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10 Tips to Growing a Successful Small Business

10 Tips to Growing a Successful Small Business

Bill Kirkwood, Site Confidence CEO, provides his essential top 10 tips to all aspiring business men and women for how to run your own successful business.

1. Share with shareholders

  • Keep your investors well informed of your progress
  • Good news can wait tell bad news quickly
  • Don't spend any time thinking about exit

2. Focus

  • Stick to your knitting
  • Only diversify if it is driven by customer need
  • No product development for its own sake

3. Love your staff

  • Tell them everything good and bad
  • No politics
  • Celebrate success no matter how small
  • Communicate, communicate, communicate!

4. Cash is king

  • Make one person responsible for invoicing and cash collection
  • Treat account payable departments as a customer
  • Chase cash hard

5. Baby steps

  • Don't build processes too soon
  • Only put in place process as needed and when driven by growth
  • Don't try to act like a big company it will stifle innovation

6. Manage with a light touch

  • Give people room to experiment
  • Everyone is a hero
  • Be informal

7. Only count what matters

  • Clearly define success
  • Put in place simple ways of measuring success
  • Give staff big rewards for achieving success

8. Love your customers

  • Never over promise
  • Price to win
  • Be flexible in everything
  • Don't throw your weight around when you have none

9. Don't spend money

  • No cars, fancy offices, fancy PCs or expensive lunches
  • Have a culture where no one likes to spend money
  • Make cash everyone's preoccupation

10. Use other peoples brains

  • Park your ego
  • Employ the best
  • Use non execs
  • Network

 

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