Episode 15 - Is Your Local Small Business Failing Due to Your Success?
Episode 13 – Finding Help that Sticks Around

You Need to Learn from their Success & Failures

In Today's Episode: We discuss how your local small business can improve by learning from other business owners successes an failure

 

Here are the Show Notes from the Episode: 

**keep in mind that show notes are raw and only highlight what is in the episode. Listen to the show for the full content**

 

The Local Small Business Coach PodcastEpisode 14 – Learning from Other People’s Mistakes

 

Welcome back to the Local Small Business Coach Podcast, I am your coach Tammy Adams.   Here is where we discuss your local small business and how to increase your profits, boost your sales, improve your processes and develop stronger teams.

I want to dive into something today that I feel is critical for any leader to embrace. And when I say leader I mean both local small businesses owners but also those that lead teams within any company.  If you currently are working towards either of these goals, today’s episode will give you some great insight into what it will take to be successful.

I’ve mentioned this in passing in a previous episode but want to expound on it more and why I feel so strongly about it.

 

Let me start with a quote from motivational speaker, Jim Rohn

“It’s important to learn from your mistakes, but it is better to learn from other people’s mistakes, and it is BEST to learn from other people’s successes. It accelerates your own success.” —Jim Rohn

I LOVE this Quote!  It sums up my philosophy for the past 30 years. What is fascinating is that I actually just discovered this quote. Imagine my happiness when I found out that my personal philosophy lined up with one of the greats!

 

Early on in my career I discovered that I could accelerate my success if I just if I studied what successful people did. Not, back then it wasn’t so much successful people outside of my little world but rather those in positions similar to mine and the next one I wanted to achieve.

If I could learn what they did, I would be a step ahead of my fellow employees.

Maybe it was my love of learning that caused me to study others. By the way, the love of learning has nothing to do with schooling. Even those that hate school, are passionate about certain things and will bend over backwards to learn more about the topics that grab them. Maybe you are like this as well.

 

As I started to mature on my leadership skills, I also discovered that I could learn even more from other people’s failures. There was just as much to gain from watching folks make decisions that didn’t work out. I could learn what worked and what didn’t. I could also learn how to deal with failure and how the strong responded when they were down.

I discovered that if I put myself in their shoes during the decision making process, I could pretend what I would do. When it worked out, I would be excited that I knew something and my deductions skills were on target.

However, when I would make the same decision as the person and it blew up, I would swallow my pride and wipe my brow that I lucked out that I wasn’t the one who had to learn the lesson the hard way. I got to learn the lesson the easier way.

One area this really stood out for me was when I was an assistant manager working to become a store manager. I felt I was ready but unfortunately, like most things we want, it wasn’t happening in my timeline I felt I deserved it.

Then to make matters worse, I was transferred to a store with a new store manager that I felt I was the better candidate but he got this store over me. Needless to say, I wasn’t a happy camper.

I had two options, stay bitter and start to backslide on my attitude and performance or mirror this man that I felt I was better than.  He and I had an interesting relationship. We liked each other personally but we did have this rivalry between us. I great to respect him through time as he did try to include me in the decisions of the store. While we didn’t always agree, I was able to be part of the decision making.

Now, sometimes a decision was made that I agreed with and it went well and sometimes it totally blew up on us.  I could enjoy the success and make a mental note on how to handle similar situations in the future.

When the decision backfired, the store manager took the hit. Now, sometimes the decision was one that I didn’t agree with and I got to gloat and say I told you so. And other times I had been 100% behind the decision and got to feel the pain of the my bad choice too.

The best part is, either way, I learned not only from those failures, but I also learned from those successes. I could file them in my memory banks for my future roadblocks and opportunities.

To make a long story short, (I know, too late)…a year later I finally got my shot at being a store manager. The best part is, I got to head back to my all-time favorite store.  We kicked some major butt at this store. I had a fantastic team and enjoyed every minute of it.

