Lesson 16: Don't Blow Yourself Up Financially
KILLING YOURSELF FINANCIALLY
- Spending too much on one thing. Truck, tractor, land.
- Big bets on one thing. The sure thing.
- Spending too much up front. What’s the least you can spend?
- Spending too much relative to the size of the business. Scale accordingly and as needed.
- Debt and interest. Taking on too much.
- Not matching reality with expectations. Can business scale to meet needs in appropriate timeframe?
- Not seeing where the money is going. Failure to keep and analyze records.
- Transitioning too quickly. Emotions trumped Excel.
- Growing the business too slowly. Lack of sales depletes all availble cash.
- Not rewarding yourself. It’s hard to see money just go out the door and stay motivated. Pay yourself something.
- Bad contracts, bad partnerships. Do your do diligence up front.