”You know you are on the road to success if you would do your job, and not be paid for it.”
Oprah Winfrey,
I hope this quote is True 😊. The end of our first fiscal year has been a challenge. Buying an established successful business doesn’t mean you will automatically be successful. We went in giving time in half on holidays, raising pay rates, implementing vacation time, paying bonuses and even putting some people on salary. All this equals……Financial Suicide.
My goal was to increase workplace happiness, pay a higher than fair rate and modernize some functions within the store. After this, we planned to increase consumer confidence on our products and our service. Well… this cost money! And lots of it.
My quest to create a happier work environment just caused more complaints, more jealousy, and being taken advantage of by staff and vendors. Worst of all, we took over a 30K loss in our first 6 months.
Hopefully things look up for us in 2020. Either way; we didn’t fail, we just learned a way to not do something.
Business Lesson Learned: The saying “you have to spend money to make money” rings true in business. It’s easy to get carried away at first, but it’s important to stick to your plan, be patient in decision-making, and analyze risks before making changes. Gradually implementing changes would have helped us avoid major losses and better understand their impacts.