Inspired Search discusses what to expect from the first five years of business

This year our Executive Search division, Inspired Search, has celebrated five years of successful business. To mark this, we have been talking with leaders within the industry and have put together some insight into what that first five years of a new business, or division, means: what should we expect from those years and how should they set us up for the future.?

5 key expectations for the first 5 years:

1. Profit: Among all our discussions, it was a truth universally acknowledged that every new business, or business unit, should be in want of profit in the first five years. Everyone we spoke to cited this as an absolute necessity not only to act as a litmus test of success but also to enable growth. Dan Groenewald, Sales Director at Head of Zeus, urges new business models to ask themselves, and find the answer to, “What do you need on the bottom line to reinvest in the business?” New businesses want to be in a position to do things such as develop new products, refresh existing ones, market themselves and increase headcount within the first five years. Generating profit should not just be profit from a best-seller / one hit wonder; we should be recognising consistent revenue beyond our expenditure. Mark Allin, who has been involved with the first five years of Zapnito, Wiley digital learning businesses, Capstone,?and Select Science, says that with any launch of a new business model, he ‘puts unique customer value and financial sustainability very high on the agenda’.?

2. Purpose: This may sound obvious, but all new business models need to have a reason for being; in other words a problem to solve. Sam Burridge, who has had leadership roles at Macmillan, Springer Nature and Clarivate, describes a healthy position to be one “with a clear and communicated vision of what problems we are solving and for whom… allowing for failures along the way which only embed and refine the sense of purpose…” This reminds us that with every step we take as we build our businesses, whether it be a stumble, stride, or leap, we are committing to our purpose and strengthening our engagement with it. Similarly, Martin Casimir, former MD of Maths No Problem! and Bloomsbury Professional, says that the first five years really should be able to answer the ‘What Is It For’ question.?

3. Vision & Culture: Within the first five years a vision and culture should be really clear for a new business. Sam Burridge also shared with us that “5 years is enough time to build a unique, proud and aspirational culture which inspires both the people within and attracts others to it.” Much of this will be bred from the purpose, but the way the business conducts itself and shares its story and work with others is vital to get buy-in from staff and from the market. Being able to articulate where it’s headed, whether explicitly, or simply in its continued commitment to its purpose and growth, is key to a new business achieving that all-important engagement with a customer base…. Which leads us on!??

4. Engaged Customer Base: There’s no business without a customer base of course but a truly engaged one is a must-have for a thriving future beyond the first five years. There should be true relationships with customers, providing long lasting value to its clients and, ideally, where there is a shared mutual benefit between the business and customer. Learning from each other, sharing priorities and navigating similar market challenges and opportunities all contribute to rich partnerships that allow our businesses to grow not only through income generation, but advocacy also.?

5. Evolution: Even in the first five years, we should expect changes to our original model, products and services. As we learn more about our customers, we should be adapting our approach to better suit them. Ben Denne, Director of Publishing, Academic Books at CUP has been involved in the launch of several new business models in his career and reminds us of the importance that data holds in the continual response a new business should have to its market: “By the 5 year point, you should be yielding a really rich body of product data, and that will really help to inform the next phase. You are consolidating and shoring up what you launched, and also building on it.” Evolving through lessons learned and information on ‘what’s been’ will help future-proof our businesses, whilst we both stay true to our ‘why are we here’ question and continually challenge ourselves with the big ‘what if’ questions. Of course, new businesses need to be underpinned with the operational models that allow for evolution and agility.?

The position of Inspired Search in the market is such a privileged one, partnering so closely with the brightest and best of the industry as they continue to enhance the publishing world with new products, imprints and businesses. Having the right talent on board is essential to this and Inspired Search continues to be so grateful for all the business we have. Additional huge thanks to everyone that contributed to this piece, named or otherwise.?

With fiscal success, a clear talent-led purpose, culture of partnerships, rich client relationships & network and a constantly improving service, Inspired Search has a lot to look forward to after its first five years. In the words of one happy client, we “created a more sophisticated and dynamic way of hiring” which in turn made people see us as “the go to place for all searches” and are ready for your next senior appointment.?

To discuss Executive Search, or anything else that has sparked an interest in this article, please contact:?

Abigail Barclay?

Search Director?

[email protected]?

020 3668 6727