We all make mistakes. One thing I learned a few years back in my million-dollar diamond mastermind program (that was priceless) was to learn how to fail fast. This idea requires some explaining and an open mind!
The crux of it is that many entrepreneurs procrastinate when it comes to implementing changes in their businesses because they are afraid to fail or afraid of what people will think.
When I launch a new product, I find my emotions around “putting myself out there” quite interesting: it is always scary to think I might be rejected and the product might not sell. Now that I have a few years and a few thousand clients under my belt, it’s much easier but still a challenge for me not to procrastinate on the marketing and the “putting myself out there” once again.
It’s no coincidence that most people stay stuck in jobs because they are too afraid to make the entrepreneurial leap. It’s no coincidence that many entrepreneurs don’t get away from hours for dollars to packaged, leveraged systems because it requires putting yourself out there in a new way. It’s no coincidence that most entrepreneurs stay stuck at a relatively low revenue level because they don’t learn how to systematize their business, which requires giving up some control, which is scary.
So how do you fail fast?
1. Know it’s OK to fail in the first place.
In the last eight years, I’ve created dozens of products and services. Some have been real winners, one I just discontinued last week, and most are steady, in-demand services. Before I did them, I had no idea what would work, what would sell, and what would flop. I had to fail fast on a few to find the nuggets of gold in the winners.
2. Don’t wait until it’s perfect.
I am sure that there are typos in every one of my products and on my web pages too. I am also sure that typos will turn some people off. But as long as they don’t impact my client’s results or get me in trouble with the government, I’m going to continue delivering imperfect products with typos. Being perfect can delay entry into the marketplace and increase the price I have to charge my clients.
I know when you work with numbers, accuracy counts, but return on investment and time has to be considered too. You can’t charge 10 hours of time looking for a penny.
3. Give yourself permission to fail.
So what if no one bought your last idea, and you thought it was going to be bigger than pet rocks? It’s not the end of the world. Your family still loves you. In a month, your clients won’t remember. Your business will go on. We tend to catastrophize what will happen, but it hardly ever comes true.
4. Take massive action.
Success is a numbers game. The more things you try, the more successes you will have. It’s as simple as that. Get out there, and get out there fast. When you fail, get out there again, fast, with something else. There’s no time for wallowing in past failures when you are an entrepreneur! You have to keep moving.
Failing fast is one of the best lessons I learned as an entrepreneur. So if you’ve been waiting to try something, stick your foot out, lean forward, and get in motion.
Sandi Leyva
Author Bio: Sandi Leyva, CPA, CMA, MBA, and founder of Accountant’s Accelerator, has helped thousands of tax and accounting professionals earn more, work less, and serve their clients better through her innovative marketing, training, and coaching services. Author of 30 books and hundreds of CPE courses, Sandi has won 12 awards for her thought leadership. Visit her at accountantsaccelerator.com and acceleratorwebsites.com.