James Hyett is CEO and co-founder of independent ecommerce agency AYKO.
AYKO was formed in Leeds, now with an additional office in Dublin, following the merger of agencies Two Jay and Vortex in 2019.
Recently marking the agency’s fifth anniversary, Hyett shares all the lessons he’s learnt over the years as CEO.
Which single daily habit or practice could you not do without?
Regrettably, coffee… Lots of people say things like meditation, etc in these things but I always wonder how genuine it is. Coffee isn’t the answer but it helps keep me going with a busy growing business and a young family.
What’s been your luckiest break?
That period following the debacle in 2015, was a pivotal point for the company. We knuckled down, took our medicine from the financial fallout from that relationship and traded our way out of a very challenging situation. We were dedicated and aggressive in winning new business and were “lucky” that the industry was booming.
Naturally, you can be lucky or unlucky but it comes down to the amount of chances you can create. Do you put yourself in a place to be lucky? I think most “successful people” fall into brackets, it’s easy to look from the outside in and say it’s all ‘luck’. I firmly believe we have a big say in ‘luck’, you control that luck by filling the funnel with opportunities and sometimes the coin will land favourably… How many times you get to flip it comes down to the effort you put in.
What’s your best failure?
Back in 2015, we allowed ourselves to fall victim to the “supermarket” effect, we were working with one of the largest retailers in the country. We got squeezed, and we had a carrot constantly dangled in front of us but were getting hit by a stick simultaneously. It was relentless and confusing at the time, we were 3/4 years into our journey.
I vividly remember being called by the client whilst I was at a wedding, they kept calling me until I finally pretended I needed the toilet and took the call. It wasn’t pleasant but it taught us (my business partner and I) that we can deal with pressure, we learned how to manage cash flow and created a fiscal discipline which is incredibly important for different reasons as the journey goes on.
What is the best investment you’ve ever made, either financial or time?
The best investment was putting myself in a position to take the calculated risk to pursue our venture. There were lots of things along the way but they were a product of me taking that first step. We lost money at the start, we gradually started paying ourselves and for a good period of time, we were paid way below what we’d have been paid in our previous jobs. Belief in that vision and being able to take that leap of faith is never going to beat the S&P 500 but it’s the catalyst that helped me invest in other areas.
Which podcast or book would you recommend others to read and why?
Built to Sell – is a great book to read I think for any business owner that’s considering what their future looks like and I’d encourage them to read it sooner vs later. Don’t wait until the end of the journey before you start to think about what’s at the end of the trail. It makes you reflect on what success looks like, makes you question what you are doing it for and challenges you to take an objective step back.
What one piece of advice would you give your 21-year-old self?
In time you’ll realise you know less at 35 than you thought you knew at 21 and that’s okay. It’s all part of the journey. Be humble when you need to be, lead from the front and above all else be passionate. The rest with a bit of luck will follow but remember to make your luck, you are not owed good fortune purely because you’re in the race.
Who or what has had the single biggest influence on your working life?
I’m really lucky to have some great soundboards around me, the greatest influence comes from my Dad, he’s the one who has been objectively seeing the journey unfold.
Tell us something about you that would surprise people.
I’m a qualified ski instructor – It’s something I’d love to do more of and as the kids get a bit bigger I’ll certainly do that.
If there was one thing you could change about your career, what would it be and why?
I think if you’re content with where you are in your professional journey and if nothing is screaming out to change… Ultimately it’s all the little wins and losses that shape you and your career. There are so many things I’d have done differently, people I’d have held onto, people I’d have probably failed faster with but all these things would introduce another variable.
There’s enough pressure in life and business, dwelling over these things just saps energy from positive change and energy that can go into solving the problem.
What does success look like to you?
For me, success means staying engaged and focused on building, improving what we offer and moving forward as a business. While financial success is important because it’s the reason we’re in business, there are factors beyond just the numbers on a balance sheet. Unexpected events can occur, and there are elements that we can’t control. Despite these challenges, success, to me, is about being present, resilient and committed to our goals.
