3 Simple Philosophies Every Company Needs to Follow to Be Successful
While hosting No Retreat: Business Bootcamp, I worked with businesses that were fighting for survival.
My objective was to break down what they were doing wrong, build them back up stronger than before, and get them out of the hole that they found themselves in. To get them where they needed to be, I applied principles that I've used for two decades when helping executives and businesses.
Here are three non-negotiable tenets that every company needs to follow to be successful.
Related: 3 Reasons Businesses Need to Get Outside and Get Together in Person
1. Communication Is Oxygen
Most of the problems that businesses encounter can be traced back to poor communication. In many cases, executives never communicate with middle management, or communicate poorly with one another.
Regardless of where you are in the corporate hierarchy, I’m sure that communication — or lack thereof — is impacting you, too.
My favorite rule of communication is simple: If your problem can’t be solved in two email exchanges, pick up the phone. There’s nothing more inefficient than a 25-email thread over a span of four days.
Remember, the fast eat the slow.
2. Simplicity Helps Scale
I discovered this to be true as Spartan was continuing to grow. The more you do, the more complex your business becomes. If the only way for you to scale is to add more people to your team, you have a problem. Spartan is a complex organization, but every day I work hard to make it less so.
The simpler your business is, the better. Period. You don’t need to add more products to create more revenue.
3. Know Your Business
This might come as a shock to many, but many owners have their heads buried in the sand. I see it all of the time. Look, I get it: It's freaking hard to face the music when things are going bad. But if you ignore the issues facing you and your business, you’re only delaying the inevitable. You HAVE to chase the uncomfortable.
You need to know the details, especially on the financial front. How much revenue are you generating daily? What are your daily expenses? What’s your monthly overhead? Where can you save money?
Related: 6 Things Spartans Can Expect to See in Joe De Sena's New CNBC Show
Cash is king, and you should always be looking for ways to accumulate cash. That's what creates opportunity.
If you’re the leader and you don’t know the details, who will? It also holds you accountable as the leader, which is critical.
