As the year winds down, you are likely spending more and more time thinking about and working on next year’s projects. As you’re planning, I’d recommend you consider the following three actions. I believe they are critical for the long-term health and success of your business.
We all have to deal with the gap between our expectations and our realities. It doesn’t matter what your position, tenure, education, or skillset is. I know I am routinely let down by my own expectations. Maybe you can relate. I believe this gap affects us all.
Somewhere between 60-90% of new businesses fail to survive. Just about everyone agrees, starting a new business has a low success rate. The real question is not how many fail, but WHY so many fail.
I like to ask myself this simple question from time to time, “Who is better than you at something very meaningful to you?” It’s a great question. It highlights selfishness and pride quickly. It also improves my perspective instantly and keeps me from getting too big for my proverbial britches.
In the very beginning, your leadership team is you. Then the business grows, you hire some staff, and in a way, your whole staff feels like your leadership team. Then things get difficult.
When you have started a business, your first few hires will be some of the most critical decisions you will make. A bad hiring decision can kill the company you’ve worked so hard to build. If you hire too late, the work can build up, causing backlogs and missed orders. If you hire too early, you can burn right through what little cash you have. Hiring someone with the wrong personality can suck the life right out of you.
We don’t like talking about failure. We may even hate it. And we are doing a disservice to our potential customers every single day by not talking about it.
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