Three Key Strategies For Building A Successful Growing Company

This is not one of those popular to-do lists you read in business books. And, since it is only three key strategies, these three are by no means all you have to do or remember in growing your business. (Sometimes it seems you have to keep remembering so much that it is like the 101 things you are supposed to consider before you take a golf swing!) But these three often get overlooked is all the energy devoted to numbers, marketing tactics and technology. Each of them could occupy their own book.

1. Hire the best people and pay them what they are worth. I have never seen anyone really regret making this decision. It is an uncomfortable and difficult decision, but it works.

2. Create and maintain a company culture that keeps as many of these good people as possible. You may lose a few along the way but remember “birds of a feather.”

3. Have a compensation system that is fair, that rewards people for the specific things they do and that drives the profitability and growth of the company. And make as much of your compensation expense as variable as possible and not fixed.