Things I Learned In My 70 Years As A Business Owner.
I have been doing 1:1 personal branding coaching with people, and one of the exercises I ask them to do is write their obituary. Pretend it is 25 years in the future and write about what they accomplished. It is part aspiration (looking forward) and part self-reflection (looking backward) so people can list accomplishments that are earned and desired.
In the same theme, I decided to write my “what I have learned from running my own business” from the perspective of being old and grey(er) and share a bunch of things I have discovered on my own, been taught, or read somewhere and it stuck with me….so without further delay, here, on the 50th anniversary of my company is what I know about businessy things.
1. Never Shit Talk People
Speaking poorly of competitors, rivals, former employees, or well, anyone reflects more on you than on them. I have been wronged by many in my career and secretly wanted to attack them, but instead of stooping, I use the anger as fuel to hurt them with my success instead of my words. Being professional builds your reputation as a respectful and ethical leader, which is far more beneficial in the long run, especially when it comes to attracting talent.
2. Self-Promote, Self-Promote, Self-Promote
If you can’t shit talk about others and don’t have anything else to talk about, try talking about yourself. Why? Well, cause no one else is going to with the same passion. Never be shy about sharing your successes and capabilities. Effective self-promotion ensures that your achievements and expertise are recognized. It’s not about boasting; it’s about making sure your hard work is visible to those who matter….and talking about work gets you more work.
3. Hire Great People
This is something I am not the best at. I think I have guessed wrong to the tune of probably $300k or more, so I stopped trusting myself, and now I do an early screen of people and then pass candidates over to key people I trust, and if they give you a thumbs up I then take the person to dinner and give them the vision of the company and where we excel and fall down. If they are still excited and we all get along, they get brought into the company. Great people make great companies, and I like to end the process over dinner because some people are far better than their resumes. I like personalities and drive. Focus on hiring individuals who are not only skilled but also align with your company’s values and culture. The right hires can make all the difference in the world.
4. Fire Faster
Again, something I had to learn the hard way because I care about people and feelings and such, but holding onto shitty people can drag down the entire team and show you don’t value the good people. Address issues promptly and make tough decisions quickly. You don’t have to make things public and have a teaching moment, which is classless. Firing fast, but do it with kindness and class.
5. Make Bonuses Generous
I ask a lot from people. We usually work on multiple projects at once or projects and pitches, so things can be busy. So when bonuses are to be awarded, make sure they are memorable. Generosity in bonuses is more than just a financial reward; it's a powerful motivator. When your team feels appreciated, they’re more likely to go above and beyond or not roll their eyes when you add more to their plate.
6. Praise Great Work
Bonuses are not the only way to say thank you. Sometimes a real thank you is enough, but I have found that it is really important to praise great work. Good work is good work, but great work should be celebrated, and by doing it, you are also setting a recognition bar for people to strive for. If everything is praised it isn't special anymore.
7. Keep Costs Low
As a kid, I didn’t understand why my dad would walk through the house and turn off the lights in rooms no one was in. This isn’t about being frugal or cutting corners; it’s about being smart with your resources. Our monthly fixed costs for things that don’t contribute to growth, like software subscriptions, phones, insurance etc, etc etc, are in the thousands, and that is before we pay anyone. Keeping costs low ensures your business is financially stable and can weather economic fluctuations….like a pandemic.
8. Pay for Perks Out of Your Own Pocket
As an owner, personally funding perks shows your commitment to the team and reinforces a shared purpose. Perks like first-class upgrades for you and your team or a spa getaway for a staff member and their partner can build goodwill and respect, demonstrating that you’re invested in your team’s happiness and success and are not using company funds when you preach about keeping costs low.
9. Set an Example with Your Own Work
This is the most important if you want to be respected, leadership by example is one of the most effective ways to inspire your team. Show, don’t tell why you are the boss, why you are the leader, why you deserve to have a brilliant team under you. By working hard and maintaining high standards, you set a powerful precedent. Your actions will foster a culture of excellence.
10. Buy Competitors Dinner
No one has ever said no to me (professionally speaking) when I’ve asked if I can buy them a nice dinner…and guess what? Even people who love their jobs and aren’t thinking of leaving may be in the market in the future…and I have learned so much about competitive plans by simply asking. Recruiting aside, building relationships with competitors can offer unique insights and open doors to potential collaborations. By treating competitors with respect and even breaking bread together, you foster a professional network that can be beneficial in unexpected ways.
11. Stay Humble
No matter how successful you become, always remain humble. Shit can change in a heartbeat, and it is always better to be good to people than bad. I mean, chances are they won’t help you when you need it, but at least they won't have anything bad to say about you.
Did I miss anything? Add it in the comments.