We asked Smart50 alumni what keeps them up at night. This is what they said
Browsing through our Smart50 entries each year is an enlightening look into the habits, priorities and headaches of Australian SMEs. As we prepare the program for another year, today we take a look at entrants’ answers to the question: “What keeps you up at night?”
Has anything changed between 2021 and 2022 in what has business leaders losing sleep? Unsurprisingly money, people and algorithm challenges were high on the list but it wasn’t all bad — many were also kept tossing and turning from the volume of ideas that began popping up in the quiet hours. Here’s what we found.
Many online business models are beholden to Google, constantly updating to please its algorithms. Curating experiences and content with SEO in mind is hard work, and changes to the search giants systems can have very real effects on a business’ online performance. Sharon Melamed of Matchboard, a proprietary match-making algorithm to help businesses find the right services vendors for their needs and budgets, says staying on top of Google’s frequent changes is a concern.
“Approximately half of Matchboard’s online platform business is driven by SEO,” she said. “We produce a large volume of content to rank highly on Google.”
Melamed has sought advice from an SEO consultant for help.
“The digital space is fast moving,” said Scott Purcell of Man of Many, a men’s health and e-commerce platform, in 2021. “And it’s necessary to be constantly adapting to change — whether it’s the latest SEO algorithm update, legislative changes from government, changes to further disclosure and transparency for news reporting.”
People
Unsurprisingly, managing and leading people is a timeless concern for business managers.
“The only thing that keeps me up at night is ‘Are my team OK?’” said Melissa Henderson of Henderson Healthcare, a WA healthcare recruitment agency with a focus on creating opportunities for working mothers.
“The hardest part of running a business is the people, and that isn’t because they are challenging, it’s because people are predictably unpredictable. There are 1000 things in our lives that happen to us daily.”
Belinda Carlisle of Safework Laboratories, which employed around 180 staff at the time, said in 2021: “It is a humbling experience to be in this position and an honour to provide for the livelihood of others.”
Ideas
“The greatest challenge that I face as a business owner is how to make decisions with incomplete information,” said Cameron West of Acoustic Blinds and Curtains, a NSW window furnishing business that designs curtains and blinds to reduce noise in the home and workplace. While he said he sleeps soundly, he acknowledged coming up with new ideas and scaling a business are unchartered territories.
“We are a new and unique business, so every decision we make could be wrong and only time will tell.”
To help with these issues, Acoustic Blinds and Curtains seeks expertise from mentors and consultants.
Not much has changed in a year in this regard — ideas were keeping business leaders up in 2021 too. Primarily, which ones to follow through and which ones to let pass?
“The stillness of night means the ideas often flow at that time,” said Paul Sharpe of Easy Payslip. “Which then puts you into problem solving mode, which is not particularly conducive to sleep.”
“Are we focusing on the right things right now?” pondered Jonathan Buck and Jason Wilby of Open in last year’s Smart50.
“There are never enough resources to do all the things that need doing at any given time, so running a business becomes analogous to spinning many plates.”
Money
No great surprises, here. A number of Smart50 entrants this year and last had money on the mind late at night.
“As a fast growing business that is heavy on working capital, we get into situations where cash is tight,” said Kjetil Hansen of Deliciou. “What keeps me up is managing cash flow and ensuring we can retain as many of our talented team through the dips, so that we can really fly when we are in a growth surge.”
Entries for the Smart50 Awards 2022 are open now. Click here for information and to enter.
