarter.com
How do you build a business that is not only the leader in its sector locally, but attracts the attention of an international, listed company, concluding in a R1,4 billion deal? Brothers Sam and Rob Paddock believe there’s a lot of luck involved in building a great business – but you need a clear strategy, great people and strong partnerships as well.
This is their story
Here’s the fascinating thing about truly successful businesses: Speak to founders that have secured investments, sold their businesses or built high-growth organisations, and you’ll notice they have two things in common. First, they have a strong purpose other than money motivating them. Second, their focus is on building a robust, high-impact business, and not on how they’re going to find a funder or sell their company. Interestingly, by not focusing on these factors and working on the business instead, funders, buyers and success are often the end result anyway.
GetSmarter is a perfect example of these laws in action. Co-founders Sam and Rob Paddock’s purpose is to improve one million lives through online education by 2030, and even though they’ve just concluded an incredible deal (believed to be the biggest in the South African edtech landscape to date), they actually had no intention of selling until Christopher ‘Chip’ Paucek, CEO and co-founder of 2U, contacted them in 2016.
“We’ve been approached by interested parties over the years, but we’ve never seriously considered selling the business,” says Sam, CEO of GetSmarter. “It’s flattering, but we were focused on achieving our internal goals, and didn’t see the value in selling some or all of the company.”
Related: How GetSmarter Got Smarter
So why was 2U’s offer different? In a nutshell, because the deal will actually help the brothers accelerate their objective of improving one million lives by 2030. In other words, it directly taps into their purpose — and it’s that purpose that made the business attractive to 2U in the first place.
“It was a chance meeting,” says Sam. “Chip was surfing Facebook and came across an advert for an MIT course we were running. It was our first international programme, and since 2U is in the online education space, he immediately wanted to know who we were. He called me, and when we realised how aligned our businesses and philosophies were, it kicked off a series of face-to-face conversations around what we could achieve together.”
“Both of our target markets are working professionals, but while we offer non-accredited short courses, 2U offers fully-fledged degrees,” says Rob. “So, while in many ways the businesses are almost identical, they are also not competing with each other. 2U offers degrees from highly ranked institutions such as Yale, the University of California Berkley and New York University. We offer short courses from UCT, Wits, Stellenbosch, MIT, Harvard, UChicago, Oxford, Cambridge and the London School of Economics. We realised that if we worked together we could service both ends of the market, and our combined reach would be incredible.”
Sam and Rob have built a solid, sustainable business that has enjoyed incredible growth over the past few years, but what really attracted 2U was a shared sense of purpose. “
There’s real cultural alignment between our two businesses,” says Rob. “Culture has given us a real competitive edge, and it’s the guiding force behind the principle and values we’ve built the business on.”
The lesson is a simple one. If your values and purpose are clear, you’ll naturally attract like-minded people to your organisation, from employees to investors and even potential partners and buyers.
A shared sense of purpose gets the conversation started, but it doesn’t secure the deal. 2U is an international company that’s listed on the New York Stock Exchange (NASDAQ), and has a fiduciary duty to its shareholders to purchase businesses on more than an emotional whim.
GetSmarter had to go through a rigorous due diligence process before the deal was concluded. The foundations that Sam and Rob have put in place over the last decade have ensured that they’ve created more than just a vision: They’ve built an asset of value that isn’t dependent on its founders, and offers a strong value proposition to a listed business.
That value proposition began in 2008 when the brothers got their first partners on board: The University of Stellenbosch and UCT. The partnership with UCT started with Rob and Sam’s dad, Graham Paddock, one of South Africa’s top sectional title lawyers. Graham had collaborated with UCT’s Law Faculty to build an online course that could be accessed across the country, with a final in-person workshop component. The course was one of the most profitable activities that Paddocks, Graham’s law firm, was involved in.
Sam had designed a virtual campus while completing his degree in business science, and the success of Graham’s online course cemented the impression that there was a real business opportunity in online education that could also add real value to the South African market place.
“I love tech and marketing, Rob is passionate about education, and has a background teaching music, and Paddocks already had a great partnership with UCT’s Law Faculty,” says Sam. From the beginning, both he and Rob clearly recognised that the success of any online education venture lay with the partnerships they could secure.
“Our courses have been successful because they combine affordability with an attractive institutional brand that adds value to people’s skills and CVs,” says Rob. “We built partnerships with UCT, the University of Stellenbosch and Wits based on this ideal.
