As the 2023/24 financial year draws to a close here in Australia, I thought it would be a good opportunity to reflect on the last 12 months of running a business and the lessons I’ve learnt and how to apply them across all aspects of life.
In early 2023 me and a good friend decided to start up a business. Our intention was not to have this business take over our normal day-to-day professions, but to supplement both our families by increasing our cash flows.
We didn’t have particularly high expectations for what could be achieved, we both have wives, kids and demanding full time jobs, but we knew that opportunities were everywhere.
The business we started involves the collection and disposal of items and junk across Perth. It’s far from glamorous, but we provide a service that is required by many businesses and people.
It has provided a great insight into small business operations, delegation of tasks, developing trust and pushing us outside of our comfort zone to grow.
Here are some of the key lessons we have learnt so far:
Always be nice and considerate Express your appreciation and gratitude to people that work for you and support you. Always be polite to customers and thank them for using your service, not only will they remember the great service you provided, but how you made them feel.
Surround yourself with expertise Despite our efforts to learn from various sources, investing in specialized expertise proved essential. It saved us time and money, particularly in legal and financial matters.
Be flexible and adaptable Unexpected challenges constantly tested our plans. Flexibility allowed us to pivot swiftly, ensuring our services met evolving customer needs. Not everything will go to plan and plans that may have made will need to change to accomodate the business.
Treat people fairly Recognizing and rewarding exceptional effort fostered loyalty and motivation within our team. Fair treatment built a positive work environment crucial for business growth.
Be open and honest in how you communicate Maintaining transparency with my business partner facilitated smoother decision-making. Addressing concerns openly prevented misunderstandings and strengthened our collaboration.
In conclusion, as we approach the end of first complete financial year, the journey of running our business has been a transformative experience. From navigating operational challenges to fostering meaningful relationships with our team and clients, each lesson learned has been invaluable.
Looking ahead, we are committed to applying these insights across all areas of our lives, recognizing the importance of gratitude, expertise, flexibility, fairness, and open communication. Our journey wouldn't have been possible without the unwavering support of our families, who have been integral to every decision and milestone achieved.
As we continue to grow and evolve, we are eager to embrace new opportunities, tackle fresh challenges, and further strengthen our business and personal relationships. Here's to the lessons learned, the growth achieved, and the bright future ahead.
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