Seasoned Business Leaders: You Don’t Know What You Don’t Know
As a seasoned business leader, the old adage, “You don’t know what you don’t know,” has been replaying as a reminder in my mind over and over again for the last year. Sometimes when you’ve been doing a certain thing for a long time, you might become insulated from innovation by doing things the way you first learned them. You might even forget the best practices you learned at the beginning in favor of doing what works at the moment in your business. At this point, reminders for seasoned business leaders can be helpful to continue to grow.
So this week I’m sharing here some reminders for business leaders who may need a refresher on the must-dos and must-haves when things are rockin’. And even before they’re rockin’. These apply whether you are a start-up or veteran. I was reminded this week of what I don’t know when I launched a new business of sorts, and finally brought it to life.
Seasoned Business Leader Turned Start-Up (again)
As most of those who know me know, my son is in college in Central Florida. After his freshman year and countless visits to Florida, more for my sake than his, I had an idea. Buy a place in Florida. I’m there all the time to see my son, and when I’m not there I could rent it out to others who would enjoy the beach as much as my family does.
So, I did countless hours of research. Ran numbers backwards and forwards. Consulted my business advisor. Then, did more research. Then, I contacted several owners of rental properties and local small business owners in New Smyrna Beach, Florida. Next, I refinanced the house. In addition, I had to take out another significant loan to get this idea off the ground.
As I last blogged, this is not my first rodeo. But, I am here to tell you old dogs do forget the new tricks. As a seasoned business owner, I was reminded in the course of this new project, just how much these business basics matter.
Business Leader Basics to Remember
1. Finances
Make sure you have extra in the budget for unexpected expenses during start-up. Money isn’t made in the first and sometimes second year of business. Remember that. Another thing going through my head these last few months is that real estate is a long term investment, as most businesses are. Seasoned business leaders know to endure the short term pains for the long-term gain.
2. Time
Remember that time is your inventory. Don’t go down rabbit holes. Overthinking and questioning yourself aren’t necessary. Stay focused on what matters. Make decisions and then move on. Most of all, be efficient in all you do.
3. Support Network
Partner with the experts. I don’t know construction. Or anything about the short-term rental space. Nor do know much about HOAs, (but I do now) so I found and made friends with the BEST in these categories. I am so grateful for them and their expertise. Also, my family and friends were there when I needed to vent, cry, scream or say queue #5.
4. Front Porch Marketing Team
If you have two businesses, make sure each of the business teams are in support of the other. The Front Porch team kept the Porch rockin’ while I was bobbing and weaving in and out so I could get Calming Corner (our new beach space) up and running. Seasoned business leaders build teams they can count on in crunch times.
5. Saying Uncle
Yes, you can have too much on your plate. So ask for grace. Be nice to yourself. Realize you do have physical and mental limitations.
6. Good Enough
Our first renters were to arrive at 4 p.m. on the 1st of April. There was cleaning to be done. Some pictures were not hung, etc. But the place was beautiful. It was time to finish the cleaning and save the rest for the next time she was vacant. Good enough is sometimes perfection.
“The Calming Corner” is Up and Running
I am proud to say that as we are building this rental business, we are also supporting other local businesses. The new couch is manufactured in Florida by a Florida-based company. The patio furniture is manufactured in Volusia County and the business is owned and operated by a local husband and wife duo. And our boutique vacation rental company, Florida Vacay Rentals, is owned by a local female rock star who is also my “Florida Anchor.” And I am honored to call her my friend.
So here is my shameless plug for Calming Corner, our new Front Porch view! Please note, NEW photography coming soon, because there are all new floors, paint and furniture. And there is a fabulous remodeled master bath. Shorehom by the Sea, Unit 54, also has a new bedroom pocket door, a new pantry, a new washer dryer closet and more.
Oh, and, as of April 6, it has a brand new air-conditioner, that was not in the budget … sigh.