“In our sales and marketing collateral, the academic institution’s branding is front and centre, not GetSmarter’s. Our job is to give students the confidence and competence to advance their careers. We do this through high-touch courses that support them throughout the learning process. Those courses are designed with career advancement in mind in collaboration with our partners.”
“The real success has come in the value proposition we offer the universities we work with,” adds Rob. “Essentially, we take on the vast majority of the commercial risk. We take on all marketing and sales activities, course administration, learning technology, student support, technical support, but the courses are very much led by the university in terms of IP, and they have full quality control over the course at all times. The commercial model is that the university receives a percentage of revenue share.
“The biggest lesson we’ve learnt since launching this business is that you need to understand who you are partnering with and what their objectives are. The relationships we have with the universities we work with is at the heart of our business model. How we serve our university partners, students and employees is the foundation of our success — and pulling all three together is what creates an offering that the market both wants and needs.”
Success is the greatest precursor to further success
Building up trust doesn’t happen overnight. For Sam and Rob, it’s been a ten-year journey focusing on delivering exceptional online courses that add value to learners and their university partners. This dedication to creating the right formula for online courses has had two distinct results. It’s built solid relationships with the local academic world (and a valuable network that the brothers could tap into when they started investigating international partners), and it’s resulted in an 88% completion rate, which is exceptionally high in the world of online learning.
“We’ve very carefully structured and developed the high-touch style that differentiates GetSmarter courses,” explains Rob. “We focus on the holistic needs of our learners. They need to put in ten hours a week and to help them do that, and get the most from the course, we have success managers who guide them through the process, a 24-hour tech support team, and everyone is placed in small tutorial groups, which creates an intimate and personal learning environment, even if there are 1 000 students taking that particular course. Our learners constantly get the sense that their learning is being nurtured and facilitated. We believe it’s this level of support that has resulted in such a high completion rate.”
Compare this to the extremely low completion rates of MOOCs, often in the range of 3% to 15%. The New York Times named 2012 the Year of the MOOC. The world believed these Massive Open Online Courses would democratise learning, and render higher education institutions obsolete. Everyone jumped on the bandwagon, and some of the most revered names in the higher education space added their courses to the mix of content that anyone in the world could access for free.
And then two things happened. First, although the idea was to find a business model that could monetise MOOCs, while still allowing people free access to the content, this has not yet happened. And second, the completion rate of courses is incredibly low. People sign up for MOOCs, but they don’t finish them.
“We absolutely support the idea of free open content for the world to access,” says Sam. “But we don’t see MOOCs as fundamentally disrupting higher education. A vast majority of the people accessing MOOCs are already highly qualified individuals in the US and the UK.
“More importantly though, making content available gives people access to it, but there’s a big difference between starting a course and completing it. This has been a huge focus for us — how do we get people to complete online courses? These are working professionals with a lot of responsibilities, and our courses typically require an additional ten hours a week. We’ve found that a high-touch framework supports our learners in their journey, guiding them through the content, and resulting in our 88% completion rate.”
This was the value proposition that Sam and Rob were able to present to international universities when they started focusing on international growth in 2015. “Our local growth drives were to increase courses within the verticals we focused on, so that learners could keep increasing their skills, and to build on the number of courses we offer. The greater our portfolio, the bigger the market we can appeal to, across industries and professions,” says Sam. The next step was to go international. “When we started the process, we had a seven-year track record of success in partnering with the top three institutions in South Africa and a high completion rate. We also offer our university partners significant financial returns,” says Sam. “We believed that our proven capability to deliver high quality courses as well as financial returns was a value proposition that international partners would respond to.”
The brothers knew it wouldn’t be a simple process however. “There are a lot of start-ups in the edtech space. Harvard is approached weekly by companies claiming to be the future of education. We needed an additional ‘in’, and that came from the partnerships we had built in South Africa,” says Rob.
“We sweated our networks hard. Luckily, the world of higher education is small and connected. Our networks were able to introduce us to the right people in the UK and the US, and then we worked harder than we ever have in our lives. We did a roadshow in 2015 where we had five meetings a day for three weeks in a row. I checked my passport recently — I travelled to Boston 19 times in 18 months. It takes time and energy to establish the right relationships. The introductions were just a foot in the door. We needed to take that gap and really make it work.”
