Episode 51: This 1 Mistake Almost DESTROYED My Business!
Hello and welcome, welcome, welcome to yet another episode of Kosmo Unfiltered.
As usual, it’s me, Kosmo and I’m joined by my man, Wes.
Today’s episode is gonna be a good one.
For any of you who own a business… or maybe used to own a business… or hope to own one in the future, then this episode is for you.
In today’s episode, I’m gonna unveil the 3 biggest mistakes I’ve made in business…
Including the 1 thing that nearly took the whole ship down.
So without further ado, let’s get straight into it.
Also if you enjoy the episode, please feel free to drop us a like or a comment, and subscribe on whatever platform you’re joining us on.
And if you really like the episode, why not share it with a friend or two? After all, we don't run ads, promotions or any of that garbage.
So let’s get into it!
Okay so before I hit ya with the big mistake that nearly tanked the whole thing… lemme just tell ya about a couple small mistakes that were almost as bad.
… Just to warm ya up a little.
Okay, so the first one was: Trusting people, without verifying what they were doing.
This was a massive mistake that I used to make, and I used to always talk about it in previous episodes.
Like people used to say to me all the time, “Do you not trust me?”
And the truth was simple: I shouldn’t have trusted them.
I mean they weren’t bad people, they just had no idea what they were doing.
Because after all, my expectation is perfection. So nowadays, I trust but verify. Then I start asking questions to them.
And usually most people get past the first couple questions, but once you get to the 4th or 5th… that’s when you’re down to the roots of it.
The second big mistake that I made was not holding people accountable.
I guess this kinda links in with the first point that I made, but it’s super, super important.
Ya’know the analogy is always like this:
“When you buy a pizza do you get the whole one?”
“What would you do if someone ate a couple slices from it?
“Uhhh… I’d be pretty pissed.”
“But what would you do if you actually got two pizzas?”
“Uhhh… I’d be pretty happy”
But that’s what it's like for me as a business owner. I’m paying employees for a pizza, and if I get a good pizza then I’m pretty happy. But if I get my pizza and I see someone has taken a couple slices from it then I’m gonna be pretty pissed.
And I ain’t gonna take it for too long, that’s the honest truth.
So that’s why you gotta hold people accountable.
The Big Mistake
And lastly… here it is…
The mistake that almost tanked my entire business…
Not knowing my damn numbers.
Because believe me…. If you don’t know your numbers, then they are going to make themselves known to you.
Every. Single. Time
We got into a situation at the end of last year when marketing changed entirely.
And we ended up throwing a ton of money at stuff that wasn’t working. So we ended up spending wayy to much on things that we didn’t need.
So from that point onwards, every single morning I had a meeting with my finance team to discuss what was going on.
Because I wanted to know everything. I wanted to know every single little detail in the company.
And now at this point, nobody buys a pen in this business without telling me.
And this is the exact reason why I don’t use credit, bank loans or any of that BS when scaling up the biz.
Because I want to be ready for a rainy day.
I mean, gut feeling is great.
Gut feeling is great… but it’s not enough.
It was actually the gut feeling which started all of this… I started to see the red flags, but my team told me everything was okay.
But deep down… I knew.
From that point I stopped all spending.
So I would tattoo it on my forehead if I had to …
Know. Your. Numbers.
What’s one thing that you can learn from today’s episode? Let us know and tag us on social media!
Share this podcast with someone on social media!
Visit Kosmo’s website here.
Check out Kosmo’s YouTube channel.
Connect with Kosmo:
If you haven’t already, please rate and review the podcast on Apple Podcasts!