We all make mistakes…everyday. Every hour it seems sometimes. You may have spoken to an employee in a harsh tone or put the dishwasher on the wrong setting. It could be ANYTHING but the point is…we all make mistakes. And you know what they call a person that makes mistakes? Human. You know what they call business owners that make mistakes? Entrepreneurs. It’s a part of life both personal and as a business. It’s not important that we have made the mistakes, but it’s vitally important that we LEARN from those mistakes. You know what the definition of “insanity” is; try not to do that.
This blog is designed to share with you the top (3) mistakes I have made since 2010 when I first opened my firm. Some of you will nod your head in appreciation and sympathy yet some of you may wonder about my train of thought at the time and scratch your head. I GUARANTEE….if you are doing anything innovative and progressive in your business, you will have these “wonder and scratch” moments yourself. It’s a learning process that I am actually thankful to have been apart of because it makes me better as a business owner. So here it goes:
1. I made the MISTAKE of failing to recognize, appreciate and pursue a consistent market. What does that mean? Simply put, in the beginning I focused on small business owners. Not even small business owners but “micro”, mom and pop-type businesses. Unfortunately, while these people need access to legal services, they are not the market that has consistent cash flow in order to be able to afford the boutique and specialized services that KLP provides. I started to focus on “established” and larger business markets.
2. I made the MISTAKE of not realizing the actual cost of hiring an employee. There are hundreds of taxes it seems and an endless array of regulations and rules. Even hiring 1 employee requires endless paperwork and education on the issue that I was not prepared for in the beginning. In theory, the process to employ people should be seamless and easy but I soon discovered that it was not only NOT easy, but expensive. I had to change to a TRUE independent contractor model to save time and money.
3. I made the MISTAKE of not setting aside time for strategic planning and client development. The old adage “If you build it, they will come” could not be further from the truth when operating a business. Even if you are the BEST in the business, people are not clairvoyant. You have to set aside time on a regular, consistent basis to plan long term and short term for the direction you want to take your company. Now, I set aside Fridays for 4 hours to plan for the next week and next quarter of my business to make sure I hit my goals. It’s well worth the time.
Discussion Question: Now that I have shared with you the MISTAKES I have made, what are some of your mistakes and what did you learn (what are you doing differently now?). Don’t be shy. Mistakes just prove to me that you are actually doing something and not standing still.
Best Professional Regards,
Dar’shun N. Kendrick, Esq./M.B.A.
For the Firm
3035 Stone Mountain Street, #630, Lithonia, GA 30058 * (678) 739-8109
COMPANY NEWS & EVENTS: You can buy vital legal services NOW and pay 30 days LATER. Learn more by visiting www.kendricklaw.net today!
Visit our website at www.kendricklaw.net for more information OR
– Learn “Why We are Different” (than other legal providers)
– Review our list of Completed Business Projects (What we can do for YOU!)
– Review the customized services we offer
Blogs at www.kendricklaw.wordpress.com
Slideshare at http://www.slideshare.net/kendricklaw