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Home Blog From start-up to $50 million sale in under 7 years; A culture first CEO with Andrew Smith
6Mar

From start-up to $50 million sale in under 7 years; A culture first CEO.
By Sonia Goss | Blog, Podcast, Real Talk With Outperformers, Andrew Smith | 6 Mar 2023 |

Andrew Smith has a thought-provoking discussion with Brad about how he formulated his amazing business journey through twists and turns, including the principles that shape his decisions, leadership and performance of the business. A key moment in this is the sale of the business he started, ARMA to Credit Clear Ltd (ASX: CCR) for circa $50 million, where he then migrated into the Group CEO role he holds today.

This discussion looks at the core leadership principles in Andrew’s approach that helped him from a humble debt-collections start up, to leading one of Australia’s most high performing organisations in his industry.

Here are a few highlights from the Podcast

Keep doing the right thing over and over again, and good things happen

While facing a court battle 4 years after he started a business in debt collection, Andrew says there were many sleepless nights and anxiety about what would happen. His business was sued as was he, personally plus, he had the added concerns of being in the middle of building a new home for his young family. Smith believes that his father’s mantra of “Keep doing the right thing over and over again and good things will happen” was how he kept focusing on moving forward and retained trust and support of his clients.

Tips for hiring and retention

Proud of the fact that his business has a high retention rate, Andrew believes that this is a result of four driving forces.

Firstly, selecting new staff based on their non-coachable attributes i.e. competitiveness, loyalty and integrity, which through the business, can be nurtured for growth.

Secondly, ensuring there is a culture fit which he believes is more important than experience and qualifications.

Thirdly, providing training when necessary and education about the business philosophy and finally, showing interest in people’s personal and professional goals and tying them with the business goals. 

How to encourage staff to add value to your business

Andrew believes that one of the best strategies that business owners can implement to get the best from their staff, is to invest in the relationships you have with them in a genuine way. Smith says “If your team honestly believe that you care for their best interests, and in some cases put their interests before yours, you’d be so surprised about what you get back”.

Including employees as shareholders on the journey

A strategy in which Andrew believes had a powerful influence on his business outcomes, was offering shares to employees in the early years of starting the business. This ensured that staff, not only felt that they were part of the team but worked and put their ‘blood, sweat and tears’ into the journey as the end-game was the same for everyone involved in the business. This proved to be a successful strategy, when Andrew sold his business and shareholders were not only rewarded financially but also in the way of the experiences they encountered whilst on the journey.

Promoting a positive culture

There a three aspects to promoting a positive culture in his business according to Andrew.

  1. Teaching new team members about the business philosophy
  2. Leading by example and demonstrating the philosophy in his own actions
  3. Rewarding and celebrating positive client feedback as opposed to cash collections

Smith says that results of this strategy was across the business “funnily enough, when you treat people well, and with empathy, the performance in terms of financial results, were better as well”

Best advice for entrepreneurs – Try and use those greatest challenges as the greatest motivation

When reflecting on his journey, Andrew says that all the situations he has been through, that even at the time seemed like the worse things that could occur, were actually the best events that could have happened, because he used the outcomes to motivate him rather than applying them as excuses for failure. 

Solving Problems

“If there’s a problem you can solve in 5 minutes, solve it now” is another rule Andrew lives by. He believes that this method ensure that the problems are solved efficiently and not left behind because they may have been important but not urgent.

Entrepreneurship in schools

In this segment, Brad and Andrew have a great discussion about the importance of implementing programs in school around making decisions, socially and in business. They both believe by doing this, children will be more empowered with tools and strategies to help them make good decisions with as many influencing factors considered.

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