Thursday, March 31, 2011

Golden Rules for Business

After running his own successful and unsuccessful businesses, consulting to others and researching the factors that make a business grow, small business expert John Petty says that there are twelve golden rules for establishing and developing a business.
  • Don't kid yourself. Face the facts on business success. Self-deception is easy, but it is also fatal to your business.
  • Keep it simple. Focus on what you do well.
  • Never run out of cash. In small business, cash is always king.
  • Don't try to grow too fast.
  • Meet your customers' needs, not your own - customers come first.
  • Plan everything. Leave nothing to chance.
  • Build a winning team. You can't do it all by yourself. The right staff can be your best asset.
  • Keep accurate records and accounts and use them to manage the business.
  • Know your business better than anyone else.
  • Avoid risk whenever possible - risky business is not good business.
  • Be honest. Being ethical pays in the long run.
  • Live a balanced life. Life exists beyond the business.

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