This week we’re celebrating 6 Years of Foxy and bringing you 6 things we’ve learned along the way!

1. Cash is King

No doubt you’ve heard this plenty of times, but we cannot understate the importance of managing your cash as a small business. Simply put, we learned that having enough cash on hand to cover expenses is the bare minimum. And being able to fund the growth of the business is crucial. It’s especially important in the early stages, while building clientele, inventory, staffing and establishing a reputation. Growth can be expensive. By keeping a close eye on your dollars and knowing where they’re needed, you have a better chance of having the resources required to handle any unexpected bumps in the road. Using a cash is king model is all about managing cash flow. By prioritising where cash is going, you set your business up for long-term success!

2. Know Your Numbers

Knowing your numbers is another big lesson we learnt. It’s about all those finer details in planning and making decisions for the business. So, having a clear understanding of your expenses, revenue, staffing and profit margins. Tracking numbers closely and monitoring finances helps in making informed decisions about pricing, marketing, and other key areas that impact your bottom line. For instance, knowing how many jobs it takes to pay off a new piece of furniture and calculating pricing accordingly. Or how many logistics members we need to be able to run efficiently in the event of sick or holiday leave. Jake’s experience in finance and excel spreadsheets really shines through here. But, taking the time to educate yourself on basic accounting principles will give you all the information you need to run your business with confidence.

3. Value Your Team

We all know what a difference it makes coming to work with a smile on your face. So, we’ve learned the importance of valuing our team and cultivating a positive team dynamic. Foxy’s workplace culture is one that people are excited to be a part of and we’re so proud of that. We create this culture by treating employees with respect, providing opportunities for growth and development, and fostering open communication. But, we aren’t perfect (who is?!) and this model is still a work in progress, and probably will be forever. We’re always meeting with the team to get feedback on how they feel and if anything needs to be improved.

The mood of a workplace has the ability to increase productivity and give better results for clients. Or alternatively, it can make work a stressful and frustrating drag. This also depends on who you hire. Which is why we prioritise attitude over knowledge or experience (since those can be taught!). By bringing the right people aboard, valuing our team and creating a positive work environment, we’ve built a successful business full of people who don’t dread coming to work every day! If you want to learn more about how we foster a strong team culture at Foxy, have a read of our recent blog here.

The team out for lunch after team bonding

In addition to building a strong internal team, we’ve also learned the importance of cultivating strong relationships with agents in our community. By establishing trust and rapport with agents, we position ourselves as a trusted resource for home staging needs. Which brings us to our next lesson…

4. Be Consistent

We’ve found that consistently delivering on promises strongly impacts the success of the business. Even if it’s something seemingly small like returning a phone call the same day, or sending a quote when you said you would. Again, we aren’t perfect, but by paying attention to the details and consistently delivering on promises, we’ve built a reputation of reliability, strong communication and professionalism. As an example, think about the last time you needed a quote. Perhaps you were looking into some renovation work around the house or a custom birthday cake. Which business did you end up going with? Often you will choose the business that gets back to you first. Because it shows the passion and clear communication that you’re looking for. Consistency builds trust with clients and can lead to repeat business. In short, it’s the small things that make a big impact. It really can be that simple.

5. Back Yourself

On a more personal note, but nonetheless a very important lesson for many people, is to believe in yourself. Phoebe learned to back herself, own her skills and not let that little voice in the back of her head that told her ‘you’re not good enough’ win. Otherwise known as imposter syndrome, the feeling of not being qualified or capable enough to do something can be a real barrier to success. However, by recognizing her own strengths and accomplishments, she overcame this (well, most of the time) and is now positioned as an industry leader in home staging. It’s important to remember that no one knows everything. And it’s okay to ask for help or seek out additional resources when needed. Ultimately, owning your skills and not letting imposter syndrome take over, allows you to build confidence in yourself and your business. Read Phoebe’s article about facing imposter syndrome here.

Phoebe speaking at a conference

6. Have Fun!

And our final lesson is to have fun! Loving what you do will shine through in your work. If you don’t enjoy your job, it will quickly become a burden and drain your energy. We make sure to infuse fun and passion into everything we do. And we find that is the key to creating a positive and productive environment. With a team that loves what they do, hitting growth targets is not only exciting and rewarding, but it’s also fun! I know a lot of the team enjoys the work here infinitely more than other jobs they’ve had. And that can be attributed to the people, the culture, and the results we see from all the hard work we put in. Ultimately, having fun and loving what you do is a key ingredient in the recipe for running a successful business. This video is an example of some of the fun we have. Follow us on Instagram if you want to see more of the mischief we get up to! 

So there you have it. Cash is king, know your numbers, value your team, be consistent, back yourself and have fun, the 6 lessons we’ve learned in 6 years of Foxy!

Thanks for joining us today on the blog! If you have any questions, thoughts or comments, reach out to us on Instagram, Facebook or LinkedIn. We always love to hear from you.

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