Lessons Learned

As we head into the new year, I’d like to make a suggestion to our LinkedIn community.

One of the challenges with LinkedIn is that people talk about successes, but rarely do we share challenges.? Yet we all know that we learn as much, if not more, from what people learn when things don’t go exactly as planned.

With that in mind, I’m proposing a #LinkedInLessonsLearned (or #LILL) hashtag to share the stories and observations that can be of true value to others.?

I’ll start.

Quantuvos, as you know, closed recently.? That is the lagging indicator.? ?The leading indicators are where the lessons are learned. ?Each of these is worthy of a long discussion on its own (and I may circle back to some or all of them in more detail in later posts). They are also all interrelated, so you may feel that there’s some overlap and repetition.? There is. ?

1.??????? Cash rules: Build a buffer.? When we hit a hiccup, there wasn’t enough buffer. We should have been able to make it through three, if not six, months without any revenue.? Sure, you want to invest in and grow your business. Be smart about your cash.

2.??????? Hire carefully: Check references (plural). Pay attention to the candidate’s work history. Listen to your gut. Ask questions about how they’re going to approach the role. Tell them your expectations.? Establish goals. Track and react. A hire is not a guarantee that what you need will happen.

3.??????? Nice is not kind: If someone isn’t working, be clear and make changes asap.? Remember that it’s not just one person but the entire company that is impacted when an individual isn’t carrying their weight.? That individual may not know that they’re not meeting expectations.? Saying nothing lets everyone down. Be kind and be clear.

4.??????? Stay realistic: Just because you want to make something happen doesn’t mean you have the team or the funds to do so. ??Take the time to break down the details to understand what the company needs to do to accomplish your goals.? Make sure you know the sequence, the priorities, the investments, the skills you need to realize your goals. Then execute to the plan. You can’t just leap and hope.

5.??????? Acknowledge and correct mistakes: You’re going to make them. Don’t let that be the problem.? It’s how you respond when you realize it’s a mistake that’s in your control.? Use your team, use your advisors, and adjust.? If you’ve made a mistake, don’t keep making it out of stubbornness!

6.??????? Time is not so short: I was in such a hurry to succeed! I was nervous about competitors, about what was happening in the market, about the growth of AI.? So, I pushed and rushed us.? Combined with the other lessons learned, it cost us too much money and bandwidth.

7.??????? Focus: When you’re in the midst of a business you love, you see so many opportunities and want to pursue them all. Don’t. ?

8.??????? Listen and learn: Markets change. Your perceptions are not the same as reality. Connect with the broader industry and world. ?Get great advisors. Hear what others are saying about your company, the industry, the market.? Probe. Explore. Understand the implications. Take time to think.

9.??????? Don’t be fooled by your friends: This isn’t quite what you might think.? If you’ve been around for any length of time, focused on a space, built a network, you’re going to be able to source an initial set of customers.? They’re from your previous work, they’re introductions from close associates, they’re NOT your standard “customers.”? Yes, you can prove that you can deliver, that you can keep customers, that you offer value.? But what it doesn’t prove is that you can sell to people who don’t know who you are. Don't let your initial successes lull you into thinking that you've proven "market fit."

10.? You’re on your own: ?This also isn’t quite what it seems.? Every person, every organization with which you are working have their own agenda and priorities. When the pressures happen, everyone will respond based on their own best interests.? Our biggest (unpleasant) surprises came from a customer that said “Don’t worry, we’ve got your back” which changed to “Well, we do want to sign a new contract, but it won’t be until early next year and we’re going to change the terms and approach,” and a partner that decided they would rather put us out of business than work with us when cash got tight. Neither did anything “wrong,” but we made the mistake of thinking they would work with us to help keep Quantuvos going.? We were wrong.

11.? Are you what you think you are? Recognize that the broader world’s opinion about your business is relevant to your ability to get financing and grow.? Quantuvos wanted to be and thought it was a technology-first company with coaching at its core; the world saw Quantuvos as a coaching company.? That difference ended up being critical, as Quantuvos was never able to get the external financing it needed to execute on its vision.? We heard what people were saying.? We always thought we could overcome the “inaccurate” perception.? We were wrong.

12. Don't be afraid to make big changes (suggested and written by Brian Gorman, with a few minor edits by me): Don't be afraid to stop mid-stream. Change happens. You may have the perfect strategy or the ideal IT solution or... But by the time you're on your way to the destination, things have shifted. You have to keep your eyes on the outside as well as the inside. You may have to adjust the strategy, to modify the IT solution. Or, you may need to stop completely and adjust to the changed reality.

I’d welcome those who worked with Quantuvos as coach, customer, associate or partner to share your thoughts, either your own or in response to mine.?

To all others, you may have questions or want more details.? I’m happy to talk with you if you’d like, so long as the focus is on answering questions that could be of value to you and your business. You can reach me via email at [email protected].

Let’s make #LILL a thread of value for all.? Happy New Year.