Taylor Swift is currently the biggest musical artist on the planet.

Her global Eras Tour – a more than three-hour show in which Swift performs 46 songs – has been running since the summer of 2023. In June 2024, The Eras Tour arrived at Dublin’s Aviva Stadium for a three-night run that attracted more than 150,000 fans.

In fact, Rolling Stone reports that in December 2023, The Eras Tour broke a new record. It became the first ever tour to gross more than $1 billion after selling more than 4 million tickets for its 2023 shows alone.

Even if you aren’t a fan of Swift yourself, it’s clear that she is more than a pop star; she’s a businesswoman. Having written every song on the setlist and coming up with its unique multi-album design herself, Swift certainly has something to teach business owners about becoming the best in your industry.

Here are two lessons business owners can learn from the new queen of pop.

1. The hard work doesn’t stop once you reach the top

As a certified “pop princess”, it’s easy to assume that Taylor Swift spends most of her time lounging around while other people do the hard work for her.

And while Swift does have an enormous team of workers behind her – more on this later – being able to perform 46 songs in a seamless sequence, several times a week for months on end, is no mean feat.

Speaking to Time Magazine, Swift revealed that she prepared for The Eras Tour by “running on the treadmill singing the whole set out loud.” She did this three-hour workout nearly every day for six months, along with three full months of dance training to prepare for the physical toll of her upcoming tour.

As a result of her dedication, Swift has remained uninjured and healthy throughout The Eras Tour, never missing or postponing a show other than for extreme weather conditions.

As a business owner, Swift’s gruelling tour preparation routine can teach you one thing: you’re never too successful to avoid hard work. Reaching the top is just one part of your journey – remaining there requires constant graft.

In fact, as your business grows, taking your eye off the ball could lead you into a false sense of security. You may assume that everything is running smoothly while missing out on key details or cutting corners that might hamper your success later.

So, instead of resting on your laurels, remember that success is not a moment but a journey. Staying ahead of your game requires work, even if you’ve made it big.

2. Acknowledging your team is crucial in today’s workplace

While running a tight ship to ensure The Eras Tour goes smoothly, Swift has also shown much outward appreciation for her team.

In August 2023, as the US leg of The Eras Tour came to an end, Swift surprised the truck drivers who had transported the tour’s essential equipment by giving them a bonus of $100,000 each.

According to CNN, Shomotion trucking company founder Michael Scherkenbach said, “The typical [bonus] amount is between $5,000 and $10,000. This large an amount is unbelievable.”

You might be thinking: “Of course Taylor Swift can give her workers a $100,000 bonus – she’s a billionaire!”

Yet footage from The Eras Tour demonstrates that Swift often shows appreciation for her staff, not just by offering them money, but by publicly acknowledging their hard work.

Playing the acoustic section of her set in Cardiff, Wales, Swift pauses mid-song to say, “Someone needs help over there,” referring to a fan who seemed to be experiencing health difficulties. After staff immediately rush to their aid, she exclaims, “You guys are so awesome and so on top of it. These guys really take care of you [the fans], it’s so important.”

The pop star’s actions in both these cases demonstrate that appreciating your team is crucial to running a successful modern workplace.

You could consider:

• Offering a package of benefits on top of the financial remuneration you provide
• Setting up a rewards scheme for exceptionally hard work or results achieved in the workplace
• Ensuring that the leadership team within the business are personable and thankful for the sacrifices employees make
• Offering flexible working and career progression opportunities whenever possible
• Verbally and financially acknowledging the hard work and successes of people at all levels of your business.

According to the Chartered Institute of Personnel Development (CIPD) ‘HR Practices in Ireland 2024’ report, 77% of employers reported difficulties in retaining staff.

Crucially, the report says the factors affecting employee turnover are:

• Workload and burnout
• The cost of living
• Career changes
• Employees wishing to move locations
• Better career opportunities offered elsewhere
• Work-life balance conflict.

Many of these aspects could perhaps be solved by paying greater attention to employee wellbeing, pay, benefits, and workload.

If you’re unsure where to begin, it could help to take a leaf out of Taylor Swift’s book and simply tell your team how much you appreciate them – no gimmicks, just honest feedback.

Starting from here, it may then be beneficial to work on a long-term plan for improving employee wellbeing and remuneration, in order to retain talent more successfully.

Your personal financial planning era starts today

As a business owner, you likely have one thing in common with Taylor Swift: your work may often consume your whole life.

Here at iQ Financial, we offer financial planning services that mean your personal finances are looked after by independent professionals. We’ll design your financial plan based on your retirement goals, family circumstances, and tax situation, creating a bespoke solution tailored to your needs.

Email us at clients@iqf.ie, or call 353 71 915 5560.

Please note

This article is for information only. It does not constitute advice.

It describes financial planning services that iQ Financial can offer to you. Financial planning services are not regulated by the Central Bank of Ireland.

iQ Financial is not a tax adviser and tax advisory services are not regulated by the Central Bank of Ireland.