7 Principles for a Great Business

Running a business, any business, has challenges every day. In working with hundreds of businesses and studying many other successful businesses, I’ve honed in on the key things that define great, successful businesses. Follow these principles and some of the inevitable challenges can be far less daunting.

1. Know the vision

Ensure you know the vision/meaning/purpose/why of the business and share it regularly – people want to be part of something bigger than themselves and they need to be reminded that they are.

2. Communicate

Communicate more than you think you need to – everyone absorbs things differently and at different rates.

3. Hire great people

Employ great people and pay them more than they can get for the same job somewhere else – it makes it much easier to retain good employees.

4. Share the profits

Share the profits with everyone in the company – every person in the company contributes to the profit, every person shares in the profit.

5. Provide benefits

Employees who aren’t worried about how to pay for health care or whether to take a day off when they’re sick are far more productive.

6. Provide opportunities

Offer your employees regular opportunities for growth and development – people want to learn new things, develop skills and capabilities.

7. Have fun!

If you can’t laugh, if you don’t feel some sort of joy and satisfaction in what you’re doing, why do it?

If these principles call to you please visit my Executive Coaching page and contact me to begin!