09/01/2026
Another True Story from Colley Avenue Copies
5 Things I Learned
The five most important things I learned in thirty years of running a small business, I learned making the following mistakes.
1. Don’t buy your customers
When most people first start a business they make a list of their competitors and their pricing, then price their products and services lower without ever knowing about their overhead. This can be dangerous if you need more to cover your overhead and make a profit. You should always price for the product and solutions that you provide. If no one ever says that your pricing is too high, then you may be pricing correctly. If you gain a client because of pricing then you’ll loose them to pricing.
2. Don’t set yourself on fire just to warm others.
Another big mistake is to create a lop sided deal just to satisfy a customer to your detriment just to keep them as a client. A business transaction should always be fair to both parties. Don’t use over servicing as a tool.
3. You can’t pay rent with receivables.
I was speaking with a fellow business owner about, what else, money. He was bragging about how he had sixty thousand dollars in receivables. I thought to myself oh, oh he had a serious problem. As a business owner, you wear many hats. Chief of which is to take sales to cash as fast as possible because you can’t pay rent with receivables. Two years later he had to shut his business down.
4. Just because you can doesn’t mean you should.
In the beginning we were dizzy with the possibilities of what we could do. We did one-off solutions all the time. Problem was that we lost money because we could not price correctly and pulled resources and manpower to complete a task we may never do again. When we stuck to our core competency we much better!
5. We thought that Sales People were pains in the a**.
I was mistaken. They were a great resource for learning what equipment other shops are using, and what new technologies are becoming available. It keeps us current and future looking. I now look at Sales People as a resource and are now happy to speak with them.