3. Constantly learning leaders They possess good business knowledge but are still prepared to continue learning new strategies.
4. Always providing quality customer service Adding value to the customer every step of the way by servicing them more than they expect or have experienced before.
6. Empowering staff to flourish
Successful owners are good at delegating day-to-day routine operations while they concentrate on the current and future business strategies and manage cashflow and credit.
7. Maintaining good cashflow management
Cash is king! It’s vital to look for ways to reduce toxic and/or non-deductible debt at every opportunity to create net wealth.
9. Continuously improving
Successful SMEs have implemented an effective system of feedback from staff and customers on ways to improve products and services.
10. Putting in place training programs
Having a good integrated system of professional development and training for all employees at all levels.
In contrast, Foster says one of the reasons many businesses fail is poor financial management. He outlines his eight recipes for instant business failure here:
1. Failing to seek professional help on a regular and timely basis
2. Not doing continual due diligence enquiries and homework
3. Not having a good business/management attitude. Attitude determines altitude
4. Unsuccessfully managing cashflow and credit
5. Working to an unrealistic budget and/or business plan
6. Not apportioning your income to cater for contingencies
7. Not having sufficient capital or access to sufficient capital
8. Not knowing exactly where you fit in the business and your responsibilities