After wasting two hours on Saturday trying and failing to buy Oasis tickets, I started thinking about the title of one of their most iconic songs, ‘Don’t Look Back in Anger.’ The song’s about reflecting on everything you’ve missed in life and all the things you know you should have done. My mind wandered to this topic in a business context and the subject of regrets.
So, how do you avoid the regret of not taking action, that could lead to long-term problems in your business? My first thoughts were about the importance of learning from your mistakes and developing as a business owner. Mistakes are inevitable—we’re all human, after all. But if we don’t learn from them, we can’t progress and move on.
‘Some might say’ that you don’t have to just learn from your own mistakes; you can learn from others too. It doesn’t matter how long you’ve been in business—there will always be someone who’s been there, done that, and got the T-shirt. There’s a wealth of knowledge and experience out there for you to tap into and help guide you, like in our new Growth Accelerator Group for example. It’s designed to help you avoid the pitfalls that others have faced. Full details are available here: Growth Accelerator.
Protecting Your Business for the Long Haul
Another way to prevent you from looking back in anger is to protect your business from the start. Early on, I used to think it was more important to be quick and efficient than to worry about seemingly unnecessary red tape. Little things like watertight contracts for employees, complete with non-compete clauses, felt like they got in the way of a good old-fashioned handshake and mutual understanding. But over time, and with a few incidents along the way, I realised that these measures are there for our protection—so your business can ‘Live Forever.’
In business, challenges and setbacks are inevitable. When things don’t go as planned, it’s crucial to ‘Roll With It.’ Adapting to change and facing difficulties head-on is part of growing and maintaining a resilient business. For example, I’ve seen many businesses run into difficulty because they didn’t have the proper systems in place to navigate out of a dispute. Whether it’s a partnership falling apart or a shareholder disagreement, having a robust share purchase agreement can make all the difference. Too many business owners skip this step because it seems quicker and cheaper to go ahead based on mutual understanding.
Celebrating Success Safely
It’s easy to get caught up in the excitement of the moment—like being at the top of a ‘Champagne Supernova’—but the reality is, even during the good times, you need to think about the future. That means ensuring all the legal and operational details are sorted out, so you don’t end up with regrets about what you should have done, when things don’t go according to plan.
Dotting the I’s and Crossing the T’s: Avoiding Regrets
Over the years, I’ve learned to dot the I’s and cross the t’s because that’s where true protection lies. Yes, the road can be harder, longer, and more costly, but it’s worth it to avoid looking back with regret. It’s all about taking those steps now to ensure that, like an Oasis song, your business story is one you can sing along to for years to come without any regrets.
So, whether it’s learning from mistakes or making sure all your legal bases are covered, take action today. Because, as Oasis might say, you want to be able to look back on your business journey and feel like you did it ‘Supersonic’—fast, bold, and with no regrets.
