Category Archives: Running a company

I don’t even have a will…!

Lots of things to manage when you’re running your own little shop. Todays challenges:

  • I don’t have a will. I know that is really bad, and I need to get to it. But as a business owner, anything that isn’t directly or indirectly leading to someone wanting to buy my stuff automatically goes on the Yellow List (Pink List: Today stuff. Blue list: Tomorrow stuff. Yellow list: Later stuff).
  • I have to start a company in Ireland.
    I have absolutely no idea how to do that. Oh, and hire someone too. AND I need to start trading on January 1 2017.

So the first one is pretty simple, right? (apparently my suggested solution to the Financial Advisor of “Not Dying” wasn’t as funny as I thought. Oh well. )

  1. Make list of assets
  2. Make a will
  3. Appoint power of attorney

The second one….good thing I can reach out to my Trade Advisor at UK Trade & Investment for things like this. She will know what to do (or know someone who knows).

In short, on my To Do list for this weekend are:

  1. Don’t die yet; make will first
  2. Don’t get tempted by scruffy looking simple solution on how to incorporate in Ireland; talk to some sensible people who actually know what they are doing.

And on that note: Goodnight.

Packing bags, moving to Ireland?

The CEO of an award winning Medical Device company is considering expanding to Ireland or Germany after the EU referendum

Angela Spang, CEO of medical device provider JUNE MEDICAL, is contemplating a move from London to somewhere else in Europe following Britain’s decision to leave the EU.

Spang is concerned that Brexit will make it harder for her to obtain innovative products from across the continent for her company. Fast paced and award winning JUNE MEDICAL has already grown over 100% since it was founded in 2013.

“There is a huge demand for high-quality medical device and any advantage a company has in accessing innovative products is a huge factor,” she told XXXX. “Mutual recognition for regulatory approval provided access to European wide launches — this is a powerful engine for growth that may now be removed.”

Access to European funding and access to European markets for her own new products will also influence Spang’s decision, she said.

Potential new office locations for JUNE MEDICAL include Ireland and Germany but the company won’t be making any hasty decisions. “We’re monitoring what impact this has over the next 1-2 quarters. If we see a big change in the availability of products or dramatically changed terms, then we will consider alternative geography for investment and growth.

She added: “It doesn’t change our current commitment to the UK, but could change our growth plans significantly.”

Winning, Losing and Doing Good

I have read about several entrepreneurs recently who focus completely on the ‘social good’ of their business, as opposed to the ‘old-school’ ambition of making money. I am a huge advocate of social enterprise, charity and philanthropy, and spend a lot of my time and assets to support those activities — but that simply wouldn’t have been possible without the successes I’ve had in the ‘for profit’ world that have given me the flexibility and freedom to do what I believe in.

There’s no doubt that many young entrepreneurs coming into today’s world are very socially minded. It’s hard not to be when the internet and our media constantly show us — often graphically — the challenges our society faces.

Leading with purpose

If you’re a business leader, the passion that created the spark that ignited your career is something you can bring with you into your entire company culture. Apple is a great example: The essence of Steve Jobs’ vision for technology resonates with every single person in that organisation, and guides decisions on a daily basis.

To create that, you have to be able to paint a picture of your vision and you have to be able to describe it and share it with your team in a way that not only makes them understand but makes them feel what you mean. Your job is to give your team purpose, getting everyone on the same page. You have to make sure your entire team knows where they’re going, how they’re going to get there, and what’s in it for them.

Building Success

I am lucky to have had great successes — during my career, I have taken both new and old brands to market leadership, turned mediocre individuals into high performing stars and built successful teams from broken groups of disjoined people. In the last three years I have started two award winning companies, and I currently employ 10 people in two fast growing organisations. When people ask me what my secret is, I tell them:  “You must surround yourself with great people, and as you grow, never forget why you do what you do.”

You must demonstrate your purpose with encouragement, honesty, recognition, and courage… Building a great team is what business is all about. The team with the best players working together wins. This great team will drive growth, and growth is like an elixir. It’s exciting, it creates more and more growth, and it’s a LOT of fun. Business is fun… like chess. It is deliberate, clever, strategic and merciless. You’re playing against others, and you want to win!

