Law number one; your employees are everything in your business. They are your first customers. Treat them well, and they will treat your business well. Treat them like trash, and they will treat your business like trash.
Law number two; listen to your customers. No business exists in a vacuum. By listening to your customers, you will be able to realize the changing trends and how your business needs to adapt.
Law number three; be financially disciplined. Your business needs money to survive. When you draw more money out of it, more than it comes in, you choke the life out of it.
Law number four; your business doesn’t know your relatives. It doesn’t even know you. Your business knows the business and treats it as such. Do not use your business to run favors.
Law number five; do not be the only smartest person in the room. You will not learn. Even as a business owner, be teachable. Be free to learn new ideas to boost your business.
Law number six; know what your competitors are doing. Be driven with a fit of positive jealousy so that whatever they do, you do it better.
Law number seven; value loyalty above everything else. Loyalty is hard to come by. When you find one person who is loyal, do not fumble. Take good care of them and let them take good care of your business.
Law number eight; people never change, and if they do, they are never to be trusted. It is good to give people second chances but not at the expense of your business.
Law number nine; know when to let go. Sometimes holding on wastes more time and resources than letting go. Know when it is not working and exit the stage for something else.
Law number ten; follow the process to succeed, but where everyone is avoiding it for a shortcut, you will be left behind if you stick to the process.