Mind your business: Paul Mayhew answers our Q&A

What are your business qualifications?

Chartered Insurance Institute Cert CII.

What was the turnover of your main business in the last reporting period?

Approximately £168,000 in 2011.

Where would you like the business to be in 10 years time?

With 100 stores open and trading successfully in the UK with a number of happy successful team members, and a net profit in the millions!

What positives can you extract from current conditions?

Businesses have had to work harder to be successful, and have had to recognise that the consumer is a smarter person than they were five years ago. The consumer expects a high level of service now not just a competitive price. A number of unscrupulous companies in our market have gone out of business which has enhanced our credibility; we have always quoted on rates and vehicles that can be honoured, whereas other companies have not, and they have now paid the price.

What motivates you to get up in the morning and go to work?

My motivation is to deliver a successful company that is a self-sustaining and an enjoyable place to work for everyone involved. I am only as good as my team and so if I look after them I will be rewarded with the lifestyle and money that makes life even more enjoyable; I will also be able to give my young family a fantastic start in life which will in turn bring its own rewards I’m sure.

What is the most important thing in life and why?

Being honest. If you keep this at the forefront of what you do, you will get it right most of the time. People will like and respect you if you have good morals and treat people fairly.

At what age do you aim to retire and what will you do after that point?

My aim is to build and sell the business by the time I’m 50. I will probably then look to build another business while in retirement!

What is the most important thing you learned at school?

“There’s a brain in there somewhere boy…..make sure you use it”. These were the wise words of wisdom that one of the senior teachers (Mr Faires) ensured I heard on my final day of school while walking out the gates. The best advice I ever received and have never forgotten. I now work smart NOT hard and am incredibly grateful to him for the advice!

What one subject should be placed on the curriculum?

Personal finance management. I believe I would have gotten on in life and business much quicker if I had understood money at an earlier age, and had squirreled some away for use at a later date; I never foresaw that I would be taking a fantastic business idea and making it work!

Have you ever had to sack someone on the spot and why?

Yes. During the snow last year an employee lied about how bad the snow was in their area and said they had to turn back and couldn’t come into work. I drove to their house with no problems at all so collected the company belongings and gave notice of termination; every other salesperson in the Carnoisseur Group had made it into work because they knew their clients expected them to be. I was not prepared to make an exception if the desire to look after our clients was not there and everyone else had made it in.

Where does your confidence come from?

A desire to be successful in my own right. I have developed my own set of morals and beliefs from life’s experiences, and am driven by a desire to better myself.