Now you’re the boss: The 5 things your boss didn’t teach you

Maybe we are all a bit like Michael Scott, the boss at Dunder Miflin (The Office).  As the boss we like to be liked.  We need to be praised. But unfortunately, those things usually don’t happen in real life as the boss. It’s very lonely at the top. The employees usually have little or no idea what its like to be concerned about meeting payroll, paying back business debt, handling production issues, and simultaneously grow the business somehow.  So now that you are the boss, what are the really important things you need to know that your prior bosses didn’t teach you?

1. Employees do not remotely understand your world, and correspondingly will not necessarily understand you, let alone  “like” you.  You want praise?  Get a hobby. So don’t expect comaraderie  or friendship. If you need constant affirmation, this is the wrong position for you.
2. Start planning your business today as if it is your intent to sell in the next few years.  Why?  Because circumstances may change and you may actually want to sell.  Even if that is not the case, you will run your business better.  Have you ever noticed how all of long-deferred home projects you have been meaning to get to for months or perhaps years miraculously get done right before you put your home up for sale?  Steven R. Covey says to “begin with end in mind” in his book The Seven Traits of Highly Effective People. Constantly groom your business for sale.  You will build more value and be better prepared if the unexpected (good or bad) happens.  See my prior blogs on Exit Planning.
3. You will make plenty of mistakes.  If you take these mistakes too seriously and dwell on them, you are missing the point.  Business is really messy, and taking wrong turns is inevitable.  No one sees the future with crystal clarity, so foregive yourself and move on.  Yep, I gotta prior blog on that one too (look for a picture of “His Airness”).
4. Simply having  what you perceive to be the best product or service in the industry/area will not ensure business success.  It’s only a start.  Look only to the BetaMax for proof.  You will need great execution, a great sales team, excellent marketing/branding, and focus.
5. Your business will get more  complicated as you enjoy more success.  That added complexity will be a distraction, and will take you away from your biggest job, which is growing the business.  You will need to either learn how to delegate effectively, or hire someone to run the show for you.  You need to stay focused on your passion, which is growing the business you started.  If you fail to act, your business will likely lose its way as described in The Danger Zone – Lost in the Growth Transition, as written by B2B CFO™ founder Jerry Mills.

So there are the five things your boss didn’t teach you about being the boss.  Keep those things top of mind and you will siginficantly improve your odds of becoming a truly successful company.