Adam Liaw may be best known as a cook and television presenter but his background is in law, a career that took him to Tokyo and instilled a rigorous sense of professional discipline. Reflecting back on his colourful business background and the wisdom he’s gained over the years, Adam shares a handful of his best tips for other Aussie business owners.
Your accountant is a strategist, not just a bookkeeper
"Have a very good relationship with your accountant. That’s a bit unglamorous but if you have an accountant who understands what it is that you do... they can be a really valuable resource."
Business owners should hire for character and humility
"Generally in business, having a good feeling about the people you hire is more important than résumés and having the right skill set. Smart people can always learn the specifics of a new role but having someone who has a great résumé but doesn’t fit with you or your organisation will rarely work out well."
Don’t let doubt take over
"Those moments of doubt, they’re constant. Particularly the first few years of running a business. It’s like, ‘Hang on, was this all a terrible idea?’ But that’s what business is: overcoming setback after setback.
"It can be really difficult, particularly when you’re not sure if you’re doing the right thing and you’re the one calling all the shots. That’s why it’s really helpful to have people around you who you can bounce ideas off of. They will see things you don’t. They may not have the knowledge of your business that you have but they can see certain things with more clarity than you might."
Check in with your customers
"Customers are a really good gauge of business capability. Every business has a purpose and when people start to respond to that – whether it’s customers walking through the door or buying your cookbooks – every business is going to be validated by their customers. To me, that’s the important thing: always knowing who your customers are and what it is they want."
Scale for balance
"One of the big problems with businesses is that people don’t take enough time off. Holidays are not the opposite of work. That’s not what work-life balance is – your life should be synergistic with your work.
"The ideas that you get from playing with your kids should benefit you in your business environment so take the morning off on a Wednesday and go for a bike ride. You’ll be able to run the business better."
Alongside fashion label founder Brittney Saunders and landscaper Jamie Durie, Adam is lending his profile to spotlight a handful of CommBank business customers, helping elevate their stories and bring their work to a wider audience. Visit the Small business hub to learn more.