What Is the Hardest Thing About Running a Business? – Ask JP #015

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03/13/2020


 
Transcript:
Hi friends, it’s JP Moery.
Ask JP question today is a two-part question:
What’s the hardest thing about running your business? And can you tell us about a tough day running the business?
Okay.
Hey, the biggest challenge, to be honest with you, is managing quality and performance as you’re growing. Right? Because it was easy when it was just me. It was easy when it was me plus one, right? Your hands are in everything. The challenge, as you’re growing, is do you continue to hire and get people that actually make the company better? People who, as you grow, improve the organization?
Oh my gosh, I look back now and I look at some of the things we did when it was just me. It’s embarrassing how bad it was. No offense to the clients and I hope they got value. Now, the product is so much better. But managing it all of that is the challenge. Along that is hiring at the right time because I’m very committed to the folks that we have. I don’t want to make commitments and get them out of the job that they currently have and hire them and then three months later go, “Hey, sorry, business kind of dried up, we gotta let you go.”
Which gets me to the toughest day I had. I remember, early on, we had a large client, probably responsible for 20% to 25% of our revenue that chose to leave. It happens to every business. Can you survive it? We were able to, but it taught me something that I’m very diligent about today. We have to grow and diversify our customer platform so no client represents more than 15% of the revenue. That’s absolutely key because when that happens, you become much more focused on that company and you may not be serving the other clients as well. And, when you don’t do that, you don’t get the referrals and all the things and your business doesn’t grow overall, because you’re so tied to that one organization.
That was the toughest day that we were able to overcome. Everything worked out, but I learned from it to make sure that no client is too big to dictate to you what you should be doing and how you should be doing it.
Hope that’s helpful. Thanks for the question.
 
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