In February 2016 GetSmarter’s first international course launched in collaboration with MIT. This was followed by courses with Harvard, Oxford, the London School of Economics and Cambridge. Today, GetSmarter’s team of 400 service a pool of learners in 140+ countries from their offices in Cape Town and London.
Using your differentiators to make a difference
Over and above the trifecta of systems, operational support and pedagogy that has made GetSmarter courses so popular in the market, is the strong sales and marketing focus that has been integral to the brand’s growth strategy since inception.
“We have a hybrid sales and marketing strategy that uses Facebook, LinkedIn and Google AdWords to generate inbound leads,” explains Sam. “Our target audience is in their mid to late 30s, midway through their career and upwardly mobile, and we reach them via their digital network. Our inhouse digital marketing agency uses analytics, maths and stats to understand who is likely to sign up for our courses, and what conversations we need to be having with them to make that happen.
“Once a potential learner has shown an interest, they are signed over to the sales team, who begin high quality conversations around whether the course is right for them or not. The process is high touch and very people focused.”
This same high-touch sales and marketing process has also helped GetSmarter to successfully enter international markets. “We’ve learnt a lot from marketing in Southern Africa,” says Sam. “Working professionals in South Africa, while culturally distinct, are similar to working professionals in the EU and US. Local guidelines are also working in those markets.”
The business’s acquisition by 2U will increase this reach even further. “We can now apply 2U’s advanced marketing analytic capabilities to understand how to reach a larger audience. The big markets for us are the US, the UK, Hong Kong, Singapore, the Middle East and of course South Africa, which is still currently our biggest market base, although this will shift in the future.” Interestingly, while the inclusion of international courses to GetSmarter’s portfolio has triggered international growth and the deal with 2U, South Africa’s growing appetite for international programmes is driving local growth.
“In a recent Cambridge business sustainability management course that we ran, 10% of the students were from South Africa,” confirms Rob.
Building on great foundations
The key factor behind the international growth and the acquisition, is the team Sam and Rob have built around them over the past five years.
“Culture has always been a competitive advantage for us,” says Sam. “Our people are GetSmarter’s life-blood. Four years ago, the business’s strategy lived in corridor conversations with ‘Sam and Rob’. We were the funnel that everything in the company ran through. If we wanted to achieve next level growth, that needed to change.
“One of the lenses we view business through is that human performance precedes operational performance, which precedes financial performance. That means in order to achieve any success, you need to first build a higher human capital base. We started by expanding our executive team, bringing people on board who were better than us in their respective portfolios.
By the time we were prospecting with international institutions they were running their divisions without our daily input. We were able to focus on international growth and strategies because we had the right team in place.”
“Without that foundation, none of this would have been possible,” Rob agrees. “We could focus on travelling and building international relationships — and even on the 2U deal and due diligence, because of our executive team.”
Over and above the executive team are 400 highly capable people based in Cape Town, serving students from around the world. “We work with awesome people,” says Sam, “and that’s helped us build this business and work towards achieving our purpose. You can’t impact one million lives by yourself. It takes a strong, cohesive team. We’ve built a company around that, and now we’ve joined an international industry leader based on the same principles.”
Choosing to Sell
How do you know it’s the right time, and what should you do if you’re considering the sale of your business? Sam and Rob offer the following advice:
- Make sure you like and respect the acquirer. Everything starts here. It’s a long, slow, complex process. You need to like each other.
- During the acquisition process, you need to rapidly develop a new set of skills, and that’s not always possible. You need a team of professionals to help you navigate the deal. This includes deal advisors and attorneys. Deals of this nature are complex, and you want to set everything up for potential success in the future.
- Make sure there’s real synergy between the businesses. What do you offer each other, and how will the acquisition help both businesses grow? If you can’t answer this, you probably shouldn’t be doing the deal.
Listen to the podcast
Matt Brown interviews Sam and Rob and discusses the strategies that have supported GetSmarter’s international growth and sale to 2U for R1,4 billion.
To listen to the podcast, go to mattbrownmedia.co.za/matt-brown-show or find the Matt Brown Show on iTunes or Stitcher.
The Matt Brown Show is a podcast with a listenership in over 100 countries and is designed to empower entrepreneurs around the world through information sharing.
Scaleup Learnings From Our Top Clients – What The Most Successful Entrepreneurs Do Right
So, how do our successful clients move through these constraints to scaling up? We see four key drivers of success, and they are: people, strategy, flawless execution and finance.
