In today’s post, I want to share with you a personal story of a mistake I made that ended up costing me $100k. Believe me, this was not an easy lesson to learn, but I’m willing to share it with you in the hopes that it will help you avoid a similar costly error. So let’s dive into my story and take away some valuable insights.
The Costly Error I Made that Cost Me $100k: My Story
When it comes to making decisions in business, we often learn the hard way. In my case, it was an expensive lesson that taught me the importance of staying focused on the things that matter most. My journey started with a call regarding a previous car purchase, and eventually led me to make a purchase that cost me nearly $100,000. In this article, I’ll share my story and what I’ve learned about avoiding liabilities and staying focused on building a successful business.
The Call That Changed My Approach
Not long ago, I received a call from a former client who expressed disappointment in our previous business interactions. The conversation was honest, and although it was uncomfortable to hear, it opened my eyes to where I had been going wrong with my business approach. I realized that in my quest to build a successful and wealthy business, I had taken my eye off of what mattered most – providing the best customer service and experience. It was a wake-up call that led me to reevaluate my priorities.
The Purchase That Cost Me $100k
Around the same time as the call, I made a fun purchase of an Audi R8 – a car that I had always wanted. I didn’t think much of it at the time, but it soon became a liability that took away my focus and resources. The car started having issues and required repairs that cost me nearly $100,000. It was a lesson learned that sometimes, excessive liabilities can be damaging to the business by taking away focus and resources.
Focusing on What Really Matters
After the costly experience, I realized that being self-aware and aware of what’s taking energy away can help sustain a business rather than just making it wealthy. I needed to focus on my customers and building relationships instead of focusing on material possessions that were distracting me from what really mattered.
How to Avoid Costly Liabilities in Business
- Prioritize customer service: Make keeping customers happy your top priority, and avoid doing anything that would jeopardize their trust or loyalty.
- Avoid costly distractions: Consider the potential expenses and liabilities of your purchases before making them, and make sure they align with your business goals and values.
- Take time to evaluate: Don’t make snap decisions, even if you prefer to make decisions quickly. Take the time to evaluate all of your options and weigh the pros and cons.
In business, it’s easy to get distracted by shiny objects and to lose sight of what really matters. My experience with my Audi R8 taught me a valuable lesson about the importance of focusing on my customers and avoiding liabilities that detract from building a successful business. By making smart decisions and staying aware of my priorities, I’m confident that I can continue to grow my business in the right direction.
- How can I minimize liabilities in my business?
- Prioritize customer service, avoid costly distractions, and take time to evaluate your decisions before making them.
- What should I do if I’ve made a costly business mistake?
- Use the experience as a learning opportunity and take steps to avoid similar mistakes in the future.
- How can I stay focused on what matters most in my business?
- Stay self-aware, prioritize your goals and values, and avoid getting sidetracked by material possessions or other distractions.
- How do I know if a purchase is worth the potential liabilities?
- Consider the potential expenses and liabilities of your purchases before making them, and make sure they align with your business goals and values.
- What’s the biggest lesson you learned from your mistake?
- The biggest lesson I learned is to prioritize my customers and to avoid liabilities that detract from building a successful business.