Dos and Don’ts

Business SuccessHere is a list of my top 40 Business Success Dos and Don’ts it would have been most useful to know when running my own business first time around:

  • Say no more – not every client is right for your business but do you know how to tell the difference?
  • Under-promise and over-deliver
  • Learn the arts of delegation and time management
  • Do everything deliberately
  • Charge more and enforce your payment terms without exception
  • Get your charge-out rates and prices right – and disconnect that from how you evaluate your own self worth
  • Don’t work with or for friends – it just complicates things
  • Hire someone for the role you have vacant, not the other way around (creating a role for someone who is cheap and available and a mate)
  • Work on your business as well as in your business; your time should be spent thinking, inventing and leading, not doing
  • Begin with the end in mind – your exit strategy and how to make that sexy for you if it seems a long way off (it isn’t)
  • Have a bold, colourful and exciting vision (Primary Aim)
  • Know exactly what your business will look like and when (Strategic Objective)
  • Replace yourself as soon as possible by creating a strong team
  • Automate everything
  • Systemise everything else (!) – create a procedures manual called How We Do It here and train everyone to follow it – no-one is indispensable.   This exercise alone will show you how many jobs you do that you don’t need to take care of personally
  • Don’t call the business after your own name which only traps you there for life – find a great name for your business, and know why that’s important
  • Don’t give out your home number, or allow clients to call you 24/7; have boundaries to protect yourself
  • Teach your clients how to be good clients, by telling them what you expect of them in order to be able to do your best work for them – each client relationship has two sides, theirs and yours; manage their expectations
  • Read and implement The One Minute Manager by Ken Blanchard and keep communications open and clean with your staff
  • Solicit the opinions of your team about how to run your business better; train and empower them to make good decisions without you
  • Find a bank that’s right for you and understands your needs
  • If your business is Only You, find a book-keeper, a virtual assistant and any other help you need to free up the time you need to be more successful, then make sure that the Only You stage of your business is Phase One – you can’t make enough money out of your own labour
  • Publish your terms and conditions and working hours and stick to them
  • Create wealth (not just income) by building up a business with a brand you can sell when the time is right
  • Read and implement The E-Myth Revisited by Michael Gerber
  • Hire a business coach
  • Find or create a Dream Team or Mastermind Group
  • Keep learning, keep fresh, get perspective and support
  • Have a business plan and a cashflow forecast which are living documents, constantly updated
  • Measure everything
  • Get the business properly and adequately funded from the get-go (if required) and keep cashflow positive
  • Get virtual – use the www to help you as much as possible
  • Avoid premises, stock, car fleets – how can you keep it light?
  • Be bold, be brave and don’t be afraid to experiment to keep current – watch your market move
  • Look after yourself; you’ve got to be fit to do business so learn to practice Extreme Self-Care
  • Automate your marketing
  • Use what you know and who you know, research the rest, other successful people are always delighted to help; ask when you don’t understand
  • Do only what you love
  • Do less
  • Always do first what is most important to move your business forward

If you would like my help with anything on this list, let me know. We could talk about some mentoring so you can completely overhaul your business to run like this.  My desire is for your business to be successful without the pain I went through and now I know how to do it right.

 

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