Winning

And ultimately, that’s what it comes down to. If you’re winning, you can give back — to your family, your employees, institutions of your choice and your local communities… If you’re losing, your pockets are empty and nobody gets helped. I play to win, but ultimately, I win to help.

While I know JUNE Medical has been growing…

…at an accelerated pace, I was delightfully surprised my company won Best New Business in Bucks last year.

Growth – personal, financial, career or otherwise – has always been an integral driver in my life. I consistently search for new ways to expand my experience and knowledge to stay in a perpetual place of forward motion (I like developing and learning new things). This state of being has become second nature, and I have to watch myself; I am very comfortable with change (actually seeking it, getting uncomfortable when things are too stable) and I need to always make sure others are happy with the pace.

With this award for the business, I couldn’t help but take a moment to reflect on what helped JUNE Medical get to where it is so quickly in only two years. We’ve gone from a company of three to an international organization with more than 10 team members and we have brought on several new partners like Carbon Medical, Astora and LamidayNoury. We have diversified the line of JUNE Medical products to increase stability – and we have taken tremendous market share in the last two years.

 

What is it that we’ve done right to receive such recognition?

For me, the foundation of any company is its team. You have to know (or at least figure out by trial and error) what experience and skills you need and when to bring it in. For the first couple of months, the team was small: focused on getting set up in the right way and exercising our strategy of Act Big. We were working out of a Regus office close to my house, getting the business off the ground with a mix of passion, financial expertise and sheer gumption. I have brought on hand selected people, some of whom I have worked before, knowing they had the right make to be successful in this environment. Together, we further defined our business needs to forge a larger path forward. I remain in charge of strategy and big picture finance, but have delegated the daily responsibility of the business to those who are better skilled than me to make it a success.

I approached building my team conservatively, hiring people who were passionate about our mission, understood our vision and were capable of wearing multiple hats. Not only were we building a team of JUNE Medical believers, but also a diverse team of complementary skills that could do more, with fewer bodies. This allowed us to shape the team smartly, not necessarily rapidly, with a long-term vision of sustainable growth in mind. We run circles around our competitors, and people are shocked when they hear how few we actually are.

I have known for a long time that I wanted to run my own company. Both my parents ran their own companies when I grew up, so VAT and balance sheets were as familiar to me as cookies and milk. Every role I have had, every meeting I have attended and every leader I have seen has taught me something valuable. I knew what I was preparing for, and I just needed to be patient enough to wait for the right opportunity, in the right environment, at the right time.

Because I knew who I was, what was important to me and how I wanted JUNE Medical to be operating, it allowed me to have a clear view on what worked and what didn’t from the outset. My vision was to create a business that would support my values, and that would allow me to do good, but would allow me to work a “mainstream” job shortly after its founding. By not adding the pressure of “how do I make JUNE Medical my full-time career that will pay me lots of money,” I inevitably gave myself the space to build a solid foundation for long term growth, based on the right values. With that clear in everybody’s mind, making the right decisions are easy. Customers come first. Always.

 I also had the freedom to think about what the brand stood for in the moment and what it could stand for five years down the road. This helped solidify the core values (that still exist today) and put us on a faster trajectory because we weren’t constantly questioning the fundamentals of the business. We knew what we stood for as we started to reach critical mass and what our customers wanted to keep us moving in the right direction. We’ve been able to use this awareness to guide each decision, creating efficiencies and movement with every step forward.

Could JUNE Medical have grown faster or continue to grow faster?

The short answer – yes. But this would most likely take bringing on financial investors to fund new growth initiatives. Opportunities that we know we’ll be able to deliver on our own, on a slightly different timeline.

Was it scary when I invested my savings into JUNE Medical to get it off the ground? Yes. Is it sometimes unsettling to know that 10 people depend on me for their livelihood? Yes. Do I wish I had extra cushion from another source? Not ever.

I’m sure there is a time and a place to contemplate investors, but for now I love knowing that each decision isn’t always driven by the bottom line. It enables us to be more creative, take more risks and grow substantially more quickly by freeing us of the chains (and quotas) that financial investors would create.

There is a way with smart decision-making and tenacity to win independently. It just takes some patience, the right team, a sense of purpose, a solid strategy and the discipline to execute it well.

 

Angela Spang

Founder, Owner and Managing Director JUNE MEDICAL