About 6 months in, I got the best compliment from my District Manager. One that reinforced this entire concept we are discussing.

It was something simple. All he said was, that while I was a new store manager, I came across as a seasoned pro. One would think my store was ran by a long term store manager.

Right away I knew that my success came from that past year working with that Store Manager who was now struggling. I don’t say this brag, I share this to show that by studying success and failure, I was able to propel my experience forward a year or two.  This lead to my quick promotion to new adventures.

 

So what does this have to do with you, the local small business owner?

 

Well, odds are you aren’t the only game in town. Nor are you the first. There folks that you can study what they have done well and what they have failed at. Have you been studying them?

By the way, you don’t have to study and watch those in the same field. Let’s say you want to grow and learn more about advertising / marketing for your business. Then watch what others are doing. When they try some new advertising, watch how it does. What can you learn from how it went?

Maybe you want to take your team to the next level, study those that have awesome teams. What are they doing? Talk to their employees. Why do they love where they work? What keeps them there?

Or maybe you are thinking of adding a new product or service. Has someone else already tried this?  How did it go? How can you improve? Can you tweak what they did and have a more successful launch? Should you run the other way all together?

This also is why you are listening to this podcast. Why you are listening to other people’s podcasts. Why you read and study other people.  Why you get excited by a quote that speaks to you like I did when I found the one from Jim Rohn that I shared earlier.

I encourage you to read or listen to audiobooks by successful business leaders. I promise you will get some great nuggets.  For example, when I listened to Jack Welch’s autobiography years ago, I had no illusions of grandeur that I was going to run a company the size of GE anytime soon. But what was cool was the mini lessons I learned from both his success and failures that he shared in the book.

 

I feel like I am rambling now, so that means it is time to wrap this up. If I can leave you with anything as we part ways, it is to make sure each day you learn from other people’s successes and failures.

Shave years off your learning curve. If you are a new business owner, study those that have been in business.

What do they do that you could implement now?

We often call these best practices. One of my goals for the TrainingForLocalSmallBusinessOwners.com website is to put together some best practices that successful business owners have figured out through the years.

If you run a successful local small business and you have some best practices or great lessons you have learned that we should share with other local small business owners, then please do me a favor and head on over to either the LocalSmallBusinessOwners.com website or the TrainingForLocalSmallBusinessOwners.com website and leave me a message on the Speakpipe button or even shoot me an email at tammy@localsmallbusinesscoach . I know that all of us would love to hear from you.

 

Your homework for today is to recognize one lesson from a success or failure of someone else. What can you put in your memory banks that you can use in the future?

 

Ok, with that, I just want to wish you tons of success this week!

So until next time, remember, if you like what we are taking about, then make sure to subscribe to the podcast so you don’t miss an episode, if you love the podcast and what we are talking about, then please leave a 5 star review so other local small business owners know this is a podcast that they can’t miss.

See you on our next episode…Bye for now….

Tammy

 

~~~

Have a Question You Want Asked on Air?  Shoot Me Your Question

.

~~~

HELPFUL LINKS

Podcast Website: LocalSmallBusinessCoach.com

Leave your Message on the website with the SpeakPipe Button or just email me at Tammy@LocalSmallBusinessCoach.com

Episode Show Notes: Episode 14 – Local Small Business Coach Podcast

Our Training Materials for Local Small Business Owners: TrainingforLocalSmallBusinessOwners.com

Starting a Local Small Business WebsiteStartALocalSmallBusiness.com

 

My Recommended Bookkeeping Program for Local Small Business Owners: Freshbooks Link

Why? Helps you invoice quicker and more importantly, get paid quicker. Let’s you know when your clients have opened the email and they even help send reminders. Clients / customers can pay right from their phone or computer. Give it a Try: Freshbooks

 

**Freshbooks is an affiliate link. This costs you nothing. I only recommend due to how much folks have loved it. I am paid a small commission but trust me. Even I use it. Try it for free for 30 days and see if you don’t love it too!