March 5, 2019
Poor cash flow sinks businesses. This was the first lesson I learnt from my dad when I started my first business. He taught me to ensure that you build a business that targets a minimum of 20 per cent profit.
Business leaders need courage, resilience, patience, empathy, vulnerability, an eye for details and, of course, humour. Being a leader is a constant learning experience – building a set of strong skills and working on your weaknesses is an ongoing challenge and vital to your growth.
Have a clear vision, figure out where you want to play, focus on your core business, find the best people you can, and strive to be the best.
The people in the business are your business. Developing, motivating and encouraging your team to achieve success is the most important thing you can do. Also, listen to and engage employees to help improve your customer service.
Be clear on what you need your team to do and let them have the space to get the job done.
Don’t rely on your current market being there in the future. Things can change fast with digital disruption and, as a company, you must be agile.
Work out how you want to grow. Do you want to extend your product portfolio, extend your business reach (perhaps internationally), widen your customer base, or change your business model? Perhaps you would like to do a number or all of these at the same time. Whatever it is, focus on the details and execute your plan.
You don’t need to do everything yourself – there are plenty of fantastic businesses out there that you can partner with.
Always maintain a good work-life balance and find enjoyment in what you do. Share knowledge with colleagues and be transparent with staff. Look to challenge yourself and continue to learn.
Be proud of what you achieve.