Billion dollar lessons learned the hard way
Over the years I’ve worked with Fortune 500 businesses, celebrities’ brands, startups, and businesses that are struggling to this day.
I’ve noticed that success or failure never depends on just 1 thing.
It's a failure of multiple small things that tank a business.
I want to share some lessons that I’ve learned and apply to my own business and consulting.
1. Everybody is accountable for success.
Never hire people who want a job.
When people have the owner mentally they go above and beyond any job description. If you tell me something is not your job, you’re right. It's not your job anymore because you’re about to be replaced.
2. Nobody is too good to do the smallest task. While having lunch with a founder he told me that he doesn’t expect his workers to do anything he wouldn’t do. That includes changing the toilet paper when it runs out.
3. Systems are only as good as the results they produce.
A lot of businesses have systems in place. But if the results aren’t living up to your expectations, you have a system failure, not a personal problem.
Building a better fool proof system is the key to getting predictable results.
4. Time is not your friend. I can’t tell you how many times I have worked with a business where the business was on a nose dive to the grave and nobody really cared.
It drives me crazy. It's easy to ignore when things are going bad and you think that all you need is better marketing. Great marketing can’t save a business with poor economies.
5. Your numbers don’t lie. Forget all the advisers who tell you that you need to lose money to acquire customers when you don’t have the money to start with.
That works if you are an established player or you’re funded to the point where you can bleed money to acquire market share.
When you’re trying to figure out how to make payroll, the number one concern needs to be how to make money now.
At the end of the day cash-flow is king.
6. Daily meetings. I believe in short 10 minute daily meetings where we have a few minutes to review numbers and talk about what we are doing.
The longer you go between checking your sales and expense numbers, the faster you can sink your business.
I have our numbers posted daily on a whiteboard where I can see today and the last 3 months.
There is no reason not to know your numbers.
I hope you enjoyed this and maybe it has you thinking about your own business. Reply and let me know what you are going to do different in your business.