Written by The Co. Founder Peter Mercuri

Running your own business can be difficult. The weight of decision-making often feels overwhelming, and without someone above to advise or validate you, uncertainty can set in. I know this because I’ve lived it.

I started The Co. when I was 27 years old, a little naive but driven to be among the best in the industry. Sixteen years later, I’ve gathered invaluable lessons on creating and growing a business. It isn’t always easy, and at times it might feel easier to throw the towel in… But where’s the fun in that? Keep reading for some of the most impactful reminders for business owners, based on my personal experience.

What I’ve Learned As A Business Owner

1. It’s a rollercoaster, not a climb

   Everyone in business begins with the intention of becoming successful and creating financial freedom, but we can never know exactly what we’ll face along the way. No matter how much we plan for the future, the journey will always be filled with unexpected twists and turns. True growth lies in our adaptability, because challenges are often the best learning moments.

2. Focus on your core

   Occasionally, I chose to pursue new business ventures that diverged from our core offering. But in doing so, I lost focus on our strengths and at times I also lost money. Diversification can do more harm than good if it doesn’t align with your brand’s core — the essence of what makes you special and successful. This is something I also stress to clients: always stay true to your fundamental values and purpose.

3. Ask for help

   Sometimes as business owners we can fall into the trap of thinking that we have to do everything ourselves, and even feel ashamed to ask for help. But seeking the right guidance can provide clarity when it’s needed most, and accelerate success. Remember; we only know what we know.

4. Don’t buy what you don’t need

   Just because something is a tax write-off (which is great when required), doesn’t mean it’s always a wise investment. You might think you really deserve that new car or a fancier office, but if it doesn’t contribute to growth or efficiency, you should reconsider.

5. Prioritise personal health, wealth, and relationships

   For years, I gave everything to the business and lost my sense of self in the process. True success is all about balance. Building a life outside of work is what matters most, making you a happier person and therefore a better leader.

6. Build an independent business

   If your business can’t run without you, it limits both your freedom and its potential value. After all, you can’t sell your business to a new leader if it depends on you for survival. Focus on building a company that’s not reliant on one key person, but rather on its systems, processes, and a collective team effort.

7. Share your vision

   For years, I made the mistake of keeping my expectations for the business to myself. As soon as I clearly articulated the company vision to my team, everything changed. When your people understand where you’re going, it’s a lot easier for them to help you get there. Design and refine your business plan, together.

8. Communication is key

   One of the most common breakdowns in business — or anything that requires teamwork in general — is poor communication. Accessible, structured communication channels lead to clearer and more refined strategies, and ultimately a better execution of the job.

9. Your business account is not your personal account

   I’m guilty of this at times, but when you use the business account to support a lifestyle that goes beyond what the business can sustain, the pressures on cash flow and on yourself are multiplied. Separate business from personal finances, pay yourself a wage, and live within your means. Great things come to those who wait.

10. Put ego aside when receiving advice

    Ego can blind us to valuable feedback. Don’t ignore advice or take offence if it doesn’t align with your own opinions of your brand. The fact is, sometimes the market doesn’t want what we’re selling, no matter how much we believe in it. Creating excuses or writing off advisors is never the answer. Listen and reflect on where there might be new opportunities to grow.

11. Don’t blame a person — fix the process

    I’ve learned that change starts at the top. When something goes wrong, look beyond the individual and analyse the system as a whole. What processes or operations can you address to prevent it from happening again? Accountability matters, but people will only continue to make mistakes if there’s a flaw in the system they’re operating within.

What I’ve Learned As An Advisor

Not only have I discovered a lot as the director of my own business, but I’ve also worked closely with other teams across various industries as their trusted business advisor. Over the years, I’ve noticed patterns both in the challenges and the breakthroughs my clients experience. Here are the biggest takeaways:

1. Work with the right professionals

   Our clients recognise the difference it makes to engage expert advice that goes beyond just reporting the numbers. The Co. business advisors will analyse your financial figures and apply these insights to long term strategies that touch all areas of the operation.

2. Build a team that believes in your vision

   Holding onto the wrong people will limit you. Invest in those who align with your “why” — belief in your vision is irreplaceable.

3. If you keep talking about it, take action

   If something (or someone) is consistently discussed as an issue in meetings, it’s time for change. Don’t delay difficult decisions, or keep circling back to the same problems without taking steps to solve them.

4. Create wealth outside your business

   Your business should be a tool to create personal wealth, but not the only source of it. Diversify your investments to support your lifestyle in the long run. When the time comes, you want to have an asset pool and passive income that gives you financial freedom.

5. Choose your partners carefully

   Partnership disputes can be avoided if you define shared goals, create clear agreements, and ensure complementary skill sets from the very start. Even if things within your business change, a simple shareholders agreement can avoid any problems.

6. Set clear expectations in family business

   If you’re a family-run business, make sure you set clear targets and create a culture of accountability. This is business, not leisure, and there are still performance standards to uphold. While it’s nice to have an extra degree of comfort and trust among a family team, personal relationships shouldn’t interfere with anyone’s professional obligations.

Every day is an opportunity to learn, and no matter how long you’ve been in business there’s always room to evolve. I know I’m still learning, but the biggest thing I’ve realised as a business owner, accountant, and advisor is that structure creates freedom. Building core frameworks, surrounding yourself with the right people, and planning for the future transforms both your work and life.

Maybe the most important lesson of all is that the journey is filled with ups and downs. Adapting to setbacks is where you find room to grow, so treat every challenge as a learning moment. What lessons can we learn together? Get in touch and let’s find out.