Monthly Archives: May 2016

RANDOM THOUGHT #39 – Pay It Forward

I’ve been lucky enough to end up being successful, even though I’ve had many failures and situations that didn’t work out¬† the way I wanted. As I’ve said in an earlier blog, almost everything I’ve learned I’ve learned from my failures.

Today, one of my biggest pleasures is mentoring others in business. I don’t try to tell them what to do, but I do try to help them when they get overwhelmed and can’t seem to move forward anymore.

As your business grows, it goes through many stages. The hardest lesson for any entrepreneur is how to move from stage 1 to stage 2. In stage 1 they have their fingers on everything, which is good because they’re trying to build their own dream and nobody knows it better then them. It’s hard on the employees because they feel the boss is always breathing down their neck and they’re right. But if he really wants to be successful he has no choice, he has to move on to stage 2.

Moving to stage 2 properly is very difficult to do. You can’t have your fingers in everything anymore and you have to improve your delegation abilities fast. To be successful in this stage you have to learn to let your team do everything they can on their own and you have to fill in and take care of the weaknesses. If the business continues growing many other changes have to occur.

So today, go make a difference to someone who needs it, it helps others reach their goals and it feels great.

RANDOM THOUGHT #38 – DON’T TAKE BUSINESS YOU CAN’T HANDLE FINANCIALLY

Most entrepreneurs start out in business without a lot of financing available to them. Only a very few are lucky enough to have lots of money available. The hardest lesson is realizing  you can be very successful if you grow your business at a specific rate each year.

One of my businesses didn’t make it was because I had too much business. It got to the point that I was falling behind in delivering orders and when one of my big customers went broke, so did I.

Depending on what business you’re in, a good goal is to grow from 20% to 30% per year for the first 3 to 5 years, after that the formula gets much more complicated. The hardest part of that rule is you might have to turn away business. Be honest with the potential customer, explain that at this time you can’t give them the proper service, but in the future, you’ll contact them when you’re ready. Many will give you the chance for their business later on.

Don’t be impatient, it’s only the end of the game that counts, not the beginning.