20 Things I've learned in 25 years of being in business
A show and tell on 25 years being in business
This week, I'm sharing what I've learned and am still learning since I established my business over twenty-five years ago.
It's been hard bloody work; it was a tough gig, and now it's even more challenging, and I'm not sure I could do the same thing today.
The list is by no means endless, but here are my personal thoughts and experiences.
1. Keep learning - online courses, read, follow prominent people on Linkedin and read blogs relevant to your industry; not only will it keep you updated about your industry, but it will also help you stand out as a thought leader when it comes to meeting customers and when you network.
2. It's hard work and sacrifice; talent alone will not win you business and new clients.
If anyone says it's easy, they're lying.
When we take a six-week summer holiday in Spain, and people scoff, it's all right for you, how's that then?
How about the early starts every day, usually 6 am, 7 am during a vacation, late nights, sometimes after midnight depending on the workload, not forgetting the times I've taken my laptop to the beach because there's a crisis?
And those missed opportunities being able to pick up my boys from school because I am working late or on a customer site.
Sure, having your own business means you can start and finish early or take that afternoon off to see the kid's Christmas school play or meet with a friend for lunch and then come back to a hundred and fifty emails.
It's not all rich pickings, and it can get very lonely.
3. You will make mistakes from simple everyday tasks to whopper decisions, but aim for getting 51% of them right, and if 49% are wrong, then that is okay.
4. You can't do it all yourself; I'll repeat this: YOU CANNOT DO IT. So, outsource it, outsource your accounts, social media or hire a PA on a freelance basis to suit you.
Work out what's necessary; even if your budget is limited, work out what you can afford.
You will make more in an hour/day and save time in sweat and stress by outsourcing it than you would if you try to do it all yourself.
5. Learn to be resilient quickly!
Business is business. Don't take it personally; it's business, not personal. Repeat that mantra, print and stick it on your PC screen and remind yourself when your customer screams at you because the order is late.
By the way, always pick up the phone and chat with the customer; you'll save so much time in emails, and an email doesn't express your true sentiment; worse still, the wrong use of words and poorly constructed sentences can inflame the matter, making it worse.
6. Be passionate about what you do, live, eat and breathe your job.
Sure, you will get days when you feel shit, when you want to throw the duvet over your head and not move all day.
Get out of bed, follow your morning routine, dress like you mean business and face the day head-on. Get the worst task done first. From there, you will grow confident and mash out all the other stuff. Trust me, it works.
7. Relationships are everything; it’s not all about being online all of the time. Meeting people face to face establishes creditability.
Go to local network groups, connect on Linkedin, find your audience and ask to meet with them.
People are sick to death with social media and emails, so when you suggest a meeting over coffee at their office or a local event, people often say yes.
It isn't only customers that are important; don't forget your suppliers and as much as they can let you down with false promises or lousy service, build those bridges and tell them what your expectations are and that you've selected them based on your selection criteria and get them to buy into you and your company so they will go the extra mile when there's an urgent problem that needs solving.
Take your suppliers to lunch, and you will be surprised how a small token of appreciation and gratitude will go a long way.
They become your champion and feel emotionally attached, ensuring your job, order, and delivery will be on time.
8. It's not about price. It's about service. The world has changed, and thirty years ago, I sold on quality and service value; the pricing was a lowly third.
If you value yourself, your company and the service you provide, tell the prospect that you're not willing to compromise on price and justify what they will get when they choose to work with your company.
I've turned business away on a 90-day payment policy and a less than 10% margin; how is that good for me or my business?
There's no sense in taking work on if there's no margin.
I read somewhere, 'I don't get paid by the hour; I get paid by the value I bring to that hour'.
I have this in front of me whenever I am asked to negotiate or compromise my pricing.
Let the person down the road who can do it for $5 less have the work; let them learn the hard way, not you.
9. Make it fun.
Try to avoid getting bogged down in the day-to-day, forgetting your why.
Write it on the wall to remind yourself.
