Keys to Business Success

November 8th, 2011 — 6:30am

Some of the big ones from my own experience.

  1. Treat people incredibly well. “People” is mostly customers and employees, but also vendors, community members — everyone.
  2. Invest in becoming unusually good at what you do. No amount of sales and marketing can substitute for expertly and reliably delivering your product or service.
  3. Tell the truth way more than most people do.
  4. Be really picky about who you hire, nothing less than the best you can find.
  5. Listen eagerly to what your customers want and make sure you are their best choice to get it.
  6. Run a meritocracy where high-performing employees are rewarded and recognized, and where low-performing employees are quickly removed.
  7. Make sure every employees knows the specific results you expect them to deliver, and an accurate, recent grade of their performance compared to those expectations.
  8. Know the numbers intimately, especially revenue growth, profit, and cash flow. The decision-maker who doesn’t like to read financial statements is in big trouble (but doesn’t know it yet).
  9. Recognize that business is a continuous competition that produces fast-growing winners and bankrupt losers, and be clear about what strategy (series of actions) you intend to win with.