From Mike McDerment, CEO of Freshbooks, comes this post: 7 Ways I've Almost Killed Freshbooks.
It's a personal story. But the list, the 7 items, is universal for business leaders.
1. Thinking we had to move faster than we did
2. Placing my faith in a spreadsheet
It’s really easy to stare at a spreadsheet and say, “that’s it! I totally get this business…I understand how it all works and look at that year 5 revenue!”, when the reality is it will take 10 years to get there, cost you twice as much as you thought, and you’ll probably be running a totally different business by the time you get there. [LOL. Preachin' the truth now, Mike.]
3. Thinking we had to spend more than we did
4. Placing my faith in consultants
5. Underestimating word of mouth
...it’s a slow build, but slow burning fires burn the hottest. [ It's a sustainable fire...as long as it's feed steadily.]
6. Believing we could not get this far without doing “x”
7. Doubting ourselves too much
And how did Freshbooks avoid its demise at the hands of its visionary and honest CEO? Well...by listening to that same CEO, trusting his guidance, and he listening key employees and trusting their guidance.
I’ve often said, “were it not for Joe and Levi, I would have run this company into the ground long ago”. The fact is, truer words were seldom spoken
What did we learn today?
Well, if you want to avoid killing your business...still follow Mike's advice:
1) Be like Mike. Run fast. Make lots of mistakes. Learn fast. Grow faster as a result. Celebrate failure along the way.
2) Be open and honest with A. yourself; B. your team.
3) Find key employees whose wisdom and guidance and honesty you can trust. Listen to them. Trust them.
4) Stir and repeat. Daily.
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