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Wednesday, 29 September 2010

5 Lessons I didn't learn until I ran my own business

When I worked in other people's finance departments I thought I knew everything about business. When I set up my own consultancy business nearly 10 years  ago, there was no stopping me. Some lessons can only be learned the hard way. I thought it might be worth picking out the areas where my thinking has changed dramatically in the last 10 years.

All of the lessons below have been learned since I set out into the wild world of business as that fresh-faced, and incredibly naive, 30 year-old. Education can be very expensive!

I will elaborate on some of them in future posts but for now I just want to put them out there and see what others think - particularly those still working in finance departments.

Lessons I didn't learn until I ran my own business:

  1. The salesmen and women were right. Sales must come first.
  2. Flexibility is far more valuable than you think.
  3. It's not about how you look - it's about what you do.
  4. Cash flow and profitability must come before any other ambition you have for the business.
  5. Never mistake an overhead for a sign of success.
Please comment below whether you agree or disagree. It would also be interesting to know which perspective you are coming from - i.e. whether you are running your own business or not.

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