Forcing myself to find time to write version 2 of our business plan has led me to reflect on everything that’s happened since we opened these doors. As we’ve embraced our evolution and begun implementing phases of our expansion, I wanted to share some of the lessons that helped us get to this point.

1. Write A Business Plan

It’s important to note where you’re starting from, and where you’d like to go. Even if you don’t think you will be pitching VCs, write one. They don’t call it a “Funding Request Document”, they call it a Business Plan, with the keyword being “Plan”. It’s for you more so than them, and with any luck, you’ll outgrow your first version in no time.

2. Check The Egos

Safely assuming you’re not in it alone, all partners involved need to drop their egos. Egos get in the way, hinder growth, slow down the decision making process, and can even kill the business entirely. Everyone’s in it to win it, working towards a common goal. You chose to work with them for a reason, so trust them and let them trust you.

3. Divide Responsibilities, But Aggregate Efforts

It is important to have a primary lead on any given aspect of your business, instead of having everyone worry about everything all at once. This way, you can ensure that very few things end up falling through the cracks, and key decision making is simplified. Then get to work, and work hard. When you’re the lead, manage. When you’re not, be managed.

4. Be Realistic

Don’t expect to be the big player in the arena right out the gate. Know where you stand, and act accordingly. Tons of people have probably repeated this, but paying your dues can have rewards. The worst mistake you can make is trying to sell your value based on someone else’s worth. Make less now to earn more later. The value of a customer goes way beyond a $ sign.

5. Don’t Lift More Than You Can Handle

Remember your own internal restrictions. There are only a certain number of people to do the work, and only a limited amount of hours in the day. You should always be prepared to scale, but sometimes you have to turn away business if it threatens to break your company’s back. Better to close the doors on them, than to close the doors on yourself.

6. Stop Thinking, Start Doing

While it is nice to know as much as you can about anything before you start, it’s impossible to know everything. Don’t become one of those companies that brainstorms a ton of ideas, but never executes any of them. Especially if some of those ideas don’t require third-party approval.

7. Embrace Evolution

Instill a corporate culture of change starting from day one. Understanding that where you start is not going to be where you end up is important. If everyone’s on the same page, and ready to accept change, your company will grow and evolve faster. Work this natural evolution to your advantage instead of fighting to keep things the way they were.

8. Keep Your Eyes On The Cash

Company finance is something that needs to be constantly monitored, particularly your cash flow. While it is nice to land some business that is worth big money, you can’t pay rent with accounts receivable. Actively monitor your cash, and try to avoid payment policies that revolve around credit. Work a pay schedule into every contract and you’ll be able to plan for growth. Pushing growth with inadequate cash flow could kill your company entirely. Remember, cash really is king.

Running a business can be tough, stressful, and sometimes leave you wide-eyed and bewildered. But stick with it and the risk will be worth the reward.