I’ve been a small business owner for 25 years. Along the way, I’ve had some great successes, along with my fair share of mistakes.
Sometimes those mistakes are easy to recover from. You recognize what went wrong, regroup and try something new. And sometimes you realize, “Uh oh. This is something I can never let happen again.”
Years ago, I had someone running all the financials for my business. She made about $70,000. Keep in mind, she was the one person who worked for me that knew the ins and outs of our financial procedures. Well, one day, she came into my office said, “As of today, I want to make $90,000, or I will walk out that door.”
I couldn’t let her leave. She knew what a bind I was in, and she took advantage. That’s a mistake I’ve never, ever repeated.
You might be thinking, “Kim, that was a $20,000 mistake. She was already making $70K.” Technically, you’re right. But to me, I chalk up the entire experience up as a costly mistake.
Now, employees are cross-trained, and we have systems in place that anyone with the right skillset can jump into. Having the right software in place is also critical.
Ditch the spreadsheets and get your financials in the cloud
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Join the over 24,000 companies using NetSuite! Let NetSuite show you how they’ll benefit your business with a free product tour at Netsuite.com/kim. Schedule your free product tour while you’re thinking about it! You have nothing to lose!