Posted by JRSutton on June 09, 2015 at 06:23:05 from (98.110.226.240):
In Reply to: Business owners poll posted by Bryan iniowa on June 08, 2015 at 19:08:48:
Three partners, and two employees. We've been in business for three years now.
What we do: Online event registrations - mostly for sport related training camps. If any of you have children that have attended baseball, football, etc. training camps, there's a chance you've seen the software I wrote. If any of you RUN camps, you should be talking to me about seeing a demo!! :)
Worst decision ever made: Trying to hire an additional salesperson cheaply - getting somebody young and inexperienced, and hoping it'd work. It did not. We should have known better, but at the time we felt it was worth a shot. It cost us money, and hurt our image with a few potential clients.
As I'm sure any fellow business owners know - there are (very) often times when you need something, and don't have enough cash flow to get it. You can either borrow or raise the funds - or go the cheap route. When it's equipment, it's easier to figure out the return on investment to justify borrowing - but when it's a salesperson, that can be an unknown. It's scary borrowing money - or giving up some % of ownership for capital for something when you're so unsure of the return. We wimped out and tried to work with what we had. It ended up hurting us.
We've since recovered, but it was a painful lesson. There's nothing worse than letting a person go because they're not living up to your unrealistic expectations. Losing money's one thing - but the personal side of that one was worse for me. We actually recommended him to a client of ours for a more appropriate position, and he got hired right away, so it wasn't that big of a deal to him - but I still consider that one a personal failure.
Best advertising: Word of mouth, trade shows, and believe it or not directed email campaigns. In that order.
Worst advertising: Mailings, cold calling.
Best decision: Rewriting all of our accounting code to give our clients extremely accurate and in depth reporting and easy invoice handling tools. It took me a full YEAR to complete it, very - very complicated stuff - but now that it all works I don't know how we ever lived without it.
Actually - since we're on a tractor board here, and I know you guys will get this - another "best decision" was to get into a business that requires a lot of hard work and dedication - yet gives me flexible enough hours so I can get out and cut hay whenever there's a three day weather window, AND see my kids. I don't care if I get rich financially - I'm rich with time, and that's way better.
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Today's Featured Article - A Lifetime of Farm Machinery - by Joe Michaels. I am a mechanical engineer by profession, specializing in powerplant work. I worked as a machinist and engine erector, with time spent overseas. I have always had a love for machinery, and an appreciation for farming and farm machinery. I was born and raised in Brooklyn, New York. Not a place one would associate with farms or farm machinery. I credit my parents for instilling a lot of good values, a respect for learning, a knowledge of various skills and a little knowledge of farming in me, amo
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