Think “What Would Michael Scott Do?” And Then Don’t
When it comes to running a business, no one has more terrible advice than The Office’s very own Michael Scott. All jokes aside, we decided to take a closer look at some of our favorite quotes and learning a lesson in how not to run a start-up business.
“Would I rather be feared or loved? Easy: Both. I want people to be afraid of how much they love me.”
Managers do need to be approachable in order to be efficient. But a manager who is too approachable and lacks the discipline to make difficult decisions that would be seen as unpopular by their employees? Now, that’s a recipe for destruction with a string of poor business decisions as the ingredients. Don’t be afraid to make the hard calls, no matter what anyone else thinks.
“I declare bankruptcy!!”
It’s true, you do need to invest in adequate and necessary equipment in order to start a business. But borrowing and spending too much too early only accomplishes a high overhead that you will then be obligated to pay – no matter what happens.
“I’m not superstitious, but I am a little stitious.”
This is one piece of advice we could actually use. While you should always seek to expect the unexpected, you wouldn’t want to do it at the cost of high overhead or unnecessary collateral. Be practical and only make decisions based on your current situation.
“I am Beyoncé, always.”
An easy but rookie mistake many make in their beginning stages is having a lack of confidence in their product or services. If you know you have a valuable service or product, then don’t let anyone trick you otherwise.
“Sometimes, I’ll start a sentence and I don’t even know where it’s going. I just hope I find it along the way.”
Now, just replace the word “sentence” with “business.” And then don’t. Not having a plan in place could single handedly be the most effective way to tumble down your barely-off-the-ground business.
There are so many ways to make or break your business, but the number one thing to keep in mind is to take it one day at a time and focus on the most impactful decisions that day.
David Chase, Managing Partner at Advanced CFO, has experience in small to medium private companies and large public companies as a senior operational and financial leader. With 17 years in finance, a CFO of multiple entities and divisional EVP experience, Dave has a breadth of experience. Dave has led or been instrumental in raising multiple rounds of equity and debt in excess of $450 million.