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5 Fatal Errorsto Avoid When Starting a Business
By Holly A. Magister, CPA, CFP®
Not long ago, one of my dear friends abruptly stated “it’s not about you” after patiently listening to my long story about a business relationship which changed, without warning. I just love this friend and how she was able to candidly share her observation which has proven to be brilliant and incredibly powerful.
Since this conversation with my friend I have given much thought to what she said to me in the context of my situation and have found many more instances where the statement applies perfectly!
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The Great Recession has been a great teacher for many seasoned women entrepreneurs. Those who have survived have been the ones willing to truly look at their businesses objectively. And in doing so, they have learned many lessons.
One of the best ways to look at your business objectively is to ask yourself the following question: If you were a Startup, had very few dollars in the bank, and knew what you know today about your business, market, and employees, would you do it all again the same way?
Simply put, you would be a Lean Startup unaffected by poor decisions, failed initiatives, and unmotivated employees.
Please understand, I do not mean to suggest that all of your decisions have been bad, all initiatives have failed or all of your employees are a disappointment. In most cases, it is just one or a few of these things that bog down many businesses. And this causes the business to not perform at its highest level. Such businesses do not have the benefit of operating as if they were Lean Startups.
What I do suggest is that by looking objectively at your business, as if it were a Lean Startup, the woman entrepreneur could eliminate many headaches and greatly improve the bottom line.
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Before I share with you part two of my story about my own need to execute the business continuity plan as a result of my sudden and extended illness, I want to thank those of you who reached out to me to express your concern for my welfare. Thank you. Truly, I am doing very well and I very much appreciate your good wishes!
As I shared in my last blog post about business continuity planning, the need for a woman in business to plan carefully for a possible unexpected interruption to her business is real. Things happen. And when they do, you have no way to go back and say, gee let’s get this or that in place…It’s simply too late.
