Creating and developing a successful business is the goal of every budding entrepreneur and for over 25 years Andrew B Morris has been doing just that; in his role as CEO of the Academy for Chief Executives he is often asked ‘what are the most important things in business’; in this article, Andrew reveals his answer …
I’m not sure about the two MOST important things as, of course, it depends on the context as well as the maturity of your organisation.. So I’d like to be more specific and re-frame the question … and cheat a little. What are the 3 Most Important Factors in GROWING your business?
From my experience, and discussions with many leaders over time, it’s: (1) IDEAS (2) PEOPLE, and (3) CASH. Most opportunities start with that eureka moment – the Idea – which is followed by the question – who is best to make this happen? The People. Then, the business plan follows, and the issue of how this is to be financed – the Cash.
If you have are fortunate to have all three in place, you can achieve extraordinary growth, but this is extremely rare and there are very few examples that sustain over time.
Large corporates are often blessed with an abundance of cash, some dependable people, but are ideas poor. SME’s may have a plethora of good ideas, some great people at the top (but not enough in the middle) but are usually tight for cash (and can’t obtain further debt). Start-ups typically have a great idea, driven by one energetic person, but are missing good people or cash. And after the great idea has been embraced, it’s all about the execution – which needs the right operational people supported by a budget that allows for mistakes and for things to take much longer than you anticipate.
So, for me it’s all about IDEAS – PEOPLE – CASH, usually in that order, and here’s how to get them..
About the Author
Andrew has been a leading figure in the media and events industry for over 20 years. He launched the innovative Business Design Centre in Islington and was CEO of the National Exhibition Centre (NEC) in Birmingham where he transformed the culture from ‘council’ to ‘commercial’ through a transformative leadership development programme. Today, he is Non Executive Chairman of Brand Events, the international consumer festival organiser, and the annual World Photography Awards in Cannes sponsored by Sony. However, his primary focus is as Chief Executive of the Academy for Chief Executives, which he acquired in January 2011. Find out more about Andrew’s London-based Chief Executive Forum >>