Over the past two decades, I've had the privilege of hosting countless round-table dinners with fellow entrepreneurs. Our discussions often kick off with numbers—funding, scaling strategies, new tech. But, as if by some invisible magnet, the conversation always returns to one core topic: people.
People at the Heart of Business
It’s a simple truth in business: whatever the industry or size, the biggest challenges and greatest wins always come down to one thing—your team. The journey often revolves around:
- Attracting the Right Talent
- Building a Vibrant Culture
- Navigating Team Dynamics
When it comes down to it, people are at the heart of every entrepreneur’s journey.
Early Stages: Focus on Product, Then People
At first, most founders are all about the product and market fit. But as the business grows, attention inevitably shifts. Suddenly, it's all about building and keeping a team that’s not only skilled but also committed to the mission. Here, inspiring people, leading them, and ensuring they stick around becomes the linchpin of sustainable growth.
Retention Matters: The Real Cost of Losing Talent
One topic that often comes up is retention, particularly among younger employees. While there’s a perception that today’s workforce hops between jobs more frequently, the real issue for businesses is the cost of turnover.
Losing a skilled team member is expensive. Studies suggest that replacing an employee can cost up to 1.5 to 2 times their annual salary when you account for recruitment, onboarding, and lost productivity. For small businesses, this can hit hard, affecting both finances and team morale.
For younger professionals, an engaging and supportive work environment is often key to staying long-term. Building a workplace where people want to stay—through meaningful roles, development opportunities, and a strong culture—has a powerful effect on business growth and stability. And here’s where managers play a pivotal role.
Good managers are essential to retention. They set the tone for day-to-day work, shape team morale, and often make the difference between an employee choosing to stay or move on. Bringing in and developing managers who truly understand how to lead, support, and develop their teams pays dividends. Managers who can foster a motivating and inclusive environment not only improve retention but also help employees thrive—strengthening the business in the long run.
Growing as Leaders
For most founders, it’s a leap to move from day-to-day operations into strategic leadership. Developing future leaders within the company becomes essential—not just for carrying forward the vision, but to ensure that values resonate at every level.
As the business grows, maintaining a unified culture becomes increasingly challenging. Having the right leaders in place can make all the difference. Strong, value-driven leaders reinforce the organisation’s core values, creating a sense of belonging and alignment across teams. This allows everyone’s work to connect back to the company’s purpose, fostering an environment where people feel part of something meaningful.
With capable leaders who embody and drive the culture, founders can focus more effectively on high-level strategy, knowing that the team is unified and working towards shared goals.
In the End, It’s All About People
Product innovations and market strategies are essential, but it’s people who make or break a business. Investing in your team—recruiting well, developing talent, building strong managers, and creating a culture people want to be part of—sets the stage for lasting success. Time and again, I’ve seen it: the conversations may start with figures and plans, but they always circle back to people.
