Last week marks seven years since I co-founded Zebrar (originally called Virtual Immersive) and stepped into the role of CEO. Reaching this milestone is significant, especially when considering some daunting statistics:
- About 20% of small businesses fail within their first year.
- Approximately 50% of small businesses fail within their first five years.
As a female who co-founded and led a tech company, these statistics become even more challenging. Women make up only 28% of the STEM workforce, including those in technology-related roles. The gap is even wider in leadership positions, with women holding just 16% of executive roles and 23% of board positions in Australian tech companies (https://womenintechsales.salientgroup.com.au/women-in-tech-in-australia/).
Add 2 years of COVID-19 to the mix and it has been quite the journey!
So, how have we made it this far? The answer lies in a combination of teamwork, financial diligence, operational efficiency, great clients and luck.
Team: The Foundation of Our Success
We are four co-founders, which isn’t typically seen as a recipe for success. However, each of us brings distinct expertise and experience to the table. After seven years, we’re more like a family—we have our disagreements and annoyances, but ultimately, we respect the value each team member brings. On the big-ticket items, we’ve always reached a consensus.
This respect extends to our wider team as well. We strive to communicate effectively, lead with transparency, and foster a culture where everyone feels valued and empowered to provide honest feedback. In a close-knit team, one misalignment can have a ripple effect, so it’s vital to maintain a strong, cohesive unit. Our talented team’s ability to work together, despite challenges, has been a cornerstone of our success.
Financial Diligence: Obsessing Over the Numbers
I’m obsessed with numbers (and it’s important to note that you don’t need to be good at math for this—I’m terrible at math—but I love a good spreadsheet and logic). This obsession plays out in several critical areas:
Financial Forecasting: It’s crucial to model realistic financial forecasts 12 months out to prepare for inevitable cash flow peaks and troughs. These forecasts are updated religiously every month. Information is power—you always need to be looking forward, making decisions based on accurate data.
Project Profitability: I meticulously review the profit/loss for every project, breaking it down to revenue minus staff costs and expenses. Staff costs include the “seat cost” of every chargeable team member, which is calculated by considering not just the cost of that team member, but also a proportionate share of overheads, including non-revenue-generating employees.
Getting people to complete timesheets is a challenge (we all know that!), I am very focused on ensuring that the time sheets are accurate (ie if an artist worked 6 hours on a project, 1 hour in a non-client meeting and 1 hour at lunch, I only want 6 hours logged on the project – I never check to see if staff are logging 8 hour days, I am more interested in accurate numbers). This detailed analysis allows us to assess job costs accurately, identify areas where we need to quote better or be more efficient, and make informed decisions about which projects to pursue.
Fixed Costs: To manage expenses effectively, we fix costs where possible, such as legal fees. When negotiating contracts with large multinationals, legal fees can quickly escalate. We have a subscription with LegalVision, paying a fixed monthly cost so we always know what our legal expenses will be. This covers client contract negotiations, HR legalities, IP questions, website legal policies, etc. The same approach applies to accounting costs.
Operational Efficiency
Tools: Over the past seven years, we’ve built automated tools and workflows to streamline both the art and development sides of our business. Efficiency is key in everything we do:
Communication Tools: We start each day with a quick stand-up to ensure everyone knows their tasks and to unblock any obstacles. This helps maintain momentum and ensures that everyone is aligned on the day’s priorities Throughout the day, we communicate via Slack to keep everyone connected and informed. At the end of the day, we hold a daily catch-up per project to review work, ensuring everyone feels supported and that projects move in the right direction.
Workflow Documentation: Our workflows are well-documented, so everyone knows where to find and store references, assets, client notes, WIPs, etc on Google Drive and Server. We use Wrike for task management and GitHub for repositories.
Working on the Business, not In the Business
Each year, I take a month away to gain a fresh perspective and focus on working on the business, rather than just in it. This pause gives me the opportunity to reflect on the past year—acknowledging our successes, identifying areas for improvement, and assessing the direction of the market to ensure we’re staying ahead.
For instance, we consistently reassess our approach to emerging technologies and the intellectual property we’re developing, making sure the challenges we’re addressing remain relevant. It’s also crucial to maintain a balance between scalable product development and bespoke project work, ensuring our services are both diverse and adaptable.
This intentional break brings clarity, renews energy, and fortifies the business for the future.
Our Core Values: Innovation, Authenticity, and Delivery
Our core values are not just words—they guide everything we do and it is why we have been fortunate enough to have a selection of clients who trust us and keep coming back.
Innovation: We are committed to staying on the cutting edge of technology, pushing boundaries, and creating groundbreaking solutions that redefine what’s possible. Innovation drives everything we do, from the tools we develop to the projects we undertake.
Authenticity: We believe in being genuine in our interactions, both within our team and with our clients. Authenticity means staying true to our values, being transparent in our operations, and building relationships based on trust. It also means we make sure there is a purpose to our projects – we don’t use technology for tech’s sake – we make sure it adds value.
Delivery: At the end of the day, what matters most is delivering on our promises. We strive to not only meet but exceed expectations, ensuring that every project is completed to the highest standard. Delivery is about execution, reliability, and commitment to quality.
Where we get it wrong…
No business is perfect, and there are always areas where we can improve. Here are the top three:
Marketing: Being one of the best in the world at something (which we are) is pointless if no one knows who you are. We’re experts at engaging audiences through immersive and interactive technology, but we’ve been dreadful at doing it for ourselves. We’re committed to improving this year.
Being Too Innovative: Innovation costs time and money. We operate on the cutting edge of technology, and that’s not always easy to manage.
Culture: When juggling many projects, tight deadlines, new technology, and high expectations, the environment can become a pressure cooker. Despite our best intentions, culture can take a back seat to delivery when tempers fray, and longer hours are required. We’re working on ways to ensure our culture remains strong, even during the most challenging times.
But let’s be real, at the end of the day there is luck involved. We have had some great luck and some not-so-great luck. It’s been an amazing journey so far and I am excited for the next stage of our growth.