10. Set up a good credit line to establish your company as a reliable and trustworthy creditor.
If you're a new start-up, meet with your suppliers so they can put a name to the face; explain what you want to achieve and how you intend to get there, why you do what you do; let them see your passion and ask for their help; show them what business you have in the pipeline.
If you don't get what you ask, ask if they will meet you halfway.
11. Stick to your principles, and don't be afraid to say no; you're mistaken, but back it up with evidence.
I trained in sales that the customer is always right. Well, they're not, but there's a way of telling them through suggestion and leading so they work it out themselves.
Conversely, admit when your company has made an error and then tell them how you plan to put it right.
Customers are human; they know that you're doing your very best.
There have been times when I have walked into the lion's den, a board room full of people, where I've had to explain what went wrong and the remedial action.
When people see you are managing the problem, you have a solution, and that you care, it is always better than you think it is going to be.
Sweaty armpits aside.
Be honest in your demonstration and apologize. These days, people underestimate the power of apology.
There's nowhere else for the customer to go when you've apologized and remedied the problem.
Remember: will this matter a year from now?
Learn and grow from your mistakes; how could you have handled it differently? What could you have said or done to make the outcome less stressful?
12. Accept your limitations and faults, recognize your weaknesses and ask for help.
A problem shared is a problem halved. I've asked for help from more experienced competitors. People are only too happy to help you if you ask. It's incredible how much people like to help, especially if they can see you're genuine.
13. Make decisions with your head, not your heart and not solely for financial gain. Avariciousness has a habit of catching up with you, so beware. Money is a satisfier, not a motivator. If you love what you do, money flows.
14. Listen and learn from people older and younger than you. We all have a lot to offer - knowledge is power.
15. Don't burn your bridges no matter how you feel about what that customer did or that person said. Be courteous and civil. There are no excuses for anything but.
You never know when you might cross paths with that person again, and they may wield influence over a decision you are waiting on.
16. Weigh the scales and take risks, but what are the pros and cons?
When I need to make a big decision, I take a pen and paper and draw a set of scales on the left PROS on the right-hand side; I write CONS.
Then I list all the bad and good and count them up; whichever side is the greater wins, it helps make the decision easier.
If it doesn't work, sleep on it; your subconscious 9/10 times offers the decision in the morning; it works for me.
17. Your health is more important than everything above.
With a sound mind and heart, you can survive in business. Keep fit, exercise, and walk every day.
I'm sure I've resolved more problems when I walk than sitting at my desk in front of a screen, staring at it endlessly, waiting for the fog to lift.
Recognize burnout and brain fog when you're too tired to go on. You've pushed yourself too far and too long.
REST, take time away and do the bare minimum to tick over and let your mind rest.
Physical pain is easier to manage than mental fatigue, so get to know those symptoms and don't feel guilty working mornings and resting in the afternoons for a week if that is what you need or taking a long weekend off.
18. Treat others how you want to be treated.
I am rarely rude to a supplier or colleague when something goes wrong, preferring a calm but assertive approach to get my point across.
We discuss and understand; then I ask them to get it right next time.
Losing your temper rarely gets you further forward. If you lose it, apologize afterwards; it goes a long way.
19. Be grateful daily. Gratitude is a state of mind I've come to learn when I'm pessimistic or feel like everything is a waste of time and effort and hopeless.
I look at my gorgeous office, the salary I receive each month, the bills I can pay, the house I live in and the goodies I buy and tell myself I am fortunate.
Yes, I work hard for it, but I never take any of it for granted. Your business feels intrinsically more valuable when you've done all the hard work.
20. Stand back and celebrate.
Celebrate each milestone: that first order, the new office you've leased or brought, the first $50k of sales, one year in business, twenty-five years in business.
Life is a journey, not a destination, so make the most of your achievements.
Often, we forget how far we've come, how much we've grown in stature and how we've formed as a person.
Every failure is an opportunity; it just depends on how you look at it.