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My 14 years’ experience of growing a business from £0-£100m as well as the life that goes with it.

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Simon Says

Winformation this week...

Since putting myself “out there” with my story, one thing I’ve noticed is that there are far too many people in this game who talk themselves up. The life of a founder, entrepreneur, business operator, whatever you want to call it, is littered with more mistakes and issues than wins...mine is anyway. So, in the hope you gain some confidence that we all make mistakes, and maybe to give you a blueprint to avoid some of my biggest ones, below in today’s One Idea to Win in Business, I discuss my 10 biggest mistakes in business and how you can avoid them.

As I mentioned in a recent edition, I am a convert this year to journalling, specifically gratitude. I lost my Dad in March and so was keen to try anything to feel better. To be honest, I wish I tired it sooner. Below in today’s One Idea to Win in Life I give my tips for starting the journalling process without becoming all “hippy”. Feel good vibes and not an incense stick in sight!

One Idea to Win in Business

My 10 Biggest Mistakes in Business & How to Avoid Them

They say making mistakes is all part of the journey...and I’m sure you have made some and will make many more. But if you can avoid even one of the below mistakes from my personal “mistake locker”, then this edition will have been well worth the read.

1. No business plan. The most fundamental mistake and one that I truly believe cost us any growth for the first 14 months. We set up our business 3 months earlier than planned because my co-founder hadn't prepared his end of year review at our previous workplace and walked out that day. Although this was funny at the time, we had jumped ahead and skipped the little detail of planning how the entire business would work. This led to a year of hell and a £200k issue that we almost didn't survive!

2. Marketing too early. The most common and understandable mistake everyone makes. It sounds weird, doesn't it, but the key is to not market your business too early on. Marketing, and specifically advertising, will increase the eyeballs on your business. Until you have at least “semi perfected” the process and can provide a very positive experience to a very select and small number of customers, you don’t want to amplify the attention on your business. It’s like having a viewing on your house before you have tidied up and cleaned the kitchen.

3. Hiring for experience. In the early days, we hired people who had done the job we were looking to recruit for before. If you didn't have experience, we didn't hire you. This was very short sighted. What we ended up with in a lot of cases were people who could do the job but wouldn't. Nothing worse than people with skills who lack the drive to perform. So, we flipped it, we hired ambitious, driven people, the stuff you can’t teach and showed them the job...the stuff you can teach. This is when our growth exploded.

4. Inflated job titles. Our first ever non-sales hire was a finance administrator. We ended up referring to that person as “Head of Finance”. Even informally, this is a big mistake. When you grow and have to hire someone with skills that exceed that person, it can lead to some big issues and upset people. Hire specific job roles and make sure there is career progression for everyone involved.

5. Allowing people too long to fail. We never wanted to be known (and never have been) as a hire and fire type company. We allow people long bedding in periods to ensure they get the best foundations to succeed. However, there is a line. Often in the past, allowing people far too long without seeing any progress was an issue. When things are brought to an end, often you can see the relief on their face, it's a decision best for everyone that they were too nervous to make themselves.

6. Software is everything. When you are a business using a software system where there are multiple users, you HAVE to ensure every user is an expert. You wouldn't want to share a road with people driving a car that haven't been taught properly. It’s the same for a company CRM, database or SaaS system. There has to be a proven minimum standard before people are set loose handling your data.

7. Not fully understanding the motivations of my business partners. When you launch a business with a partner, you both/all want to be “successful”. But “success” is so very different from one person to the next. Some people want to work 60 hours a week until the business is sold. Some people want to work until they can drop to 2 days a week, remotely from Bali and hold onto it until they can pass it to their kids. There is no right or wrong, but you have to understand the motivation of your business partners from day one, so arrangements can be made so that everyone involved gets their ambitions met.

8. Hiring only when there is a need to do so. Ideally, you want to be hiring about 3-6 months before you can see a real need for someone to be in post. We have made this mistake more than once, but it’s an easy one to make. Waiting until there is a real need leads to big issues. You start to get desperate and hire people who may not fit the culture. The person coming in then has far less time to get up to speed, as things have backed up. 3-6 months out, means you can spend the time really selecting the right person, and they have a longer bedding in time before the workload hits.

9. Thinking too short term. To build anything of any real note, I now know, takes a decade or more. You need to think in years and decades, and not months and years. Execute in the moment, today, the next hour, but please believe me when I tell you, it's a long, long road, and you want it to be a long road too. The quicker success comes, the quicker it will disappear, because whilst you are taking a decade to build it, you are also building the skills to maintain it too.

10. See everything we spent as a cost. I would fixate on the cost of everything we needed to procure to succeed, and often ignored the return that spend would generate. Do you get it right every time? Should you be reckless? No and no. But like a human needs oxygen, businesses need investment to breathe and grow. Don’t stand on the oxygen tube!

One Idea to Win in Life

How to Journal Without Feeling Like a Hippy

A few issues ago, I mentioned how I have become a bit of a convert to journaling and specifically gratitude. I know, for some, the idea of journaling sounds much the same as having a group hug or doing primal scream therapy. But hear me out. There are benefits for me, and they could work for you too. Better still, the process need not take more than a few minutes a day, and it costs nothing. So here are some tips on how journaling can help you in times of stress.

1. Be open: This can be quite powerful. Chances are, you know the problem if you have one. The act of actually writing it down can reduce stress. It allows you to process thoughts as opposed to suppress them. A 2006 study found those who wrote about their experiences in life had a significant reduction in psychological symptoms. So why not get your thoughts down on paper?

2. Jot away: Sometimes, starting with a blank piece of paper can be a daunting task. If you are unsure where to start, begin by jotting down all the thoughts, ideas and questions you have in your head at that moment. If that doesn’t float your boat, start with your recent actions and decisions on what has gone well and what hasn’t.

3. Self-reflect to remain closer to your goals: Self-reflection is an important quality for anyone in life to develop. The previous tip can get you in the right headspace to self-reflect. Journaling doesn’t just give an outlet to your thoughts and feelings, it also gives you the chance to think further about your thoughts. And to question them too. It can help better align your future thinking with your goals. It can help to think about one or two leading questions, like what ideas am I most excited about? Or what am I avoiding?

4. Digital diet: You can write your thoughts in the notes app on your phone. Nothing wrong with that. But journaling is an opportunity to get away from the screen. Sometimes this dislodges deeper thinking within us, and more meaningful thinking and thoughts are produced.

5. Grateful thinking: As I have mentioned before, I started a gratitude journal. This was specifically about what I am, as you’ve guessed it, grateful for. It can be something really small, like a good session at the gym you had, or how a friend made you laugh. It doesn’t matter, and it’s not some hippy dippy nonsense. The regular practice can help to shift your mindset into positive thinking as a norm. So why not give it a go.

Win or Wonder?

Ask Me a Question…

No matter where you are on this mad journey. Starting out, scaling up, or somewhere in the messy middle feel free to ask me anything.

Business, life or mindset, I read and reply to every question. The best ones will get featured in future editions of Winformation, with your permission of course!

To ask, just hit “reply”, type away, and send. That’s it. No forms. No fuss.

Until next week! 

Let’s win, together!