I’m starting a new business.
I’ve screwed up nearly everything about my old business and I want to build something that’s worth having for a long time.
- Always have enough money on hand to close the business. Don’t risk inadvertent Ponzi schemes.
- Always know your YTD, MTD, QTD collected, contracted & completed numbers.
- Growth follows ability to deliver, not ability to sell. You can outback your coverage and kill your business easily, especially under 5mm in annual revenue.
- Having impeccable standards makes things vastly easier in the long run.
- Pricing is everything. It determines how the business can grow.
- Automation is everything else. Having systems in place means that you can use them – or not – depending on what you want your business to actually do.
- Profits are a condition of doing business. You have to have them, know what they are. This means that you know your time and money debt created by each sale.
- A service business must deliver efficiently. You have to offer optimized delivery in order to grow and to create a business worth having.
- Pay your vendors early. Only troubled companies fund with float. Profitable companies can effortlessly pay. Plus, when you set the example that you require you’re in compliance with Natural Law.
- Tempo and pace matter. You have to deliver the best work in the time available, not the best work with unlimited time. When you do reps you get better at being faster.
- Templates matter. Checklists matter. You can go through a pre-flight check for anything – a sales call, whatever.
- Pre and postmortems matter. Creating a learning loop makes you better faster.
- Belief in your delivery is a key to selling effectively and doing it for a long time.
- Don’t forget to ask for help. Have a +/-/= in key areas of your business.
- Writing is the road to everything that a business needs. Copy, code, policy all has to be written, so get better at writing.