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Lessons Learned From Business Owners, Part I

Over the 20+years I have had the pleasure and privilege of meeting with groups of business owners, there are some lessons learned from them that come up over and over. This is the first of three weekly blogs that will lists those lessons.

  1. Identify your own highest and best use for your company. Focus on that and build an organization around you, whose highest and best use is to do the other things that need to be done. How much better would your business be doing if you did this?
  2. Hire Slow and Fire Fast. Are you stuck with bad or underperforming people? How much does a bad hire really cost you. Look at the good people you have-were they worth the wait?
  3. Develop an exit strategy by building a company that increases in value as it grows-so valuable that you are indifferent to whether it sells or you pass it along.
  4. Do for yourself what you do for your clients-take your own advice and use your own products. How do you answer your prospects inquiries about your experience with your own services or products?