Victoria Garlick
I’ve spent the last 27 years in business, and let me tell you, it’s been a wild ride. I’ve had my fair share of wins, losses, and everything in between. Today, I want to share the eight most valuable lessons I’ve learned along the way. These insights have been hard-earned, but they’ve shaped my journey and helped me build and grow multiple successful businesses. Buckle up, because we’re about to dive deep.
1. Speed Beats Perfection
When I first started, I was obsessed with perfection. Every detail had to be just right before I launched anything. But here’s the deal: perfection is the enemy of progress. In business, speed trumps everything. The market rewards those who move fast. Execute now, perfect later. Don’t let analysis paralysis keep you from taking action. Speed allows you to test, learn, and iterate. The faster you move, the quicker you learn what works and what doesn’t.
2. Sales Solve All Problems
In the early days, I spent countless hours tweaking systems, processes, and branding. While those things are important, nothing matters more than sales. Sales bring revenue, and revenue solves problems. If you’re struggling, focus on driving sales. It’s the lifeblood of any business. A robust sales strategy can mask a multitude of sins in your operations, and it gives you the breathing room to fix underlying issues.
3. Customer Experience is Everything
Your product can be mediocre, but if your customer experience is exceptional, you’ll win. Conversely, the best product in the world won’t save you if your customer service sucks. People remember how you made them feel. Invest in training your team to provide outstanding service. Listen to your customers, respond promptly, and go above and beyond to solve their problems. Happy customers are your best marketing tool.
4. Hire for Attitude, Train for Skill
Early on, I made the mistake of hiring based solely on skills and experience. What I learned is that you can teach skills, but you can’t teach attitude. Hire people who are passionate, humble, and smart. Look for those who align with your company’s core values and are eager to learn. A positive attitude and strong work ethic can outperform experience in the long run. Surround yourself with a team that’s committed to the mission.
5. Embrace Failure
Failure is not just inevitable; it’s essential. Each failure is a stepping stone to success. I’ve had ventures that crashed and burned, but each one taught me something invaluable. Don’t fear failure; embrace it. Analyse what went wrong, learn from it, and apply those lessons to your next venture. The only true failure is giving up. Resilience and adaptability are critical traits for any entrepreneur.
Story Time!
In mid-2019, our team took on the ambitious task of organising the Global Business Growth Summit (GBGS) 2020. The event was aimed at 7 and 8-figure business owners, offering them a platform to learn, network, and scale their enterprises to the next level. The summit was scheduled for June 2020 in Singapore, chosen for its strategic location and reputation as a global business hub.
Vision and Planning
The vision for GBGS 2020 was clear: create a transformative experience that combined top-tier business strategies with actionable insights from world-renowned speakers. We planned a three-day event packed with keynote speeches, intensive workshops, and networking opportunities designed to foster collaborations and partnerships.
For nine months, our team worked around the clock to bring this vision to life. We secured a state-of-the-art venue at Marina Bay Sands, negotiated contracts with over 50 expert speakers, and coordinated with more than 100 exhibitors. We also developed a comprehensive marketing strategy targeting business owners across North America, Europe, and Asia.
Overcoming Challenges
Planning such a high-profile event came with its fair share of challenges. Coordinating logistics for an international audience, managing time zones for our remote team, and ensuring the event’s seamless execution required meticulous planning. We invested heavily in advanced event management software and built a dedicated team to handle international travel and accommodations for our attendees.
Our marketing efforts paid off as early bird tickets sold out within days. We had secured sponsorship deals with major brands and built partnerships with influential business networks. Everything was on track for GBGS 2020 to be a groundbreaking success.
Then…
In January 2020, news of a novel coronavirus started making headlines. By March, COVID-19 had escalated into a global pandemic. Travel restrictions were imposed, and large gatherings were banned. The reality of the situation hit us hard; our meticulously planned event was in jeopardy.
Our initial response was to adapt. We postponed the summit to November 2020, hoping the situation would stabilise. We enhanced our health and safety protocols, introduced flexible ticket options, and began exploring hybrid event models that combined in-person and virtual elements.
Making the Hard Decision
By June 2020, it became clear that the pandemic was not subsiding. With continued travel bans and health risks, we faced the heartbreaking decision to cancel GBGS 2020 entirely. This was a massive blow. Nine months of hard work, extensive planning, and significant financial investments were undone.
The cancellation led to substantial financial losses. We had to negotiate refunds and renegotiate contracts with speakers and vendors. Communicating the cancellation to our attendees and partners was challenging, but we remained transparent and supportive throughout the process.
Lessons Learned
Failure is not just inevitable; it’s essential. This experience, though painful, taught us invaluable lessons. We learned the importance of resilience and adaptability in the face of unforeseen challenges. Analysing what went wrong and understanding the external factors beyond our control, we focused on extracting key takeaways to improve future ventures.
We pivoted quickly, channelling our efforts into creating virtual content and online networking opportunities for our community. This not only kept our audience engaged but also allowed us to explore new formats and technologies that could enhance future events.
Moving Forward
The GBGS 2020 experience underscored the importance of resilience and adaptability in business. Despite the setback, we refused to give up. Instead, we embraced the failure, learned from it, and applied those lessons to our next venture.
We are now better equipped to handle uncertainty and more committed than ever to delivering exceptional value to our audience. The only true failure is giving up, and giving up was never an option for us. Resilience and adaptability are critical traits for any entrepreneur, and this experience reaffirmed their importance. The future holds new opportunities, and we are ready to seize them with the wisdom gained from our journey.
We are now more prepared and more resilient, ready to turn every challenge into an opportunity for growth. Here’s to embracing failure, learning from it, and coming back stronger.
6. Network Relentlessly
Your network is your net worth. This isn’t just a cliché; it’s a fact. The people you surround yourself with can open doors you didn’t even know existed. Network relentlessly. Attend industry events, join mastermind groups, and build relationships with other entrepreneurs. These connections can provide mentorship, partnership opportunities, and valuable insights. Remember, it’s not just about what you know, but who you know.
7. Focus on Profit, Not Just Revenue
In my early years, I was obsessed with top-line growth. More revenue was always the goal. But I quickly learned that revenue doesn’t mean much if you’re not profitable. Focus on the bottom line. Understand your margins, control your costs, and strive for efficiency. A lean, profitable business is far more sustainable and valuable than a bloated one with high revenue and razor-thin margins.
8. Continuous Learning is Non-Negotiable
The business space is constantly moving. What worked yesterday might not work tomorrow. Commit to continuous learning. Read books, attend seminars, listen to podcasts, and learn from others in your industry. Stay curious and never assume you know it all. The moment you stop learning is the moment you start falling behind. Embrace a growth mindset and always look for ways to improve and innovate.
I invested my time in completing a Masters in International Marketing and learnt more in those 3-years about business, marketing and innovation than I thought possible. It was a commitment I made in myself and for my clients, present and future and this was a life-changing transformational experience. Always be learning!
These eight lessons have been pivotal in my journey. They’ve helped me navigate the ups and downs of the business world and build lasting success. Remember, speed over perfection, prioritise sales, deliver exceptional customer experience, hire for attitude, embrace failure, network relentlessly, focus on profit, and commit to continuous learning. Apply these principles, and you’ll be well on your way to achieving your business goals.
The journey is tough, but the rewards are worth it. Keep these lessons in mind, and you’ll navigate the business world like a seasoned pro. Here’s to your success!