You’re out of your start-up boots, staff is increasing, your client base is growing, revenue is up and you’ve proven your case to the market. Now it’s time to scale up. The challenges of this vital growth phase are different and it’s a time that demands different mindsets and different actions. In a world littered with small business failures, it helps to be well-prepared for scaling up using a proven methodology. At Outsourced CFO, we get an inside look at the success factors of our clients who are mastering the transition.
On the one hand, scaling up is a really exciting phase; this is what moves you into real job creation and making an impactful contribution to economic growth. On the other hand, it is really hard to scale up successfully. We see three major constraints that limit companies’ transition from start-up to scale-up:
The business has to have the leadership that can take it to the next level. When you start scaling up, especially rapidly, the founders can no longer do everything themselves. The team must grow and include new leadership talent that can take charge and execute so that the founders are working on the business instead of in the business.
The processes, procedures, networks, systems and workflows of the business all need to be scalable. This is imperative when it comes to your infrastructure for the financial management of your business. You’re only ready for growth when your infrastructure can seamlessly keep pace.
Scaling up demands more innovative marketing and storytelling so that you can more easily connect and engage with the new employees, clients, network partners, investors and mentors that need to come along with you on your scale-up journey.
Businesses that build a market conversation and a compelling brand narrative during their start-up phase are better positioned to have this kind of market access when they need to scale up.
It is critical to have the right people on your team. Our successful entrepreneurs have what it takes to attract, inspire and retain top talent. A strong team of smart, ambitious and purpose-driven people who love the company and want to see it succeed contribute greatly to a world class company culture. They are adept at communicating a compelling vision and establishing core values that people can take on. These entrepreneurs are tuned into the aspirations of their people and focus on developing leaders in their teams who can in turn develop more leaders.
It is planning that ensures that the right things are happening at the right times. At successful scale-ups strategies and action plans are devised to ensure that the most important thing always remains the most important thing.
Strategy includes input from all team members and setting of good priorities for the short, medium and long term. Goals are clear and everyone always knows what they are working towards. The needle is continuously moved because 90-day action plans are implemented each quarter to achieve targets and goals that are over and above people doing their daily jobs.
Top entrepreneurs are not just focused on what operations need to achieve, but how the business operates. They have the right procedures, processes and tools in place so that everyone can deliver along the line on the company’s brand promise. Frequent, quick successive meetings ensure the rapid flow of effective communication. Problems are solved without drama. There is no chaos in the office environment. Everyone is empowered to execute flawlessly to an array of consistently happy clients.
Everyone knows that growth burns cash. A rapidly scaling business faces the challenge of needing a scalable financial infrastructure to keep the company healthy. Our successful entrepreneurs pay close attention to finance as the heartbeat of the business, ensuring that everything else functions. They look at the tech they are using for financial management and for the ways that their financial systems can be automated so that they can be brought rapidly to scale. The capital to grow is another vital finance issue.
The best way to finance a business is through paying clients on the shortest possible cash flow cycle. However, when you are scaling up and making heavier investments in the resources you need for growth, it is likely that you will need a workable plan for raising capital. Our scale-up clients know the value of accessing innovative financial management that provides high level services to drive their business growth.
Navigating the scale-up journey of a growing private company is one of the hardest but most rewarding of careers to pursue. Having people in your corner who have been through this journey before helps take a lot of pain out of the process. No growth journey looks the same, but there are tried and tested methods that will – if applied diligently – lead to definite success. Happy scaling!
That Time Jeff Bezos Was The Stupidest Person In The Room
Everyone can benefit from simple advice, no matter who they are.
When you think of Jeff Bezos, a lot of things probably come to your mind.
You likely think of Amazon.com, a company he founded more than twenty years ago, that’s completely disrupted retail and online commerce as we know it. You probably also think of his entrepreneurial genius. Or the immense wealth that he’s built for himself and others. You may also think of drones, Alexa and same-day delivery. Bezos is a visionary, an entrepreneur, a cutthroat competitor and a game changer. He’s unquestionably a very, very smart man. But sometimes, he can be…well…stupid, too.
Like that time back in 1995.
That was when Amazon was just a startup operating from a 2,000 square foot basement in Seattle. During that period, Bezos and most of the handful of employees working for him had other day jobs. They gathered in the office after hours to print and pack up the orders that their fast-growing bookselling site was receiving each day from around the world. It was tough, grueling work.
