If you could go back and restart your business, would you do anything differently the second time around?

Dave,

I started my own small business a couple of years ago. Thanks to your advice, and a lot of hard work, we’re starting to see growth. I’m just curious, if you could go back and restart your business, would you do anything differently the second time around?

Gerald

Gerald,

This is a great question! I suppose if there was one thing I could change, it would be taking more time during the hiring process. I didn’t spend nearly enough time and energy during interviews back then. Another thing has to do with retained earnings. We didn’t begin taking a percentage of our net profits and setting it aside for retained earnings until we got too tight on cash. Starting over, I’d do that from day one. I’d run a profit and loss statement for the month, close the books for the month and take a percentage of the net profit—after paying myself a decent wage—and automatically put it aside as savings for the business.

People problems and money problems are two huge small-business killers. We fought so hard and were so passionate about everything. Sometimes, I wonder how many mistakes I made as a result of over-the-top intensity. Don’t misunderstand; you’ve got to be intense and enthusiastic to make things work. But there were probably a few times when I could have handled things with a little more understanding and class.

I’m a little more relaxed now, and I know a couple of things for sure. Better hiring decisions, and having a little bit of money saved, changes your whole attitude and outlook on things.

Dave