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Published 09 August 2012 03:50, Updated 09 August 2012 05:02
01Learn to realise what you don’t know. Focus on strategic direction from the beginning and employ “experts” to manage technical areas of the business. Likewise hire people to conduct the everyday tasks within a business.
02Adapt systems from day one. Everyone is replaceable. When processes are documented, then they can be replicated, leaving more time for chief executives to spend on building brand awareness.
03Hire the best people you can afford. This will pay dividends if challenges arise in later years.
04Think fast and learn to adapt quickly. Don’t be afraid to change a strategy if things don’t go to plan.
05Be generous with giving staff responsibility for tasks. Allow employees to take ownership for their speciality – and give rewards when they are due and hold people responsible if things go wrong.
06Plan ahead. Prepare forecasts for the coming 18 months to 24 months and link them directly to the company’s strategy.