10 Things I’ve Learned After 10 Years in Business

Running a business is an incredible journey, full of highs and lows, lessons learned, and moments of growth. As I reflect on the past ten years, here are ten key lessons that have shaped my approach to business and life.

1. Have a Basic Plan in Place When You Start

Starting without a plan is like setting off on a road trip without a map. Before you begin, think about who you want to work with, what you want your business to look like in 12 months, and set a basic budget. Your plan doesn’t need to be perfect, but it does need to exist. And don’t forget to review your budget annually – it will definitely need tweaking!

Having a business plan has helped me maintain focus on the things that matter in my business, trust the process, and know that if I can achieve the milestones I hit along the way, I’ll be able to reach my goals.

Check out our blog ‘7 Tips for an Effective Business Plan’ to help get you started.

2. Have Some Capital to Cover Basic Costs

Starting a business without any financial cushion can make the early months unnecessarily stressful. A small amount of capital to cover essentials like software, marketing, and initial expenses can give you the breathing room needed to focus on growth.

I started with very little, and it gets tricky quite quickly when you don’t have a regular income in the early days!

3. Delegate as Soon as Financially Possible

Many business owners hold on to everything for too long. As soon as you can afford it (or even slightly before), delegate the mundane tasks. This frees up your time to focus on growing the business, serving clients, and doing what you do best.

I always knew that I wanted to focus on running the business, and doing everything – I hired an accountant, a bookkeeper and an admin person in the early days, and this freed me up to go out and find clients, and build my network.

We wrote about common challenges wearing all the hats in this blog post here.

4. Network, Network, Network

In the early years, putting yourself out there is crucial. Attend networking events, join business groups, and connect with like-minded business owners. These people will become your support system, refer work your way, and often turn into friends. Find the networking groups you enjoy, and keep showing up.

The first five years of my business, I did a LOT of networking. This enabled me to build up a referral base that still works for me today. But also networking with other small businesses gives you the opportunity to learn from other business owners, many of whom may end up becoming friends and champions.

5. Say No

What you say no to defines what you can say yes to. If you have a bad feeling about a client, project, or business opportunity, trust your gut. Saying yes to the wrong things will cost you time, money, and often your sanity.

This was one of the most powerful things I learned – whether it is saying no to business that doesn’t fit your ideal client base, parting ways with clients that are not profitable, or saying no to time drains – each time you say no, you become a little stronger, when you realise that it really isn’t the end of the world!

6. Don’t Discount or Barter to Win Business

It’s tempting to lower your prices to secure a new client or agree to a barter arrangement. However, these deals rarely work out fairly. One side usually benefits more than the other, and when you discount your prices, you devalue your expertise. Stand firm on your worth.

I’ve only ever bartered with one client, and when I felt their service wasn’t quite working for me and I wanted to cancel their services and charge them full rate, they left to go somewhere cheaper. It didn’t leave a good taste in my mouth, and was also a nightmare to record all the barter transactions in Xero!!

Check out our blog on setting prices here.

7. Your Business Is Here to Serve You

If you find yourself constantly overworked, stressed, or unhappy, step back and reassess. Your business should support your life, not consume it. Ask yourself: Are you working with clients you enjoy? Are you making enough profit? Are you spending too much time on tasks you dislike? If not, make changes.

I choose to schedule in exercise – some times it slips down my priority list, but I remind myself that as a business owner, I am entirely in control of my working hours and my time – so I give myself a little pep talk once in a while, get back to scheduling in personal things, and crack on.

8. Excellent Communication Is Critical

Clear, honest, and transparent communication is key – both with clients and internally with staff or freelancers. Good communication sets expectations, prevents misunderstandings, and ensures everyone is on the same page.

I have always ensured I notify clients well in advance if I am going to be away – this ensures that everyone knows when I will be available and when I won’t be. There are lots of deadlines in our business, but nothing careful planning can’t work around! Being clear on timeframes or deadlines, and letting them know when things aren’t going to plan ensures they are kept up to date and in the loop – and usually prevents a stroppy email being sent!

9. Accept That Mistakes Will Happen

No matter how experienced you are, mistakes are inevitable. The key is learning from them and improving. Some of the best business lessons come from things that didn’t go to plan. As the famous quote goes, “Failure is simply the opportunity to begin again, this time more intelligently.” – Henry Ford

My youngest child’s reception teacher referred to them as Marvellous Mistakes. My business is what it is today because of all the mistakes and failures of the past. Learn from them, make amends, and grow from them.

10. Know Your Numbers

Understanding your finances is crucial at every stage of business. Keeping track of revenue, expenses, profit, and cash flow will help you make informed decisions, see what’s working, and course-correct when needed. Never ignore your numbers – they tell the real story of your business.

There have been some very tough times in my business and personal life. Having a strong grasp of my figures has helped me stay focused, and ensure I know exactly what I need to do at each stage.