6. Be brutal with your cash and cash flow management. One of the worst mistakes we made when starting up was being lax and spending on items and staff we had no need for. We grew our cost base unnecessarily and two years down the line we’re still paying back the debt.

7. Be SUPER BRUTAL about the staff you want and need. Staff are a cost-centre that chow up time and resources as well as money. Pick the right people at the right time.

Your fourth point is fair, but I would say that to grow beyond being the business yourself [that old joke comes to mind about when the owner goes home at night, the business goes home too], you actually have to build a team that you can rely on [and I suppose therefore be dependent on]. Without it, the business will always be constrained by how much you can do yourself.

While undercutting causes pricing and profitability problems, not being able to build the right team is one of the biggest causes of limited growth that I’ve seen.

I also liked what you said about constantly changing your business goals so as to adapt to the market. What was true 10 years ago, may not necessarily hold true now, which is why it’s so important to be constantly changing…constantly trying to get better.

Great post once again.