8 Lessons Learned in 8 Years as CEO
August 2022 marked Embellish Marketing’s 8th anniversary. During milestones like this one, I like to do some reflection on where the business was and where it is currently. This review also looks at lessons learned, what has been working, and what needs improvement. I’m looking back over eight years as a small business owner, and here are the eight major lessons I’ve learned during this time.
If you would like to watch videos I created for Instagram in which I’ve covered these topics, click the links below.
Lesson 1: If you’re the boss, then your title is CEO.
Or Founder, Owner, Chief Designer, Chief [fill in the blank]... something that reminds your team, customers, and industry partners that you are the Chief Executive Officer of your business. Don’t get clever with names or diminish your role by NOT recognizing yourself as the true captain of this ship. In many ways, this is a mindset exercise for YOU, so you can be a better leader in your business. Women tend to undervalue their contributions to their business, and this can have a less than desirable impact on sales, negotiations, contracts, etc. You’re not building a business to play small, so your title shouldn’t be small, either. So embrace your role as the leader by giving yourself a distinguished title because this will remind you of your worth, especially when tough decisions need to be made.
Lesson 2: Know your mission, vision, and values and review them often.
These statements are the guideposts for your business, so allow them to help you navigate your business growth and decisions. When you’re struggling with a decision or trying to decide on a growth opportunity, your mission, vision, and values will help clarify the direction you should take. If you ever feel like certain things aren’t working well in your business, examine them against these foundational principles; my guess is that they won’t match up and that’s why you are struggling. Do a course correction to get back in alignment with your business mission, vision, and values. Of course, if you ever find that your mission, vision, or values aren’t serving you anymore, then feel free to update them.
Watch the Lessons 1 + 2 video on Instagram
Lesson 3: Don’t say “just” or “little” when describing what you do.
Ever. You’re investing a lot of time, energy, and resources into your business and describing it as “just” a business or saying you “just” work on it part-time severely diminishes the goal you’re striving to achieve. Another word that’s commonly used is “little,” as in, “how’s your little business?” or “it’s just a little thing I’m working on.” No. Your work is important, so talk about it with respect. If you hear anyone use words like these to describe your business or anyone else’s business, kindly ask them to stop. Most people may not realize they’re saying this word and the impact it can have.
Lesson 4: Find or create a community of people who understand what it’s like to own and grow a business.
You will need this group to think out loud with, and they can help you with thoughtful insight. Family and friends may not understand what you do or what it’s like to build a small business, so having other people in your network to “talk shop” with is important. It can be lonely as a small business owner, so be intentional about building your network of support. Remember, as the saying goes, it’s not about what you know, but who you know.
Watch the Lessons 3 + 4 video on Instagram
Lesson 5: Bootstrapping is good.
Be wise about money in the early days of your business. Learn about revenue, expenses, profit, and cash flow. Don’t go into debt unless you can quickly pay it off. You don’t need the most expensive equipment, brand design, building, etc. to get started. Work with what you have (or with less expensive options) until you have earned the resources to invest into more expensive upgrades.
Lesson 6: Paying for professional help and business tools is an investment, not an expense.
Don’t NOT get the help you need because of the price tag. There is value in paying a professional what they’re worth because their experience and advice should help accelerate your business. Their service fee is an INVESTMENT, not an expense. Also, don’t wait too long to invest money into updating technology, software, or other tools you need to run your business because if they become too outdated, that can create other problems that you will have to spend money to fix. Trust me on this.
Watch the Lessons 5 + 6 video on Instagram
Lesson 7: Learn how to be decisive and to make decisions quickly.
Set rules for making decisions and have confidence in them. If something isn’t working for you, get rid of it. Get comfortable saying “No,” and say it often (it’s a full sentence). A HARD lesson I’ve learned many times over the years is that my unwillingness or inability to make a decision WAS ACTUALLY a decision, and generally not a good one. Additionally, there are potential ramifications for waiting too long to make a decision. Sometimes I took too long to make a decision, then I found myself in a difficult situation because my failure to act at the right time had ramifications.
Lesson 8: Be honest about your own strengths and weaknesses.
It takes honesty and humility to figure out your personal strengths and weaknesses. Once you hone in on what they are, do more work in the areas of your strengths, and build a team who has skills to turn your weaknesses into strengths. Newsflash: one of the biggest challenges in your business growth might be YOU. I learned this the hard way, and once I started bringing in other people I trusted to help with my business, real momentum and synergy was created. You can’t put a price on what great teamwork can accomplish!
Watch the Lessons 7 + 8 video on Instagram
There are many, many more lessons I have learned during the past eight years of self-employment, but these are my top lessons I wanted to share with you. My hope is that you found some encouragement and actionable ideas among these words. Bonus lesson nine: Take what works for you and leave the rest.