Quite frankly, I didn’t know what to expect starting my own company. My initial objective was very short term; get as many customers as quickly as possible and let the chips fall where they may. I have been fortunate to work in Southeast Michigan for 15 years prior to starting up Bonner Advisory Group. I have met many great business and economic development leaders. And I have learned from all of them. This network has helped me prepare for my new venture. However, you don’t know exactly what to expect until you get your hands dirty.
Here are a few business lessons I have learned:
- Business is all about people – expertise aside – the customer is very important, or there is no tomorrow. How do you treat the people around you?
- Focus on your core strengths – as a start up – its very easy to take on any and all work to pay the bills. Don’t spread yourself too thin, chasing the shiny object. Easier said than done, but this was a quick lesson learned.
- Communication is key – make sure your clients are constantly updated; make sure discussions are open and on-going, and YOU the consultant have to drive that, don’t rely on the client to initiate conversation or ask where things are.
- Check your plan – make sure you take time every few months to evaluate what you are doing. Keep your eyes above the horizon. Is it working? Are you making a profit on your contracts? Should you pivot? Are you prepared to take on the next big customer?
- Network……and never burn a bridge – your network is everything. That is where your deals and opportunities will come from. Keep your relationships fresh, and provide value to the people you meet with.
- Don’t stop taking advice – business evolves daily, be open to new ideas and suggestions. Lean on people and mentors you know well when you get in a pinch, don’t be afraid to say you need help.
- Don’t Be a Know-it-All (they are exhausting to deal with)
- Stay focused – owning a company is an emotional game of pickle. Remember why you do what you do, there will be good times and bad.
- It’s a balancing act – family is the most important – keep it that way.