The company at the time, according to a speech Bezos gave, had no real organisation or distribution. Worse yet, the process of filling orders was physically demanding.
“We were packing on our hands and knees on a hard concrete floor,” Bezos recalled. “I said to the person next to me ‘this packing is killing me! My back hurts, it’s killing my knees’ and the person said ‘yeah, I know what you mean.'”
Bezos, our hero, the entrepreneurial genius, the CEO of a now 600,000-employee company that’s worth around a trillion dollars and one of the richest men in the world today then came up with what he thought was a brilliant idea. “You know what we need,” he said to the employee as they packed boxes together. “What we need is…kneepads!”
The employee (Nicholas Lovejoy, who worked at Amazon for three years before founding his own philanthropic organisation financed by the millions he made from the company’s stock) looked at Bezos like he was — in Bezos’ words — the “stupidest guy in the room.”
“What we need, Jeff,” Lovejoy said, “are a few packing tables.” Duh.
So the next day Bezos – after acknowledging Lovejoy’s brilliance – bought a few inexpensive packing tables. The result? An almost immediate doubling in productivity. In his speech, Bezos said that the story is just one of many examples how Amazon built its customer-centered service culture from the company’s very early days. Perhaps that’s true. Then again, it could mean something else.
It could mean that sometimes, just sometimes, those successful, smart, wealthy and powerful people may not be as brilliant as you may think. Nor do they always have the right answers. Sometimes, just sometimes, they may actually be the stupidest guy in the room. So keep that in mind the next time you’re doing business with an intimidating customer, supplier or partner who appears to know it all. You might be the one with the brilliant idea.
This article was originally posted here on Entrepreneur.com.
How Sureswipe Built Its Identity By Building A Strong Company Culture
Culture is unique to a business, it’s the reason why companies win or lose.
A company’s culture is its identity and personality. Since this is closely linked to its brand and how it wants to be viewed by its employees, customers, competitors and the outside world, culture is critical. The challenge is understanding that culture contains unwritten rules and that certain behaviours that align to the culture the company is nurturing should be valued and cherished more than others.
At Sureswipe, the core of our culture is that we value people and what they are capable of. We particularly value people who are engaged, get on with the job, take initiative, are happy to get stuck in beyond their formal job descriptions, and who sometimes have to suck up a bit of pain to get through a challenge.
We include culture in everything we do, so it’s a fundamental element in our recruitment process. In addition to a skills and experience interview, each candidate undergoes a culture fit in the form of a values interview. We look for top performers who echo our core values (collaboration, courage, taking initiative, fairness and personal responsibility) and have real conviction about making a difference in the lives of independent retailers. If we don’t believe a candidate will be a culture fit, we won’t hire them.
If we make a mistake in the recruitment process, we won’t retain culture killers, even if they are top performers. This is such a tough lesson to learn, but it liberates a company and often improves overall company performance.
Culture should be cultivated, constantly communicated and used when making decisions. At Sureswipe, we often talk about what it takes to win and have simplified winning into three key elements: A simple, yet inspirational vision; the right culture; and a clear and focused strategy. The first and third elements can be copied from organisation to organisation. Culture on the other hand is unique to every business and can be a great influencer in its success.
Catch phrases on the wall are not the definition of culture
A strong culture is purposeful and evolving. It’s what makes a company great, but also exposes its weakness. No company is perfect and it’s important to acknowledge the good and the bad. Without it, we cannot ensure that we are protecting and building on the good and reducing or eradicating the bad.
Mistakes happen. That’s okay. But we are very purposeful about how mistakes are handled. Culturally we’re allergic to things being covered up or deflected and have had great learning moments as individuals and as an organisation when bad news travels fast. It’s liberating to ‘tell it like it is’ and almost always, with a few more minds on the problem at hand, things can be rectified with minimal impact.
Culture should be built on values that resonate with you and that you want to excel at. In our case, some are lived daily and others are aspirational in that we’re still striving for them. In each case we genuinely believe in them and encourage each other to keep living them. This increases the level of trust within the team, as there is consistency in how people are treated and how we get things done.
We are always inspired when, after sitting in our reception area, nine out of ten visitors will comment on the friendliness of staff. We hear their remarks about how friendly the Sureswipe team is or a potential candidate will talk about the high level of energy and positivity they experience throughout the interview process.
