Planting the seeds of success: how to future proof your business

During our recent trip to Vanuatu, as we dodged potholes and chickens in the back of a bus from Port Vila to Blue Lagoon, Lawrence our driver shared his wisdom with us.

Lawrence explained how in Vanuatu parents often plant sandalwood trees for their children when they are born. It can take over 20 to 30 years until the tree is ready to harvest, by which time it is precious (up to 1 million vatu per tree), the most precious non-timber forest product for its oil and wood.*

The strategic investment is deeply symbolic of building a business. It got me thinking about planting the seeds of success in my small business and how I am building a strategic future for my retirement and my son as he grows into adulthood with that business.

Just as ni-Vanuatu parents plant and nurture a sandalwood tree for their children's future, business owners must go through a similar process with their business including:

·      planning, collecting and germinating ideas to start the business;

·      growing the business;

·      building a solid and sustainable business; and

·      harvesting the business.

Long term planning – collecting and germinating ideas

When a sandalwood tree is planted, it isn’t just about going to Bunnings and buying a tree. It is a 20 year + process that includes:

1.    picking seeds, soaking them, cleaning, drying, storing and transporting the seeds;

2.    growing the seeds into seedlings, transplanting the seedlings and all the while giving it care and attention to protect it from the sun and creating ideal conditions to grow;

3.    building a plantation – selecting the right site, the right soil and the right conditions and then nurturing the trees by regular pruning, removing side saplings;

4.    cultivating patience – the tree is not valuable until it reaches at least 20 years of age. During that time it involves protecting the trees from birds, fire, cyclone and other mishaps.; and

5.    the harvest – this too needs expertise to identify that the roots and butt of the tree have the highest concentration of sandalwood oil, making sure it is harvested and sold correctly.

Every step has careful consideration.

Building a strong foundation

So too, your business needs the same consideration. It is critical to select the best ideas and build on them. Those ideas must be nurtured, protected from the elements or other threats (such as intellectual property theft), and grown to create a solid business that can sustain a family.

In business we can get distracted by shiny objects, the next idea, the next course or program. Yet our existing business needs ongoing attention and will wither and die without constant maintenance and enthusiasm.

I am now almost 6 years into my business, Ready to Boss Legal. During that time I have implemented all sorts of ideas. But my sandalwood tree is the legal template business.  It is solid and dependable and I am in it for the long term. As a result, I have affiliates who recommend us and I am committed to building our product range.

In the long term, this is a sustainable business that can see me into retirement and see our obligations as parents to our child change as he grows older. It also gives me the flexibility to be away from my desk some of the time during the week so I can deal with the life things that need dealing with. As part of the Gen X sandwich generation, those things have increased in the past few years.

I am conscious that I want to “build a plantation” by making sure I have the right conditions for a solid and stable business. I have the obvious things like insurance and legal terms and conditions (of course!). But I also make sure I am consistent and take the time to make careful decisions based on the data that is in front of me.

Planning for growth and expansion

A sandalwood tree doesn’t just grow; it flourishes under the right conditions, eventually spreading its branches wide and strong. Similarly, your business should not only survive but thrive, expanding its reach and influence over time. But growth should be strategic, not haphazard. This requires careful planning, market research, and a keen understanding of your industry’s trends.

Adaptability and Resilience

Finally, the most successful businesses are those that can adapt to change. Whether it’s a shift in market conditions, new regulations, or technological advancements, your business must be resilient. This requires flexibility in your business model, a willingness to pivot when necessary, and a proactive approach to problem-solving. This is something we have done during covid and again when we made the move to legal publisher and stopped delivering legal services in June 2023. I prefer an agile business that lets me do this.

Cultivating a future ready business

Just as the parents in Vanuatu plant a sandalwood tree to ensure their child’s future prosperity, consider the steps you can take today to secure the future of your business. By building strong legal foundations, planning strategically for growth, you can cultivate a business that will thrive for years to come.

Remember, the future belongs to those who prepare for it today. Just as the sandalwood tree’s value is realised many years after it is planted, the investments you make in your business now will yield returns far into the future. Take the time to plant your business’s roots deep and strong, and watch as it grows into a powerful, thriving entity ready to face whatever the future holds.

Cheers,

Emma

PS. If you want to ensure the legal foundations in your business are solid, you can check out our legal templates here.

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[*Lawrence also explained how coconut plantations are planted alongside cows grazing. My husband expressed concern for the cows if a coconut hit them on the head, Lawrence pointed to the cows and said “look at their big thick heads, you think a coconut is going to hurt that?” As I said, wise beyond his years!]