I negotiated a 7-figure deal with a training organisation in 2016.
This was a deal that was going to change my life and thousands of others.
It instantly doubled our turnover, the number of courses we offered and our team.
It was going to equip fitness professionals with a range of technical skills that would establish a new standard.
This would enable the company and I to impact the industry in a way we had only dreamed aboutโฆ
It appeared that we had hit a home run and the first 3 months supported thatโฆ
Then the cracks started to appearโฆ
Payments became later and laterโฆ
The communication became slower and slowerโฆ
There were red flags, but I didnโt take heed of themโฆ
Then it happened.. They went into liquidation
They owed us a significant sum of moneyโฆ
What was more painful was that we had invested heavily in equipment, technology, and people to deliver this deal.
It was crippling and it took several years and every bit of resourcefulness to navigate us through that successfully.
It hurt like hell, but it also delivered some very powerful lessons that have served me every day sinceโฆ.
1. Listen to the red flags. If it doesnโt feel right, then itโs not. Donโt quieten them but rather act on them
2. We were inefficient and we got away with it because the inbound income was so good. Part of the solution was taking a fine tooth comb to our business and questioning every expense, product and team member and trimming all the fat.
This is now a systemised process in the business, and we are far more efficient as a result.
3. Only do business with people who share your values. In retrospect, we were on very different pages when it came to mission and purpose. It was always going to fail.
Your most costly failures represent the greatest opportunities to learn, and this was no differentโฆ
What were the lessons you learnt from your most costly business mistake?
