Episode 186: S2 | The Entrepreneurial Journey of Wes Hackett: Challenges, Successes, and Strategies
Introduction
Starting a business is never easy, but for Wes Hackett, the founder of Cloud5 Accounting, the journey from a small-town upbringing to becoming a successful entrepreneur is one filled with resilience, failure, and, ultimately, success. His story offers valuable insights for aspiring business owners, with lessons on perseverance, strategic thinking, and the importance of financial clarity for business growth.
Wes’s Journey and Motivation
Wes Hackett’s journey began in a small town in Eastern Utah, where he grew up in a large family with limited financial resources. Watching his father work multiple jobs to make ends meet, Wes realized early on the importance of financial stability and the drive to create a better future for his own family. Initially, he pursued a career in accounting due to the job security it promised. However, after working in several corporate roles and even becoming a CFO, Wes felt the pull of entrepreneurship.
Over time, Wes tried various business ventures, from eBay and real estate to owning cell phone retail stores, many of which ended in failure. But Wes viewed these failures as stepping stones rather than setbacks, and they fueled his determination. Eventually, his experience helping friends and family with bookkeeping led him to recognize a business opportunity: small business owners struggling with financial management but unable to afford a full-time accountant. Thus, Cloud5 Accounting was born, with a mission to provide financial clarity and peace of mind to small business owners.
Strategies and Tips for Entrepreneurs
Wes Hackett’s success as an entrepreneur did not come overnight. Here are some of the strategies he used to build his business and actionable tips for aspiring entrepreneurs:
1. Embrace Failure as a Learning Opportunity
Wes faced several business failures before finding success with Cloud5 Accounting. Instead of being discouraged, he used each failure as an opportunity to learn and grow. His advice to entrepreneurs is simple: “Don’t give up, no matter how many times you fail. Every failure brings you one step closer to success.”
2. Leverage Your Network
Wes recognized the power of word-of-mouth marketing early on. By providing excellent service to his initial clients, he was able to grow his business through referrals. Entrepreneurs can benefit by focusing on building strong relationships with their customers, who can become their most powerful advocates.
3. Delegate and Build a Strong Team
One of the biggest challenges Wes faced was learning to let go of control and delegate responsibilities. By hiring and training the right people, he freed up his time to focus on growing the business rather than being stuck in the day-to-day operations. His advice: “Hire the right people, trust them, and relinquish control.” This approach allowed him to grow Cloud5 Accounting to over 20 team members, with operations across the U.S. and internationally.
Current Challenges and Solutions
Like many entrepreneurs, Wes struggled with wearing too many hats in the early days of his business. He realized that he had created a job for himself rather than a business, which led to burnout and limited growth potential. His solution was to hire skilled managers to take over daily operations, allowing him to focus on strategic growth. This shift in mindset enabled him to grow his business while also achieving the work-life balance he desired.
About Wes Hackett
Wes Hackett is the founder and CEO of Cloud5 Accounting, a company that helps small businesses manage their finances with clarity and confidence. With over 20 team members and clients across the U.S., Wes has grown Cloud5 into a trusted financial partner for over 200 small businesses. He is a dedicated entrepreneur with a background in accounting and an MBA, using his financial expertise to empower business owners.
You can connect with Wes on LinkedIn or through Cloud5 Accounting’s website.
Conclusion
Wes Hackett’s entrepreneurial journey serves as a reminder that perseverance, adaptability, and the willingness to learn from failure are essential ingredients for success. For anyone looking to start their own business, his advice is clear: don’t give up, hire the right people, and focus on providing real value to your customers. Be sure to follow his story and insights for more inspiration and practical advice.
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