In the October Issue of NZ Business Magazine, Deborah Lee Marlow shared her thoughts on what Kiwi Businesses need to do to be successful.
Here are her Top 10 Business Growth Takeways – We think number 6 is particularly important – Have a board of Advisors or an Advisory Board from the outset!
1. Be prepared to work from ‘five-to-nine’, not
2. Know your market and customers – if
customers leave you, find out why! And know
3. Have a clear vision about how you want to
exit your business. Each type of exit (sale,
IPO, succession, etc) requires a different
business building strategy.
4. Set up your company carefully – don’t
download generic documents from websites.
5. Contact the most successful people in your
business sector, invite them for a coffee, and
6. Establish a Board of Advisors from the outset;
“people you don’t know, but who know more
than you”. “Be the stupidest person in the
room” and keep them around you.
7. Have enough money to build your business.
Remember it takes 25 to 30 percent more
money than you think you need.
8. Avoid 50/50 partnerships – (nothing in life is
50/50) always stay in control of your company,
especially when investors come knocking.
9. Keep your sense of humour. Be passionate
and driven about your business. “Do what
you love and money will come”.
10. Know when it’s over before the fat lady sings.
“If your business is failing, manage the exit,
and get out while you still own your home.
Failure IS a part of the learning process. Just
do not go to the edge and fall, but rather
climb down carefully,” warns Deborah. “I’ve
experienced the shame of bankruptcy. I never
thought I would fail.
“To fail publicly like I did, in front of
everybody I knew and loved – to have lost it
all, including my A1 credit rating – humiliating.
You only need one big failure to make you
think real smart next time. There’s no one
more motivated to rebuild a great success
then someone whose had it and lost it.
“I was pretty motivated, so I picked myself
up, dusted off my knees, got back in the
saddle, learned my lessons and rebuilt my
fortune…as you do.”
Here is a link to the full article in NZ Business Magazine – http://nzbusiness.co.nz/sites/nzbusiness.co.nz/files/article_download_files/NZBusiness%20October%202013%20Cover%20story_0.pdf