10 Top Business Growth Takeaways

Business Action | EOS Implementers | Business Coaches | Leadership Coaches | Business Support NZ

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 ‘nine-to-five’.
2. Know your market and customers – if customers leave you, find out why! And know your competition.
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 learn!
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

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