24 Sep

Eleven guiding principles for business

1. Have a strategic business plan in place and review it regularly

2. Talk, talk, talk to your people

3. Define, monitor and respond to the key performance indicators in your business

4. Research your customers and think of ways to improve their relationship with your business

5. Research your suppliers with a view to improving their performance and costs

6. Nurture a good relationship with your investors and bank to ease future funding

7. Manage your working capital

8. Aim for higher quality products and services so that you do not have to repair goods or customer relationships

9. Ensure you have a good sounding board such as a non-executive or an adviser

10. Stand back and get the bigger picture

11. Ensure that leadership is provided