Following our recent announcement regarding The Information Factory’s 20th anniversary, our CEO Robert Jordan has often been asked about what it’s like to set up and run a business.

Here in his own words, is what Rob had to say.

“The most common questions have been ‘what are your main lessons learnt’ and ‘what personal traits do you need in order to be successful’.

First, my lessons learnt – some learnt the hard way…

1. Cash flow
   It’s an obvious but often overlooked part of business. Cash is king. You need to manage your cash flow so that there’s a positive rhythm between money coming in and money going out. Agree and stick to payment terms with both customers and suppliers. And make sure you have a good finance person working with you.
2. Delegate
   You can’t do everything yourself. And you’re not an expert in everything, so learn how to delegate. Trust in and rely on the expertise of others. It will reduce your workload – and stress levels.
3. Find your niche
   Know what your company is good at and focus on making it even better. You will never be everything for everybody.
4. Plan for growth
   Take time out to think about how to expand. Work ‘on your business’ not just ‘in your business.’ Talk with people you work with, look at market trends and keep an eye on what others are doing.
5. Business is social
   Life is short. Aim to work with people you like, whether they be colleagues, customers or suppliers and get to know them. It’s much more fun that way.

As for personal characteristics, here are some of mine which I think have helped me to keep going, particularly during the early years.

1. Thick skinned
   You’re going to receive a lot of setback, particularly in the early years. Be prepared for the criticisms and challenges that will come your way. Don’t take it personally. Objectively review the criticisms and if they’re valid – adapt. If they’re not valid – ignore, but understand the motivations of who was criticising you.
2. Competitive
   You need a will to win. This shouldn’t be aggressive, but you need to seek out and enjoy the game. Accept that you won’t win 100% of the time and learn from your losses – otherwise you risk being overwhelmed by frustration and negativity.
3. Driven
   If you’re confident that you’re moving in the right direction you need a drive to keep pushing ahead. But don’t let yourself become obsessed.
4. Crazy
   Setting up and running your own business is fraught with risk, stress and challenges. It can be very rewarding but you’ve got to be a little crazy to do it… 

I’d be interested to know your lessons learnt – whether you run your own business, department, team or yourself. Let me know!”