Operating a successful business requires astute money management. Yet all business leaders can pinpoint a time in their career when they threw money away on a venture that didn’t go as planned. When you don’t earn the anticipated return on your investment, the most important thing is to learn from that experience.
Brian Smith, owner of X Rooter Sewer & Drain Cleaning in Rhinelander, Wisconsin, says his biggest money waster was his company’s venture into septic pumping. About 15 years ago, Smith bought a septic truck and a 100-acre farm to spread waste, and the company started pumping septic tanks.
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