11-21-2024
10 Lessons I've Learned in 10 Years of Business
FILED IN: Behind-the-Scenes, Education, M&G Happenings, Unboxing the Business
Posted By: Jamie Kutchman
It’s so easy to get caught up in the must-do’s in a growing business, that sometimes milestones have a way of coming and going without properly acknowledging them at the level they deserve. While this year (our ten year business anniversary!!) is no different and we’re jumping into the craziness of holiday season, I’ve taken some time to reflect on the last decade – the good, the bad, and everything in between. I’ve learned an awful lot and in honor or this special milestone, I’m excited to share some of these thoughts with you!
1. Risk Taking Isn’t Just at the Beginning
They call leaving the corporate world to start your own business a “leap of faith” and that’s true. But this isn’t the only risk you’ll take. The need to take risks is constant throughout business ownership, some big and some less scary ones but risks nonetheless. I’ve had to accept that risk taking is a normal part of the process and just because I’m nervous and even lose sleep over certain decisions, it doesn’t mean the decisions aren’t the right ones. Risks are scary and that’s why they’re risks. Take those risks scared.
2. Hire for Culture
I’ve had employees who were rockstars by traditional standards. Their productivity was super human and commitment to excellence was always present. But upon taking a closer look, they were poisonous to the culture. They didn’t work as a team, allowed ego to drive their decisions, and weren’t 100% honest. I agonized over letting them go because of these reasons – productivity and quality of work. I let them do damage to the culture I’d worked so hard to build for far too long before realizing that you should never compromise culture for anyone, no matter how good they are. Since those early lessons, I’ve preserved culture at all costs and it’s paid off a million times over.
3. Take Time to Explain
As the CEO, you don’t technically have to explain yourself. But in all the moments where I’ve had to make decisions, especially the hard ones that impact my team, I have taken additional time to explain to them, not only what is happening by why I’ve decided what I’ve decided, the response is always more positive. People who work for you deserve to feel a part of the process and having access to what you’re thinking and why is part of that. The same is true for clients. If you’re saying no to something or delivering bad news in any way, the extra time you take to explain your thought process is always well received and lessons the blow.
4. Admit Mistakes
You are going to make mistakes. Many of them. As the CEO, you don’t have to be perfect which is a good thing because it’s impossible. If you take the lead and admit if you’ve made a mistake, it allows your team to feel safe enough to do the same in times where they’ve fallen short. This creates an environment where problems are identified early so solutions can be figured out as early as possible. The same is true for clients. Instead of trying to defend yourself, admitting the mistake immediately and taking responsibility fully is the only way. It immediately disarms the client and prompts them to hear what you have to say about solving the problem, instead of dwelling on the mistake and ruining the relationship. It’s a chance to deepen their attachment to your brand, and yes, even when it started out with a mistake!
5. Disasters are Blessings in Disguise
I’ve had a lot go wrong over the last ten years. We had a huge fire in our last commercial space and lost almost all of our inventory, and had to rebuild during a very busy holiday season and I didn’t know how we were going to make it. The exhaustion and stress were at another level. But we survived and thrived together as a team. We learned what we were capable of. We felt support from so many clients, industry friends, and vendors and were made aware of the community support we never knew we had. We learned what qualities are essential in team members. And overall it made us a better, more durable business. So when Covid hit not even six months later, our mindset was strong and we mobilized and yet again, survived and thrived. Things go wrong and sometimes they go REALLY wrong. But it’s how you respond to the disaster that matters. You’re more capable than you think you are.
6. Welcome Critique
Compliments feel good but they don’t move the needle. As a business owner, there’s a tendency to feel like the business is a personal reflection of you, and with all the blood sweat and tears you’ve invested, criticism stings. But force yourself to push past this discomfort because you can’t make real improvements without knowing the full truth about what your clients are actually experiencing. Emphasize to them that you want the full truth, and yes, even the not-so-great things too.
7. Failures are Better Learning Tools Than Wins
The wins are fun. Everyone loves a success. But it’s in the failures where you truly learn and grow. They identify weaknesses in your operations, your product, and your team. They test how resilient you are. And it’s in these failures that you can take an honest look at how and why the failure happened and make the necessary changes to fix it immediately. Wins are great but they are only as good as the present tense. Failures help you prepare to be a viable business into the future.
8. Charge What You’re Worth From the Start
If you start out competing on price and slashing prices just to get business, you’re setting yourself up for failure. You’ll come to be known as the less expensive option, and that is often synonymous with lesser quality too. It will be VERY difficult to re-establish yourself as a higher end option once your reputation is already set. So, when you first start out, identify how much you have to charge for the business to survive (and thrive) and confidently charge that. Be ready to explain your value when it’s called into question. Clients gravitate towards confidence and if they’re able to pay your prices, they will.
9. Small Business Doesn’t Mean Small
Your operations may not be that of a multi billion dollar company but what you do is no less important. It’s harder to make magic with less people, less resources, and especially when you’re first starting out. It takes more guts to take those risks necessary to grow and scale. So don’t ever sell yourself short. When negotiating with larger brands, come to the table knowing that you have a right to function as an equal partner, even if the sizes of both brands aren’t even remotely the same. “Small business, big impact” is what I like to say and remind myself when I need a boost.
10. Team is the Secret Sauce
I saved this one for last but it’s the most important. In all instances where we’ve had hardship in the history of M&G, the ONLY reason we’ve come out on top is because of our team. This isn’t to say we could be where we are without clients. But we wouldn’t even have clients if it weren’t for the hard work, dedication, and talents of our team members. Team is the secret sauce. It’s the true difference maker. Whenever there’s a question whether to give flexibility or be generous with employees, I’ve learned that it’s always better to give more. It will come back to you tenfold and, in turn, show up in the client experience that you deliver as well as the culture you aim to create in your business.
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