Following on from Part One, here’s part two…….
21. Don’t be short-sighted. Be less concerned with ‘how much money you make to today’ and more concerned with the business you’re growing to support you in the long-term. Next month I’m opening the doors of my first kid’s gym. I’m not really interested in how much money I (personally) make over the next twelve months (I’ll probably make none), but I am interested in growing a program, product and service which will be around for decades, meeting needs, filling a gap in the market, employing some great people and making good money in the long term. Establishing a businesses which will grow, adapt and succeed for years to come is what I’m about.
22. Trust very few people when it comes to handling your money. I know you’re thinking that I’m a cynical, un-trusting, crusty old grump… you’re part right; I don’t trust people until I know they are trustworthy.
I’m not a cynic, I’m a realist.
Given the opportunity, many people will steal if cash is on offer and they believe they can get away with it. I know this is not a popular, or politically-correct view, but I have worked in cash businesses for twenty five years, and I have seen way too many people steal. Perhaps my history is not a great indication… but it’s the only one I’ve had, so I’m giving you my truth. Hopefully you don’t have the same experiences (I’d like your thoughts on this – go to the comments link at the bottom). In my own businesses I have had many thieves… and often the person you think is the least likely…. is the most likely.
Do not take this warning lightly.
23. Operate with integrity. I’m a business owner… and I’m interested in the bottom line.
But… I’m not obsessed with the bottom line.
I know that it’s possible to run a business with integrity, honesty and principles… and to not only make money… but long-term, to make more money than those who don’t operate with the same values and business principles as you.
Being honest and making money aren’t meant to be mutually exclusive.
24. Keep the partners of your employees happy – This is a lesson I learned the hard way. Don’t assume that when you give Sarah a job, you’re just employing her. Oh no… you’re employing her husband, Bill, as well. And don’t you worry… Bill is gonna keep you on your toes! By the way, Billy Boy doesn’t care about your business…. he cares about Sarah.
25. Get perspective on your business When we’re always in it… it’s hard to get real perspective and to be objective. It’s also hard to be un-emotional when it’s your little baby. My suggestions are: 1) step back (right back) and analyse your business and everything about it from a distance… and/or 2) Use someone who has the skills and perspective that you don’t (friend, consultant) to methodically analyse all areas of your business (systems, services, administration, staff….). Make sure it’s someone that you know is worth listening to…. not your Uncle Charlie who had a hardware store thirty years ago.
26. Be unpredictable (creative, daring). If you want to be like everyone else… then do what they do. If you want to succeed, surprise people. Don’t conform. Don’t (always) do what’s expected. When you’re unpredictable you keep your staff, your competitors and you.. on your toes.
Don’t confuse unpredictable with erratic.
27. Give people a reason to be loyal to your company. Under-promise and over-deliver. Blow people away with your level of customer service and care every time… and not just while you’re trying to grow a business… not just while it’s new and exciting. I have watched many businesses stumble because the owner/s and staff have dropped the ball… after a great start to the game, they lose focus, standards drop and people find somewhere better to spend their money.
28. Make best use of your time and skills – Don’t spend two weeks doing something badly which will take someone else two hours to do well; designing a logo, setting up a computer system (no really, I can do it), painting, building. I’m not saying you should never get your hands dirty, but I am saying, make the best use of your time and skills. When I set up my current centre (eight years ago) I cleverly decided that I would paint all of the offices (being the handyman that I am). I painted for one and a half days, did an atrocious job, spat the dummy and had to employ a real painter to fix what I had done.
Waste of time and money, everyone laughed at my crap painting and my self-esteem took a battering.
Sad.
29. Plan for growth – When my business grew rapidly I had no growth plan and I was unprepared for the demand. I literally could not meet the needs of my clients; there were too many. I was naive and had not anticipated many of the realities or possibilities of a new business and new type of service. I was always playing catch up… always ’surviving’ rather than thriving.
As a consequence, I lost potential clients.
Dumb.
30. Create win-win relationships with other businesses. Synergy with like-minded business allies is always a good thing. I have a great referral network with doctors, physiotherapists (called physical therapists in the US), dieticians, psychologists, massage therapists, coaches, athletes and many others. They help grow my business and I help them.
31. Read the market and know when to diversify, expand, adapt, change. Don’t get complacent. We need to continually (not daily, but over time) change, modify, adapt and grow our product, service and brand. Even a business like mine which sells something as simple as health and fitness (okay, maybe not so simple) is always changing what we deliver and the way we deliver it. Businesses are in a constant state of evolution.. and if they’re not, they’re being passed by.
32. Give people a reason to market your business and sell ‘you’. It’s much easier for someone else to ’sell’ you than it is for you to sell yourself. If people are ‘talking up’ you and your business you must be doing something right.
So… do it right, all the time.
33. Remember you can create only one first impression. Make sure every experience people have with your organisation (including the first one) wreaks of professionalism and great customer service. A few years ago I wanted to buy a particular car. I had done my homework and knew exactly what I wanted. I headed to the closest dealership ready to put in my order and spend up. The guy who (eventually) spoke to me was rude, arrogant and condescending. I told him so …and bought my car elsewhere the same day. Even though they had ‘the product’ I wanted, I decided not to become their customer because of the crap service.
This is how we humans work; remember that!
34. Be wary about taking on a business partner. Have a business partner only if you must. (Again, not a popular view). Partnerships can be great or catastrophic. If you go into a business partnership CLEARLY define the boundaries, rules, expectations and responsibilities.
And… formalise everything with a contract.
35. Invest emotional energy into your staff. Be genuinely interested in your staff and their lives…. but don’t (necessarily) expect it in return. Apart from the fact that it’s nice to be nice, it’s also in your interests to have a connection and understanding with your employees about life beyond work.
There you have it.
If the ex-fat kid, with no business experience can do it…
…so can you.
If you got something out of this article, you may also enjoy my thoughts on marketing.
Take a look here.
