Hindsight: What business owners wish they would have done differently
They say hindsight is 20-20. If you only would have known. As a business owner, you may already have a few things you wish you knew. Would you have hired that one person? Perhaps you would have started your company sooner. While it is important to look back, reflect and learn from these decisions, it is also important to realize that, when you are at the end of your business ownership, your wishes may be much different.
What do owners reflect on?
There are many things business owners wish they would have done differently. Here are some common themes that seem to come to light.
Getting help sooner
Many business owners start out with a desire to build a company from the ground up on their own. It may be admirable, but it may not be exactly what helped your business to thrive. Instead, many business owners realize that if they could do it again that they would have hired on more help sooner. Some would have turned to a mentor sooner. They would have networked with other business owners more readily to pull them into their company.
They would have done more locally
It goes without saying that every business relies on its community to grow and thrive. Even online companies still need to hire from a local talent pool and build their business with the support of local suppliers. But, not all companies give back. Giving back to the community does not have to be a challenge – doing simple things on a routine basis can help to make a big difference in the community. You don't want to be on your deathbed and wishing you would have done more.
Getting rid of the problems
It's quite common for businesses, especially those starting out and looking for solid footing, to actually make the move to get rid of employees that do not fit the mold. However, we know today from our workplace culture that it's important to create a sense of culture, respect, and dependability. Some business wonders wish they would have taken a problem employee into the office and let them go long before they did damage.
The risk question
Many business owners wonder about risk. For some, taking on too much risk is just too much of a worry. For others, it is all about not taking enough. When you are there, at the end of your life, you'll want to have taken that risk and experienced perhaps not only the thrill of the ride but also the struggles.
As you work to build your business, reach out. Embrace the community. Support each other. Provide mentorship opportunities. By taking these steps, you can solidify your business model now and learn from the mistakes and wishes of those business owners that came before you. It may be exactly what you need to push your business forward that extra level.