How to survive 10 years with a small business

Ever since a young age, I dreamt I would start my own small business one day. I actually suspect that my friends and family knew before I even realized that it was my destiny. Years later, here I am, running a 10-year-old small business with over 325 happy clients, a team of 8 great people and still going strong in terms of growth.

Since hindsight is 20/20 apparently, I ponder: Despite all the struggles, sacrifices, crises and even boring phases, how did my little company survive and even thrive despite it all for more than 10 years? Here are my Top 10 pieces of advice to an aspiring small business owner:

1. Be patient:  If you are a parent like myself, you could probably skip this one because kids require a lot of patience. There are times when nothing seems to work. You start to freak out because your big dreams are falling apart before your very eyes. Trust me, after 10 years you realize nothing just falls apart. Be patient, stick to your plan, but adapt to circumstances. As long as you keep going, patience will carry you to the next phase. The fun one.
2. Keep going: Don't you wish clarity would guide you at all times? It doesn't. Well, not at all times. Sometimes, you have no idea what you're supposed to do next. There is either just too much to bear, or you're sitting there like a zombie. Keep going even if it means rearranging those bookshelves for a whole day (Yep, I've done that). While you're doing that meaningless and time-wasting activity, guess who is still working in the background? Yes, your mind is busy taking care of business. Literally.
3. Trust but verify: Trust is a heavy concept. Some call it faith. Believing without proof, or seeing. I have had phases where I did not trust myself, my staff, or even my clients. Relax, that is normal. "Trust but verify" will help you balance out the leaps of faith with the accountability you should expect from yourself and your small business ecosystem, i.e. team members, partners, suppliers and even clients.
4. Be authentic: Being a small business owner involves playing many, many roles. Some of which you have already mastered, but most of which you will learn on the fly. Wait a minute: Isn't a "Role" the term used in acting or theatre?  Yes, but this is real life so while you play these roles, make sure to be authentic in your interactions. You don't have the time to add a layer of complexity on how you should act the part while you build your business. Be authentic. Be yourself.
5. Know how to count: Obvious isn't it? You can have the best service or product in the world and even if they are selling like hotcakes, if you do not know your numbers inside and out, you could end up losing money because you didn't count properly. Your pricing, your promotions, your accounting and your whole business model depend on your ability to know how to count. I got caught once because I had reverted the exchange rate so my pricing assumption was making me lose money big time. No worries, I survived that as well :-)
6. Watch your cash: I still remember a Vice President in my previous life who harassed his team about "cash on hand". What was he talking about? We were growing by leaps and bounds, customers were enthusiastic, the atmosphere was vibrant. We were making money right?  Yep, but our company ran out of cash because of that growth and was later on bought out. Your sales numbers and profits are one thing but the actual cash in the bank says it all.
7. Keep growing: You never should be done with growth. Ever. I'm talking about your business and You. Keep growing. What does not grow, withers away. Keep learning and perfecting your skills. Keep marketing your business, adding new lines, changing offers. First, this makes life interesting because we all need change and second, you will protect your business from obligatory adverse conditions. When exchange rates turned against our business model, that growth is what saved us (and help from our partners, so kudos to them).
8. Take breaks: You have to be a little bit insane to own a small business. So many moving parts, so many people to deal with, so many risk factors to foresee, so many options to choose from for so many decisions. Ok, you get the point. Tiring isn't it? Take breaks. It's ok, your small business will not fail if you leave it alone for a few hours or even days. Your team will not think you are lazy, they understand the pressure you operate under daily. It took me years to understand but then I saw how good things progressed in my absence, team members shining with the extra space created by my leave. Just do it. You'll thank me later.
9. Know when to stop it: This is a tough one. Nobody likes funerals. Sometimes you have to be the executioner. I choose that word carefully because of its gravity, yet it reflects the emotion one feels when having to stop. Stop what you might think? Stop that habit from stalling you, stop that project from drawing money, stop that client from damaging your team morale, stop that team member from poisoning colleagues. It is very hard to survive 10 years in your small business if you do not accept that you have to stop when it counts.
10. Enjoy the ride: As you do in a rollercoaster ride, meaning you will be fearful and holding on to your life at times, be exhilarated at others (only for a few seconds though, why are these moments so short?). In the end, you will get off the ride and everything will be ok. Stay mindful of the great opportunity before you, remember why you're starting this thing in the first place and enjoy it as much as you can while you are in the midst.

As I write and review these 10 pieces of advice, I can think of so much more to say, yet I am reminded of how they are still the most useful to me, even now. So if you are thinking of starting your own business, or are struggling to make it happen, please accept these as my humble contribution to your endeavor. Remember to write your own Top 10 when the 10 year anniversary candles will be lit for your small business.

Which tip is to be the most useful for you?
Feel free to comment below.

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