Episode 237: “What have you learned from costly mistakes and what safeguards have you put in place to prevent the repetition of errors?”

Today’s episode was recorded live at the Titanium Mastermind in Phuket Thailand. Titanium member, Malcolm Pollard wants to know if I have ever experienced costly mistakes in my business, what I have learned from those mistakes, and what measures I have taken to prevent the same mistakes from reoccurring.

I talk about how an increase in sales and an influx of cash can often mask inefficiencies in your business if you are not paying close attention to your profit margins.

I share that I have a regular practice of monitoring MOBE margins and how, recently, a period of time passed where I was not diligent in this practice.

That lapse of time uncovered a costly mistake in which I learned the importance of being persistent and consistent in regular auditing of company operations – something that I outsource to a trusted team member – but which I personally spot check myself on a regular basis.

I explain that mistakes are a part of a growing business and that mistakes can be a great learning tool for future growth.

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