Have you ever made a mistake? Of course you have. Like me, you have a few doozies in the closet to air out, too, if you are honest. Mistakes come in all sizes. From the minor mishap to the really stupid to the criminal, we all have our moments of ignorant brilliance.
As luck would have it, mistakes do not define us. Maybe you were drinking and driving and got caught or have been convicted for possessing an illegal drug; maybe you ruined a relationship due to infidelity or sheer apathy; maybe you trusted someone and they betrayed you; maybe you made an investment and after it was too late suffered a major financial setback to your early retirement plans. None of these mistakes define you; how you deal with the mistake does.
The Wealthy Accountant’s Inferno
Before we start talking about you or solutions, I need to confess a great sin I once committed. Many years ago my commercial tax software provider branched into DIY tax preparation. Accountants using their software in their office were given a free license to market the online program. Needless to say, I was excited. I developed a business plan to take it to TurboTax and all the other online DIY tax programs. I would compete on price and quality.
As tax season approached I put my marketing machine into action spending $80,000 in TV, radio, and online advertising before I discovered this was not working as planned. When the dust settled the revenue from my little project netted a bit over $3,000. I took a $77,000 loss on an idea I thought really had potential.
I made one huge mistake and a bunch of smaller ones. The mistake did not define my business or me. It certainly hurt the pocketbook, but I was lucky to have an established business where the investment came from cash flow; no borrowed funds were used.Continue reading