Catch up profile: The Savvy Club

We last spoke to Kim McAusland way back in January 2003 not long after she started her business. Now older and wiser we catch up with her again to find out how her events business has been going.

How has your business been getting along since we last spoke?
Growth has been slower than I had expected but overall it’s been a tremendous year and I feel that we’ve made lots of positive progress. We’ve hosted several successful events this year: Royal Ascot with Richard Dunwoody MBE, wine-tasting at the Groucho Club and some superb opera at Glyndebourne - to name just a few.

What do you feel you have learnt about running a business and yourself in this time?
The most significant lesson I’ve learnt is asking for feedback and the importance of knowing what the customer’s views really are. I’ve learnt to network and now I really enjoy it. It’s been a crucial tool in establishing contacts, asking people for help and broadening my potential in terms of finding suppliers, learning from other people and establishing partnerships, etc. And I’ve learnt the importance of presentation and professional image. It’s not just me that’s under public scrutiny at events but the website too, which after all is the shop window. As such, I’ve had to develop my personal presentation skills to become more confident and assertive, as well as learning new IT skills in order to promote Savvy Club online.

What about being your own boss, has it turned out how you expected?
I’ve certainly enjoyed the independence of being my own boss and hence the master of my own destiny. However, it can get lonely at times and it would also have been useful to have an experienced business guru to call on when required. Working from home takes a lot of discipline, it’s so easy to get distracted, skip meals and work unsociably long hours.

What do you feel has been your biggest achievement since starting up?
My biggest achievement was making the transition from working part-time on the business to full-time. Although this happened later than originally planned, the time was right six months ago so I took the plunge.

Looking back, what would you have done differently?
Obviously I’ve made some mistakes along the way, including some expensive ones, but as Oscar Wilde once said: “experience is the name we give to our mistakes”. So, much as I’d like to rewind the clock with some of the decisions I’ve made, the experience was crucial. Otherwise how do you learn?

How close have you stuck to your original business plan?
The business plan has evolved in a positive way. Times and trends have changed, so subsequently the business plan has adapted. Having implemented over forty events now, I am much clearer about the type of events I want to continue with and the direction in which I want to take the company.

How have you managed your finances?
With caution. I’ve now invested about £30,000 of my own money and have still not paid myself a salary or dividend - but I’m working on that. In the process, I’ve learnt a lot about budgeting and planning. The very nature of business means that there’s an element of risk. I took a hard hit in the summer, so now I try to minimise the risk through thorough planning.

What next – where do you see your business in a year’s time?
I see my business thriving this time next year, with a firm foothold in London and plans to expand within the UK and possibly much further afield in 2007.

How many hours are you working now and how has this changed since you started? Is it more or less than you expected?
I’m definitely working less hours overall, but I’m actually putting more hours into the company than when I started 3 years ago because I’m no longer juggling two jobs. I’ve used the time saved to treat myself to a holiday and to reacquaint myself with my friends and family.

What tip would you give someone who is thinking of starting up their own business?
If you are lucky enough to be able to get financing in place first, that can take some weight off your shoulders.

www.savvyclub.co.uk