I’m the chairman of a group of 16 CEOs, Presidents and owners of medium-sized private businesses. The members of the group have made a significant commitment to both the growth of their businesses and their growth as leaders. We spend a day together every month devoted to working on our businesses and becoming more effective. I started this group 23 years ago and today, the members’ companies range in size from $5MM to $200MM.
We’re affiliated with TEC — The Executive Committee, the world’s largest and oldest executive forum and leadership development organization for senior business leaders.
Recently we were away on our annual retreat and during one session, I asked the members the following question: ‘If a younger business owner asked you for your advice regarding what they should keep in mind as they built their business, what lessons have you learned that you would impart to them?’ We spent the next couple of hours having a very rich conversation. Here’s what they told me were the 10 most important things to remember:
- Always watch your numbers — especially cash and margins.
- Hire slowly; fire quickly.
- Don’t put off difficult conversations.
- Empower people; build the business so you become redundant.
- Have clear goals.
- Over communicate — never leave people in the dark.
- Avoid partnerships if you can; if you can’t, have a good shareholders agreement that covers dealing with partners having different objectives.
- Pay attention to the culture of your organization. It is a reflection of your mission/purpose statement and values.
- Always be learning.
- Have fun and strive to maintain balance in your life.
Based on over 30 years of working with CEOs, Presidents and business owners, I think this is a pretty good list. Over the next few weeks, I will elaborate on each of these 10 most important things.