Launching Your Business: The Airplane Principle—Part I
Have you ever flown an airplane? It’s an exhilarating experience, but not without complications. It takes time to learn. This is no place for impulsivity. Gut instincts, yes, but not knee-jerk reactions. In many ways, growing a business is like flying an airplane.
Successful entrepreneurs are those who take the time to learn from others. In the words of author, Malcolm Gladwell, No one—not rock stars, not professional athletes, not software billionaires, not even geniuses – ever makes it alone. No matter how naturally talented you are or how brilliant your business concept is, everyone needs guidance and benefits from the experience of others who’ve gone before them.
When flying a plane, you start at the most basic point—backing away from the gate. You have one goal—Don’t bump into anything. There are tools to ensure your success in this most basic task – Your cockpit windows and the guy outside waiving two orange sticks to guide you. The most elite pilots on earth rely on these guides. Only a fool would attempt to back out without them.
When starting your business, there is one essential task – Do not run out of money. There are tools to ensure your success in this task. You can keep tabs on your business finances through your online bank account and your bank statement—basic tools for a basic task.
This sounds almost too simple, but we live in a world that relies on overdraft alerts to remind us that our bank account is getting low. You cannot successfully run a business with this kind of cavalier approach to finances. Set up a daily reminder to check your account balance. Monitor what payments and deposits have cleared. In other words, know your bank account like the back of your hand. This will take discipline for some, but it’s an essential step in the process.
In Part II of this series, we will discuss taxiing to the runway.
If you need help making sure that your business’ finances stay in order, Right Column Financial’s Bookkeeping Services are a great way to remain on firm footing. Connect with us if you’d like to learn more about how Right Column can come alongside you to grow your business.
Image 1: Leap Design
Image 2: EV World
Image 3: Swiss Financial Yard