Our top 10 tips for budding Entrepreneurs

Scaling up your business.

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Whether you want scale, sell or pass on your business to a family member, the below tips will help guide you towards your vision:

1. Define on your business purpose and why you do what you do beyond pure profit
2. Discover and describe your core values and use them to inform you recruitment and talent management strategies
3. Make sure you are very clear on your businesses strengths and core competences and ensure that you use these to maximise your business performance
4. Identify your Companies weaknesses and have a plan in place to neutralize these
5. Be very clear on your business goals for the year and current quarter
6. Focus on your top 3 to 5 priorities in the current quarter and that you have someone accountable to deliver each one
7. Have meaningful metrics in place that easily and accurately show the health of the Company
8. Communicate with everyone in the organisation in a relevant and timely manner – too many meetings strangle a business
9. Check that you have the right people in the right place doing the right things
10. Ensure that you have sufficient sources of cash (ideally internally sourced) to fuel your growth, checking the Company cash balance daily and forecasting forward your requirements.

A final point to note, a quote from Bill Gates “ Everyone needs a coach. It doesn’t matter if you’re a basketball player, a gymnast or a bridge player …. We all need people who will give us feedback. That’s how we improve”.

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About Author:

Mike Hoff - Certified Gazelles International Coach and Founder & CEO of MHC

Mike Hoff is the Founder and CEO of MHC (Mike Hoff Consulting), a privately owned executive consulting business in the UAE. A certified Gazelles International Coach and certified Innermetrix Consultant by trade, Hoff helps fast growing companies scale up their business by developing high performing teams.

Hoff has extensive experience and is known for his coaching and mentoring efforts. His energetic style, passion for people development and effectiveness coupled with an in-depth understanding of the business at both a strategic and operational level creates a unique blend. Hoff has more than 30 years of senior leadership experience across a wide spectrum of trades and professions. Along with an in-depth understanding of business processes at both strategic and operational levels, Hoff’s energetic style and passion creates a unique blend, offering companies all-round bespoke development solutions.

Hoff began his career in the UK in 1985 in the hospitality industry before moving into retail in the 1990s. He advanced this career with his move to the Middle East in 2004, while continuing to hone his skills in several senior management positions, driving major change, growth and development in organisations both in Europe and the Middle East. This led him to set up his own company, Mike Hoff Consulting based in Dubai.

Prior to setting up his own company, Hoff worked for four years as the General Manager at Al Tayer Group and Business Director at Starbucks Coffee International, MEA. As one of the senior managers, Hoff was responsible for the strategic management of businesses, providing the overall vision, business development, implementation of full-scale leadership and development programmes as well as in ensuring the quality of the services provided. Hoff holds a BSc in Industrial Studies from Sheffield Hallam University in 1985. During his free time, Hoff enjoys the outdoors, travelling and especially scuba diving, being a PADI dive Instructor.