21 tips on running a business

a | a | a

  1. Sound management, good business structures, and a saleable product keep a business alive. But true success is much more than the sum total of those. 
  2. Seek out people with expertise where you lack skills.
  3. Benchmark off the best in business.
  4. Develop a great brand and well-known logo.
  5. Believe in and build your business off the brand.
  6. Be open to others’ ideas.
  7. Experiment to ensure continuous improvement.
  8. Be fanatical about customer service.
  9. Move quickly to take advantage of opportunities, even if they affect short-term profitability, as long as they increase long run profits.
  10. Know your business by taking part in the activities you sell.
  11. Build your people around the business, not the reverse.
  12. Rejection and failure are all part of the journey.
  13. Look for opportunities even in places that other people see failure.
  14. Travel overseas to see what businesses are doing well in different countries.
  15. Work on yourself before your business.
  16. Have a healthy balance between business and family life.
  17. In business, remember that the sky is the limit.
  18. Surround yourself with good wisdom and advice.
  19. Carefully manage your risk – when times are good take money out of the business and put it somewhere safe.
  20. Don’t under-value your own contributions. It is fine to under-pay yourself when the company is in start-up, but once it is up and running, pay yourself market rates. If the business can’t afford you, there’s something wrong.
  21. Aim to work ‘on’ the business not ‘in’ the business.

similar articles
Atlassian: the change agent
see more
Gerry Harvey: A life about something
see more
Carla Zampatti: a cut above
see more
SME spotlight: Joshua Nicholls
see more
Mark Bouris: my lessons from Kerry Packer
see more
CEO’s corner: David Tudehope, Macquarie Telecom
see more
O’Tooles of the trade
see more
The ring master
see more