HR & Management

Published

10 things you will never learn at business school

2 Mins

The secret of fast growth companies is to consistently have those working with you looking for ideas for business improvement, efficiency gains, price reductions and improvements in service – this will lead to higher customer retention rates, profitable gains and topline sales increases. Focus always on developing a culture of continual improvement to maximise and realise your growth potential.

Here are the top ten things that you need to know but will never learn in Business School.

  1. The People Pain never goes away but experience makes change manageable. Prioritise putting together a team of ‘A-Players’;
  2. Timetabling discipline around financial focus and maximising the sales hours of each day are imperative to business success. Book diary time for both;
  3. Reward people according to what they want, not according to what you think they want. So ask them!
  4. Internal and external training and education build cultural strengths that are priceless. If you build in mechanisms to share learning, example – Top Ten learning points I will action;
  5. Relentlessly pruning the bottom 20 per cent of your customer base builds business value. Client retention and penetration are powerful assets, avoid leaky bucket syndrome;
  6. Mapping the customer touch points and perfect order process should be a continual system of review. Progressive improvement in your culture is priceless;
  7. Reports aren’t always utilised. If the people in your business don’t know why they do something, tell them to stop doing it – it probably won’t be missed;
  8. Make every prioritisation decision, based on a sense check against your vision, value and profitability. ALWAYS!
  9. Say ‘No’ much more than ‘Yes’ to anything that doesn’t fit the business focus. There are 24 hours in a global day, use every one profitably; and
  10. Exiting does not mean you have to sell the business. An exit sale is not the only option, but you must develop a fast growing profitable business in order to open up choices based around your asset.

Lara Morgan is an entrepreneur and founder of Company Shortcuts.

Share this story

Workforce development: Breaking Bad style
Services: The saviour of UK manufacturing
Send this to a friend