10 top tips to run a business - and one is taking time out

Yunib Siddiquil, the owner of Jones the Grocer UAE, offers tips on how to run a successful business.

Yunib Siddiqui says it is important for employees to understand a company's goals and aspirations. Pawan Singh / The National

To be a good leader you need to be a great listener. Brilliant ideas can spring from unlikely places, so keep your ears open for some advice - especially from the members of your team. Above all, stay fit and relax. Here is some advice on how you can achieve your goals.

People matter

The people you employ and interact with on a daily basis are extremely important to your success. Invest in them and put time aside to meet them as a group or individually. Meetings can be formal or informal. You will be surprised by how much valuable information you learn about your business and about the people who work with you.

Understand your income statement

The best advice I was given when I started my first business at the age of 22 was: "Monitor your profit and loss account carefully and your balance sheet will take care of itself". What this means is that if you focus on controlling costs and increasing revenues you will find your cash flow and asset statement won't be a cause for concern. So, keep a hawk eye on your costs and push your team to drive revenue.

Set budgets with management buy-in

Annual budgets are often set top-down. Turn the process upside down and set your budget bottom-up with your management team's collaboration. You will then have a motivated team that has bought into your company's short-term and medium-term goals.

Learn to delegate and hire correctly

I can't overemphasise how important it is to delegate effectively, and to do this you need to hire the right people. The easiest way to do this is to first make a stab at understanding your own strengths and weaknesses. Your day-to-day tasks should be built around your strengths and where you can add the most value to your business plan. Hire to supplement your weaknesses and to bolster your strengths.

Stay in touch with your customers and suppliers

Communicate with your customers and suppliers as often as you can. Pick up the phone and chat with them, take them out for lunch or simply drop them a line. The marketing intelligence you gain about your industry by such interaction is invaluable and can help you to mould your strategic direction.

Develop a mission statement

As your business grows, it is important your team understands what defines your corporate goals, aspirations and values. Develop a mission statement with your team and then distil this down to your vision and values. It might take some time and effort but once you get there it will make it easier to achieve strategic goals and develop internal and external policies.

Take time out to think and recharge

Running a successful business chews up your time. The emails never stop and soon you will have no time for yourself. Take time out to unwind, relax and think about the week gone by and to consider how you might have handled difficult situations differently. Don't give up on your hobbies, and taking regular exercise will ensure your brain is recharged and ready for the next challenge.

Mitigate risk

Successful businesses manage risk well. Ask hard questions about what could affect your business and have a strategy in place to counter risk. Health and safety, data corruption and loss of key personnel are just some of the factors that can derail a successful business.

Pay attention to detail

Another bit of advice I received early on was "retail means detail". This advice is not specific to retail but applies to visible business practices such as how your business looks from the outside. A clean and organised working environment contributes to customer and employee perceptions about your business. Pay attention to everything from the way your office lobby looks to the way your employees sign emails. Set processes in place to ensure they reflect the corporate image correctly.

Find ways to build goodwill without discounting

Avoid discounting your selling prices; instead add value to your existing proposition. Discounting can change customer perception about your brand, while offering a little extra for the same price can build goodwill and drive traffic. By adding a little extra and working on fine-tuning your costs you'll get to a better result than by giving money away from your top line.

Yunib Siddiqui is the owner of Jones the Grocer UAE