These are indicators that our culture is alive and well. It’s these components of our culture — friendliness, helpfulness and positivity — that cascade into how we do business and how we treat our customers and people in general. Being able to describe your culture and support it with real life examples is a great way to communicate and promote the type of behaviour that is important and recognised within the organisation.
Culture doesn’t just happen
We are fortunate that culture has always been important to us, even if it wasn’t clearly defined in our early days. As we grew it became important to be more purposeful in the evolution of our culture. About four years ago, the senior leadership team and nominated cultural or values icons were mandated to relook all things cultural.
A facilitator said to us, “You really love it when people take the initiative, and get very frustrated when they don’t.” That accurate insight became core to our values. We love to see people proactively solve problems, take responsibility for their own growth, initiate spontaneous events, change their tactics or implement new ideas. It energises us and aligns to the way we do business.
We celebrate growth and love to see our staff getting promoted due to their hard work and perseverance. We recently had one of our earliest technicians get promoted to the Regional Manager of Limpopo. It was one of the best moments of 2018.
Be purposeful with culture, describe it, communicate it and use it in all aspects of business. Culture should change. Don’t allow phrases like ‘this is not how we do things,’ or, ‘the culture here is changing,’ to stifle the growth and development of your culture. When done correctly change is a good thing. Culture is driven from the top but at the end of the day it’s a company-wide initiative. Design it together with team members from different parts of the organisation to get the most from it. And then make sure everyone lives and breathes it.
The best ROI is achieved when you stop wasting money.
Peter Drucker once said that businesses have two main functions — marketing and innovation — that produce results. “All the rest are costs.”
If you agree, that means that the average business has a lot of fat to trim. Obviously you can go overboard trying to cut costs too. My philosophy has been to look at some of the general areas where you can add some efficiency but not at the expense of impairing your most valuable resource — your focus.
The following cost-cutting measures will do that. Think of these as adding value to your company, whether it’s time, creativity or a closer connection to your consumers.
Uncover inefficiencies in your process
This is where I begin. In fact, it was analysing the inefficiencies of legal communication and knowledge sharing that led me to create Foxwordy, the digital collaboration platform for lawyers. I noticed that attorneys in our clients’ legal departments were drafting new documents from scratch when they could pool their knowledge and save time by using language that a trusted colleague had employed in a similar document. Business is all about process. When you create a new process, or enhance an existing process, you will drive cost efficiency.
Refine your process, then automate
If existing processes are lacking, it is time to create process. If you have processes, but they are not driving efficiency, it’s time to redefine your process. Either way, a key second step is refining processes that are needed in your business. Only then can you go to automation, since automating without a process will result in chaos — and won’t save time or money. Similarly, automating a poor process is not going to give you the cost-saving results you are looking for.
Thanks to the Cloud, there are very accessible means of automating manual processes. For instance, you can automate bookkeeping functions with FreshBooks and use chatbots to interface with clients — for very basic information. If you’re a retailer, a chatbot on your site can explain your return policy or address other frequently asked questions. Automating such processes allows you to spend more time focusing on clients and customers. Technology alone isn’t a panacea for all business functions, but if you find something you’re doing manually that can be automated, take a look and consider how much time and process definition automation would save you.
Rethink your outreach
Marketing and outreach are usually big and important challenges for an organisation. In my experience, there are two main components to successful marketing — knowing your customers and using the most effective media to spread your message. For the first part, I recommend polling. There are various online survey services that offer an instant read on what your customers are thinking. You may think business is humming along, but a survey could reveal that while consumers like your product, a few tweaks would make it even better.
For the second part — marketing messaging — once you have a firm idea of your marketing messaging, Facebook is a great vehicle for outreach. The ability to granularly target customers and create Lookalike audiences (from around 1 000 consumers) can help grow your business.
Scrutinise your spend history
There are tools that can help you assess spend history and find cost-cutting opportunities. For example, you might be able to take advantage of rewards or loyalty programmes to reduce common business expenses, like travel, or consolidate vendors for a similar function. If you have a long-standing relationship with a vendor, negotiate better pricing.
The most important elements to keep in mind are resources that make your company special. Your company may be built on one person’s reputation and expertise. Guard against tarnishing that reputation with inappropriate messaging in advertising or social media. If your company’s special sauce is intellectual property, protect that too. But everything else — ranging from physical property to salary and benefits — are costs and should be considered negotiable. — Monica Zent
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