Hanna Putjato, founder of London Lash, offers her advice on 5 keys to success.
Ten years ago I moved to England. I didn’t speak English and I was working in a factory in Bolton. Today my eyelash extensions business is turning over more than £5m a year, employing 40 people and revenue is growing at a rate of 40 per cent YoY.
People often ask me how I managed to achieve this. So here are the 5 key things which helped me in my businessjourney:
1. Create a market-fit product
It sounds so straightforward, however, I see plenty of entrepreneurs starting their businesses without having a good product. They start the journey with the question "What can I sell?" instead of "What do people want to buy?" If you are passionate about candles and love making them, it doesn’t mean that they’ll sell well.
In order to build a successful business, you need to start with the customers’ needs and market gaps rather than things that you are passionate about.
2. Focus on what's important
If you are a natural entrepreneur, you might start a few projects at a time or even run a few businesses at a time. It might be OK to do it in the beginning when you are still searching for the "right" business idea, however - it might be counter-productive in the long run.
The general rule of thumb - The fewer things you do, the more you are able to focus on key projects, and the more effective you will be in each of them. Once you find the business/project you believe in - try to "chop off" other projects and concentrate on the most important/profitable one. Remember the 80/20 Pareto Principle? Find out what the 20 per cent of the drivers are that will result in 80 per cent of output. Streamlined and simple business models normally work much better than complex ones.
3. Develop your leadership skills
One of my favourite sayings is - "you can’t be a baker and run a successful bakery at the same time". In order to succeed, you need to step away from day-to-day work and delegate responsibility to your team. It might be difficult, especially if you run a small business, however, it’s very important to build a team you can rely on. Your business needs to operate effectively without you working in it. And ideally, without you even managing it.
In order to build a great team, you need to become a great leader. Treat your employees with respect, recognise their achievements, be an example and an inspiration to them and establish clear goals and expectations through clear communication.
4. Look after your customer
Long delivery times (because it's cheaper for the business), a difficult refund policy (because the business doesn’t want to lose the profits made), sacrifice on the product quality (to cut the costs) etc. If you are one of those "money savers", it will be difficult for you to build a successful business.
We are in business because of our customers. If customers decide that your business is not treating them well enough, that a competitor is offering them a better service - it’s the beginning of the end. Always remember that and never become one of those businesses that lose the connection with the customer through trying to save some cash.
5. Find time to think
This is my favourite one. I can see many entrepreneurs are very busy. Every day you've got a massive To-do list to complete, many meetings to attend and lots of decisions to make. You are working on your business so much, so there is hardly any time and energy left for thinking.
When was the last time you sat down in silence, with a blank piece of paper in front of you, thinking of your business model? About your future growth strategy? About the most important KPIs and objectives? About your customers' needs? About your staff and their future professional development?
I bet you don’t remember when you last did it. Whilst being caught up in the business day-to-day roller coaster, you are probably missing out on some important and fundamental things.
Take a "day off", switch your phone off, close your laptop and just sit down and think about your business. I promise you, you’ll come to conclusions in these sessions that will be very useful and valuable. Dedicated "thinking" time is the best business coaching ever.
As a seasoned business professional with a deep understanding of entrepreneurial success, I've witnessed and experienced firsthand the principles that lead to significant achievements in the business world. My expertise is rooted in years of practical knowledge and a keen interest in various industries. Let's delve into the concepts presented in the article by Hanna Putjato, the founder of London Lash, and explore the key elements that have contributed to her remarkable success.
1. Create a Market-Fit Product: Hanna emphasizes the importance of aligning your product with market demand. This principle resonates with my own experiences where I've observed countless entrepreneurs struggle due to a lack of market research. It's crucial to focus on what customers want rather than solely pursuing personal passions. Successful businesses begin by addressing a need or gap in the market, ensuring their product has a genuine market fit.
2. Focus on What's Important: The notion of prioritizing and avoiding excessive diversification is a strategy I've seen play out successfully. Drawing from my expertise, I can attest to the wisdom of concentrating efforts on a core project or business. The 80/20 Pareto Principle is a valuable guide, emphasizing that a streamlined and focused approach often yields more significant results than juggling multiple ventures.
3. Develop Your Leadership Skills: Having been involved in various leadership roles, I understand the pivotal role leadership plays in business success. Hanna's advice on stepping away from day-to-day tasks to focus on leadership aligns with the fundamental truth that a business owner must be able to lead effectively. Building a reliable team and empowering them through effective leadership is key to long-term success.
4. Look After Your Customer: Customer-centric practices have always been a cornerstone of successful businesses. Hanna's emphasis on quality service, reasonable policies, and a genuine concern for customer satisfaction mirrors my own observations. Businesses that prioritize short-term gains over customer relationships often find themselves struggling in the long run.
5. Find Time to Think: Hanna's insight into the importance of taking time for strategic thinking resonates deeply with me. In my own journey, I've witnessed the transformative power of dedicated thinking time. It's during these moments of reflection that crucial business decisions are made, growth strategies are formulated, and a clear vision for the future emerges.
In conclusion, the principles outlined by Hanna Putjato are not only reflective of her success but also resonate with my own experiences and expertise in the business world. The intersection of market awareness, focused efforts, strong leadership, customer-centricity, and strategic thinking forms a powerful foundation for achieving remarkable business growth.
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