Business Mistakes – We’ve All Made Them
If you’re an entrepreneur, you have made business mistakes that impact your company and your personal life. I’ve often discussed my own business mistakes and the lessons I’ve learned from them in my solo podcast episodes. I thought asking other business owners about their top mistakes would be interesting (and help some of us avoid making the same ones). This is part one of a two-part series. Be sure to check out part two, Biggest Entrepreneur Mistakes.
Business Mistakes in Finances
Sejal Lakhani, CEO of TechWerxe, said not having intimate knowledge of all aspects of finances was her biggest business mistake.
“I did not go through all the contracts, finances, and vendors on a regular basis which ultimately affected myself and my business when my husband died,” says Sejal. “During a time of grieving, I had to learn about abnormalities and dips in the business, rather than while these issues were occurring.”
Today, Sejal has a team helping her. “I have a team of people I trust immensely, allowing me to feel confident that my businesses and finances are in the best hands….We have internal meetings monthly and quarterly to huddle and ensure everything is in order to achieve overall success.”
Unsustainable Growth is a Business Mistake
Sometimes it is unsustainable growth that makes the top of the list for business mistakes. Dennis Consorte of Consorte Marketing made that mistake. “I grew my digital marketing consultancy too fast and tried to do too many things at once. At my peak, I had an office full of employees, more clients than I could serve effectively, and no time for anything else. I positioned myself as the main point of contact on all of my accounts, and communications became overwhelming.”
Dennis burned out, and subsequently took two years off, but it was worth it. Having learned from his business mistakes, he says, “Now I have a much more manageable book of business, and I work with contractors on an as-needed basis rather than maintaining a full-time staff. I’m much happier today and much more intentional about the clients I select and serve.” I know a thing or two about the benefits of burnout, as well.
He also mentions his peer network as a key to his current success and happiness. “The peers I look for are in the same or similar line of business as I am. To someone from the outside looking in, these peers might look like competitors – but they aren’t…They help me be more efficient in finding answers and I can reach out and talk to them about things like market conditions and what they’re seeing in specific areas of their business, like sales or hiring talent. They help me grow but also help me check myself before I wreck myself. Who doesn’t need that?”
The final business mistake for this post comes from Jodi Brandstetter, Founder and CEO of Influence Network Media. Analysis paralysis can get the best of us. “I started my company in April of 2018. That year, I wrote down in my journal that I should write a book to help my business excel. Two years later, I finally wrote my first book, Hire By Design, and it has helped my business tremendously. I wish I had written earlier!”
Tell me about it Jodi; it took me over a decade to write my first book! She does mention the silver lining. “But remember, a mistake is just a learning moment, so we all should have lots of mistakes throughout our lives.” I firmly believe this as well; if you aren’t failing sometimes, you aren’t learning.
Thanks to these business owners for sharing their business mistakes, and be sure to check out part two, Biggest Entrepreneur Mistakes.
Need with Untangling Business Mistakes?
If you need some help with business mistakes and would like to discuss this further, please feel free to contact me. I’m also an engaging public speaker on this topic and may be a good fit for your next event. I’m also available for strategic business advisory meetings with you and your team. Finally, if you have not yet signed up for the BEE Awesome Brief (a weekly email from me), please do so.
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