Learn from a few hard lessons earned from fellow entrepreneurs

If you are business leader or entrepreneur, or aspire becoming one, you are most likely busy putting together business plans, trying to figure out how to make your balance sheet work out, making sure you can make payroll even though cash flow is an issue, and so many more daily challenges that can put a major kink into your business. Even when things could not be better you are way too busy because you have more orders than you can possibly handle, you are most likely still only thinking about the short term issues. The struggle is real and you are in constant fire fighting mode. There is too little time thinking proactively.

Please find below a list of 12 regrets that well-seasoned entrepreneurs and business leaders have shared with me. Read through this list carefully and listen to the messages well. This advice cost some folks dearly and it would be a shame if you would traipse into the some potholes.

• Make enough time working on your business and not only in your business. Whether it’s fun or extremely stressful you can easily get distracted with your day to day stuff. Always allow for time to ponder and then actively engaging working on your business.
• There is the lower case p and the upper case W. The lower case p is about your products and services. The upper case W – and thus much more important thing – is all about your magic sauce that makes your whole business tick called your Why. Know your Why and your How and What will follow.
• Cash is still king. Make sure that you know how to measure success and keeping track of it – profit comes first. Managing cash is a big priority. Customers and vendors can have an interesting habit of spending your cash. Profit Do not let this happen to you.
• When you pay bonuses pay the taxes. If you can at all swing it financially and from a corporate structure point of view do this whenever you reward your folks. It is a great motivator and morale booster.
• Ask more questions. Three words come to mind here: Listen, listen, and then listen some more. The answers to all of your important business issues typically reside in the heads of your people. Step one is to ask them and two is to do something about what you may find out. Listen to understand and not merely to respond. Watch morale go through the roof if you manage to listen to your folks.
• Think big enough, fast enough. Manage your risks wisely, but never lose on an opportunity to start delivering your ideas. Do not lose momentum because you feel you are not ready yet. Perfection is a killer of making progress.
• Delegate early and often. Ponder often whether or not there are things that you had better figure out how to let someone else do them. What you are about to hand off will provide a tempting challenge and make your team member’s day.
• Let go of the figment of our imagination called control. Let go of thinking you can manage your employees. Why would you ask your direct reports to manage their own weaknesses better if you can barely manage yours? Manage for potential and position your people toward their strengths. Let them develop their personal development goals and help them get there. It’s more fun for them and yourself that way.
• Fail quickly if you can. Make decisions quicker. That solely depends on the sacred algorithm that is “fast” – whatever that means to you make this your own recipe for success. Make a deployment plan, but carry it out quickly so you can review and correct your course as fast as you can. Don’t miss out on cool business opportunities.
• You cannot go broke on a deal that you don’t do. This should be self-explanatory, but without risking anything you are unlikely ever ready to be successful. Do not be foolhardy, but once you need to make a decision, make it and totally own it.
• Provide more value than you charge for. Want to create a memorable brand that is seamless and fun to be working for and to do business with? Start by shock and awe your customers and your team members. Speed and competency of service will always come out on top over any unique widget you can sell.
• The customer is the judge, jury, and the executioner when he/ she is present in the room, but always stand up tall for your team members. Never forget that your team and its members are what make your company so unique and great – wait for the customer to leave the stage (except when they get personal).

The most amazing and ironic thing about business leader’s regrets are that they are all about people. Helping your own people or customers and practicing good stewardship of your resources will make all the difference in the world. One thing that you need to find now is the time away from all of today’s challenges. What one regret above speaks to you the most and what will you differently from then on?

Ralf