How To Manage A Successful Business
Statii Director Mark Thornhill has been a successful entrepreneur in the manufacturing and engineering sector for the last 20 years and he’s chosen to share his experience in a fascinating feature for leading SME business publication, Business Matters Magazine – you can read his complete article by visiting https://www.bmmagazine.co.uk/in-business/advice/lessons-from-20-years-in-business/
However, if you’ve only got a moment and would rather read a summary of Mark’s most helpful hints, just read on…
- Be firm but fair: Whether it relates to customers, suppliers or employees, then you need to be a firm leader and taking a consistently fair approach will ensure respect from all sides.
- When you make a decision, consider it from the customer’s perspective: From credit control to the colour of your brand, if you’re customers are unsure, don’t like it or feels it will impact on their positive view of your business, then don’t do it.
- Go the extra mile – it’s never crowded up there: Why meet expectations when you can exceed them? It’s always worth showing your customers and employees that you value them, it will benefit your bottom line.
- Involve employees: You will be rewarded if you can give your employees as much buy-in as possible, particularly in terms of loyalty and productivity. But be warned, you need to think carefully about how you do this and find the ways that work for your business.
- Don’t go chasing turnover unless it meets your pre-determined profit targets: Remember to ensure profitability – make sure you know the details of any deal and commitments for each contract. There’s no point having a big name company on your books if delivering the goods will leave your business penniless!
- Innovate: Companies of all sizes can innovate and it’s certainly better to succeed on differential than price, so don’t copy, compete!