Advice for CEOs

It’s easy for companies to pinch pennies when cash is short. But when business gets good it’s natural that controls over discretionary spending are relaxed, which can lead to wasteful practices that eventually threaten profitability. How have you seen executives keep operations lean and avoid wasteful spending--even when the company is doing well?

What are some inexpensive best practices you have seen that companies can use to train their sales force and keep them informed about product strategy and market trends? How do they generate collaboration between sales folks who often tend to be competitive with each other?

Every entrepreneur worries about losing their good people. There usually isn’t enough stock or options to tie in everyone you don’t want to lose—and even those mechanisms don’t always work as planned. How have you seen companies try to retain key people—even when these folks might be targeted by competitors?

Stephen Covey once said, “Strength lies in differences, not in similarities.” Growth company CEOs should pay attention to this maxim. Mid-February is a perfect time to reflect on where your company stands in this regard, paying special attention to diversity within your board and among your senior executives and partners.

Building a distinctive company brand that resonates with the market is important for any business. Middle market companies often aren’t able to afford the services of a brand consultant to help them think through an intricate brand strategy—or a marketing team to “police” internal brand practices. How do entrepreneurs you admire go about defining their brand(s), communicating it to their organization and using it in a meaningful, positive way in the market?

Among the biggest business risks is having your sales concentrated in only a few customers. Lenders, investors and prospective buyers of your company are sure to look hard at this issue. How have you seen well run companies take steps to diversify their customer base?