What’s the one thing you would do differently in your business if you could go back in time?
Business is a journey with many opportunities and challenges. The way we react to each is a reflection of our experience, circumstances and state of mind at the time. Sometimes mistakes and poor decisions lead to profound insights and become a critical part of our ultimate success.
I started my first business 37 years ago and over that time I have employed a lot of people. Some of them have been amazing and some have been a long way short of amazing. The one thing that I would change if I could go back in time would be to treat them less equal. I would reward and encourage the creators, the people with a great attitude and a burning desire to learn and be the best they can possibly be. I would invest more time with these people and less with the others. I would “free up the future” of the others, the energy suckers, the constant criticisers, much, much faster because they detract from the client experience and drive away the good employees.
I refer to this as the “5-year rule”. If you don’t see an employee as part of your future in 5 years time, then make them part of your past as soon as possible. Every time I didn’t do this I regretted it.
Note that it is important to adhere to the Fair Work dismissal rules.