- Always make sure there will be enough cash in the bank
The most common business failure is when you are running out of cash. If you ever got a cash-related problem, fix it now.
- Always make sure you know when and when not to be transparent
Transparency can sometimes be very beneficial to others, and then there are times you can share it openly and other times you have to keep it with you. You should know when and with whom to do one against the others. It generally comes with experience.
- Your people are not your kids nor personal assistants
If you ever abuse or use them in any manner, you will come to a point to regret what you have done.
- You cannot get rid of bad employees fast enough
You cannot fire them, ensure you know that they are the problem and not you.
- Learn to say Yes and even No a lot
The two critical words for business owners and founders have with them is Yes and No. You should learn to tell them a lot, and it should also be decisive. The most important aspect is to focus and to be clear on what your firm does.
- Always listen to your customer
It is very important to look to your customers as most entrepreneurs value their customers and it is not only for their feedback and the inputs among the most vital information they will ever learn.
- Make sure you learn these two words: meritocracy and nepotism
The first is how to run the business by rewarding, recognizing and compensating based solely on the ability and achievement. The second way is how you do not run the firm by being biased and playing favorites.
- Take care of your star worker
This tip can go with any company big or small. The cost of losing a fantastic employee is significant but the business leaders still rarely take the time to make sure their top employees are correctly challenged, motivated and compensated.
- Trust your instincts
This is a phrase commonly repeated, but it is rarely understood. It means you should use your gut feeling to make ultimate valuable decisions. Sometimes we end up making retrospect and regret, so always make sure you listen to yourself and then make the proper decision.
- You do not know what you do not know
Humility is one of the powerful traits of leaders, and it is the same for new business owners, etc. Behind every failing company, there is a delusional, dysfunctional or even incompetent business leader. So make sure you do not end up like them and do what is right for the company as it can help you run it smoothly and more efficiently.