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.