Lessons Learned

It's always about the people first, not revenues, not costs, and not profits

 

This list is not exhaustive but are in order as labeled, there is only 1 #1, everything else is #2.

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1) Hiring is key, you can't do it all on your own and expect a successful outcome. People, culture, and execution drive success.

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2) Take time to learn the business before making any changes. I would a suggest 3-6 months before doing anything major. By listening more and speaking less you will learn about deeper problems that can be addressed within the company.

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2) Changing culture is a lot harder than creating it. Moving a company from a lifestyle business to a growth business can be challenging.

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2) Systems are important and necessary for good data (since that's how most decisions are made) but it's not the savior.

 

2) Tailwinds are unbelievably helpful.

 

2) The CEO title is a misnomer; you really are the CPO (Chief Paranoid Officer). Focus your time on the most extreme cases (best 10% and worst 10%), the other 80% your team can handle.

 

2) There are always people problems. Expect them and have a plan to address them. The couch that you see in a CEOs office on TV, isn’t for the CEO to lay down on, it’s for everybody else.

 

2) Your responsibilities are: Strategy, Vision, Hiring, and Culture.

 

2) Spend wisely --> That doesn't mean minimally, it means wisely. Sometimes it's better to pay up for quality. Don't buy a $20 pen but be afraid to hire a valuable consultant for $15k.

 

2) Cash on the balance sheet allows you to make good decisions.

 

2) Remember why your customers chose you (or your company) in the first place, it may have nothing to do with the product.

 

2) Henry Ford wasn't wrong when he said, "if you only listen to your customers, they will fire you (eventually)... If I asked my customers what they wanted, they would have said a faster horse". You must lead your customers from the front, not only usher them from the rear.

 

2) Your Board is an ally not an adversary. If it even remotely feels adversarial, address it immediately otherwise you'll end up on an island (I've been very lucky with this one).

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2) The right Board can actually see things before you do. Caveat: They think about your business 100 hours a year, you think about it 100 hours a week. Figure out how to distill it so they know where to look and how to help. You are on the same team.

 

2) Trust your gut (this takes time and is very scary). Caveat: if you are constantly reliant on your gut, you need to reevaluate how you make decisions.

 

2) If you think you’re communicating to your staff enough, you’re probably not even close. If you think you’re over-communicating, they are content. If you’re exhausted from communication, you're now motivating and empowering them.

 

2) 99% of the world’s problems are communication related, be a problem solver

 

2) Your immediate management team (direct reports) will forget the strategy, remind them of the strategy and purpose constantly.

 

2) The right people aren’t solely motivated by money (except maybe your sales team ☺). Most are motivated by making a difference and building something to be proud of (including your sales leader). When that happens, the money will naturally follow.

 

2) If “revenue cures all sins”, know that you are also the Chief Sales Officer of your company.

 

2) If you are human and transparent, your team can support you. Be clear on expectations.

 

2) It's impossible to be fair, but you can always be honest. Fairness is a fallacy and doesn't exist. You don't have to win or lose, but rather do what allows both parties to sleep at night.

 

2) Not every fire needs to be put out by you. Prioritize your energy otherwise you'll never get a good night’s sleep.

 

2) Don’t get too comfortable when everything is calm. Analogy: when your kids are awake and quiet, something bad is about to happen. ☺

 

2) Build a bench, even when you don't need one. As painful as losing someone may seem, the business isn't contingent on any one person. If it is, see #1.

 

2) You will constantly be told why you can't do something. You need to figure out how you can get it done. Then focus whether you should do it.

 

2) If you only do what you’ve done, you’ll only get what you got.

 

2) Do the right thing for the business long-term – People can see short sighted decisions very quickly.

 

2) Don't live in the ivory tower.

 

2) Your team’s wins are their wins, their losses are your losses.

 

2) It's normal to have the biggest office, but it is the loneliest too.

 

2) Your friends, family, and significant other have no idea what you are going through and pressures you face. Be human with them so you can connect. Don’t expect them to know what your stresses are, the stresses will change daily.

 

2) Change doesn’t care how you feel.

 

2) Nothing bad gets better over time, you need to do something to change it.

 

2) Remember that you have 24 hours a day, no more and no less, just like everyone else. Figure out if you are spending them appropriately between 3 areas: family, personal, and business. Don’t let them stay in any one bucket too long.

 

2) Vulnerability is a strength, not a weakness.

 

2) Either do it or don’t, but don’t waste a good idea on poor execution or planning

 

2) You only get so many heartbeats, use them wisely

 

2) Find a support group or outlet (could be a business partner, mentor, or group. I use YPO).

 

2) Lawyers are expensive. Make sure you have a good one :)

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Lastly, I would implore you to be thankful for the opportunity you have and respect the responsibility it comes with. Treat everyone with respect but be careful not to internalize every little thing that goes wrong. Again, your attitude is your decision. “Every day is a good day, some are just better than others.”

 

P.S. – I’m still learning. Every. Day.