10 Things I Learned About Running A Group Of Companies

After consulting one of my mentors I’ve come to accept the feedback that I don’t actually need more partners, or for that matter as many partners as I currently have, what I actually need is just more employees.

1) Establish My Inner Circle – I have my core partners and staff which I should keep because they have my back and act as extensions of my ambitions, and they are essential to specific aspects of my business. What they do might be replaced by someone else but they should be kept because I can trust them.

2) Identify The Fringe – I should cut the fat outside of my core team because some partners function more as collaborators. So they should be clearly established as useful but not essential. These are replacable resources that may be called upon for specific funtions when required.

3) Stuff The Beanbag – I should staff all my companies with full-time employees from the start. And make myself redundant in those operations from the start. I should not have to be involved in the execution of day-to-day business operations. My only role is to set direction, review performance and approve policy. Everything else should be done by the employees.

4) Don’t Be The Easter Bunny – Most people don’t actually want to be their own boss. They just want to be paid regularly for what they do and feel appreciated. I don’t need to offer them shares or profit sharing. All I need to do is treat them well enough for them to feel appreciated and pay them wages that allow them to live comfortably (not necessarily luxuriously) so they feel appreciated and motived to contribute every day they come to work.

5) The Bottom Line Is The Bottom Line – At the end of the day despite the intangible reasons of why I do business and what I intend to spend my money on, the bottom line is that I need to make money. The basic point of a business is to make money that I can spend. If that money doesn’t end up in my bank account it is of no value to me. Sure I could spend it on charity by donating it or hiring more people to work for me, which I where I currently spend what I don’t roll back into the business. However I am not an employee of the company I am an owner of the company, I need to make sure that my investors and I get our returns on investment. There would be no company without the investors or me, employee positions can always be created and filled.

6) Focus On Doing What I Do – I should be focusing on developing and creating ideas for opportunities, and leading people. I should not be stuck in the execution. My value to the company is the opportunities for income I create, which means my ideas and vision. The execution should be done by the employees whose value is in their contribution to the execution of my ideas and vision.

7) Buy Talent And Ability – For any operational function there is someone out there that can be hired to do the job within the wage budget. We just have to find them, hire them and inspire/motivate them tangibly or intangibly to produce the results.

8) Be The Boss – I am not paid to be nice or generous, those are my own personal touches. I am paid to light the fire under people’s asses and be the beacon to the destination, so that they make money for the company.

9) Sales Is Everyone’s Job – Every employee of the company contributes to sales either by being good ambassadors of the company by giving a good impression of the company to everyone they meet or actually bringing in sales for the company. If they don’t contribute to sales in either of those ways then the company does not need to keep them on the payroll.

10) There Are Only Two Ways To Become A Billionaire – The first way to become a billionaire is to make a billion dollars. The other way is to have a billion dolllars. Not many people are capable of doing either, for those people that can it’s just a matter of when.