Before You Can Run a Successful Company, You Need to Understand 7 Crucial Things

The following is adapted from F*ck Me Running (a Business)!

When I first started my company, I thought I knew everything. I was good at doing the hands-on work: developing the tech, building things for clients, selling our products and services. I grew my company into a multi-million-dollar enterprise. By most people’s standards, it was a success.

Unfortunately, things weren’t all rosy behind the scenes. I was working 100-hour weeks, my staff were at each other’s throats, I had a business partner who seemed committed to sabotaging everything I was doing to help the company scale, and I was burning out.

I managed to turn things around, but it wasn’t easy. Along the way, I came to realize that running a successful company is about a lot more than conversion rates and revenue. It comes down to seven things—things like understanding your role as a leader, hiring the right people, prioritizing company culture, and heeding any red flags when it comes to your partners.

Get these things right, and you’ll be able to achieve success without risking burnout or low employee morale. Lose sight of them, and your business, your health, and your employees will pay the price.

#1: The Role of a Leader

The key to running a successful company is understanding what leadership is. True leadership is helping others meet their goals while also meeting yours. It’s taking responsibility for the negative outcomes and recognizing your team for positive ones.?

Be aware of the challenges, acknowledge the failures, and keep promoting your vision. Never accept the status quo. When you challenge people to give you their best, they tend to rise to the occasion. If they don’t, they may not be the right fit for your company.

Bottom line, though, you have to give them a chance. Don’t fall into the trap of thinking nobody can live up to your standards, or that you have to do everything for everyone. To be a great leader, hire the best people you can find, train them, support them, and then get out of their way.?

#2: You Have to Manage Yourself

You can’t lead people or build a successful company until you take the time and maybe the pain to figure out who you really are and what you really want. Part of managing yourself is doing whatever it takes to get control over parts of your personality that can get in the way.?

Everyone has stuff to overcome. It could be something like depression or laziness. For me, it’s anxiety and mania, which I’ve controlled by a mix of strategies that promote self-awareness: meditation, working out, nutrition, time off, journaling, and therapy.

No matter what your thing is, figure out how to manage and overcome it. If you don’t, chances are high that you’ll experience burnout. You owe it to yourself and your company to get this one right.

#3: Partnerships Can Be a Minefield

Many times, we seek partnerships to help us grow and scale our businesses. There’s nothing wrong with that, as long as you enter a partnership with your eyes wide open. Do your due diligence to make sure that the person you’re considering partnering with shares your goals for the business. Make sure to have candid, honest conversations with them up-front.

Unless you and your partner-to-be share the same definition of success, want the same things for the business, and share the same values, you’ll quickly find that the partnership is a minefield. In that case, run away fast.?

Be as careful picking a business partner as you would a mate. If you don’t leave your ego and emotions out of it, you could end up destroying your business.

#4: Don’t Hire Your Friends

When you’re starting out, it can be tempting to hire your friends. Don’t. Friends aren’t going to do a great job or share your values just because they’re your friends.?

All you’re likely to get out of that extremely bad decision is a bunch of people who blur your judgment and expect favors. Sooner or later, you’ll have to move them on and you might lose them as friends.?

It’s not worth it. Your workforce should be made up of qualified strangers you can set clear expectations with and hold accountable.

#5: Culture Keeps Everyone Aligned

Successful companies have a clearly outlined mission, vision, and values, all of which collectively make up the company’s culture. Take the time to define that culture, because it will guide every decision you and your team have to make.?

The right culture will let the business run without your involvement in every day-to-day micro detail. It’s also a touchstone to remind yourself, your staff, and your clients of who you are as a company.?

Because of the role of a healthy culture in aiming everyone in the same direction, it will reduce your stress level while it raises your success. It might seem like a lot of work, but intentionally creating and maintaining a strong company culture is one of the keys to making your business a success.

#6: Failure is a Learning Opportunity

It might seem surprising that failure is a part of creating a successful company. Most people think of success and failure as opposites. But if you can learn from it, failure is an opportunity.

To be successful, don’t deny it or treat it as something to fear, but rather something to examine. Assault it head-on. That’s the only way to keep from repeating the same mistakes.?

Failure’s most valuable purpose is to show you how to improve. Stare it in the face, and ask, “How can we learn from what happened so we can do better next time?” Then act on your answers.

#7: Success Is What You Make It

Your bank account shouldn’t be the only thing that grows when you get your company where you want it. I hope you’ll realize you have an obligation to give back.?

Put your position, experience, and resources to work on helping your family and community. Act as a mentor to other up-and-coming business leaders.

Yes, the money’s great, but success is about so much more than revenue, earnings, and profit. You’ll find it feels great to leverage what you created in your business to help create a better world.

Are You Up for It??

Running a company and leading a group of people toward a mission and a vision isn’t easy. However, if it’s something you’re passionate about, it can be one of the most rewarding challenges you’ll ever take on.

If you keep these seven things in mind, though, you’ll position yourself for success. Couple these things with the knowledge that, as the leader, you’re responsible for everything that happens—the good, the bad, and the ugly—and you’ll be unstoppable.

For more advice on how to build and run a successful business, you can find F*ck Me Running (a Business)! on Amazon.

Nolan Garrett is the Founder and CEO of Intrinium, a firm dedicated to providing clients with comprehensive consulting and managed services in security solutions and information technology. Voted Best Place to Work Inland Northwest for three consecutive years, Intrinium has distinguished itself as a leader in IT solutions and workplace culture. Nolan is a member of the Forbes Technology Council and the Information Systems Security Association, among other organizations. With CIO and CISO experience and a background that includes multimillion-dollar cybersecurity transformations, Nolan provides specialized insight for businesses large and small in a variety of industries.