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How To Build A Successful Company-sunil KilaruBy Expert Author: Sunil Kilaru
Sunil Kilaru is an Entrepreneur based out of Bangalore. Sunil Kilaru run’s an IT Products & Services Company - PRIMUS and a Real Estate Company – PRIME Living. Recently in an Informal Chat, we have asked Mr. Sunil Kilaru’s opinion on how to build a Successful company. His Candid Response:
1. Do not start anything unless you get some experience in the Real World. Travel as much as you can. When you are in a Real Job or during your travel, you will come across multiple things in life that you will feel, done a certain way would be lot better or more profitable. Identify those Gap’s.
2. Once you identify this Gap, Ask Yourself - Would you really enjoy building it?
3. Come up with a 1 Year Plan including Budget by which you can address the Gap
4. Every Initiative needs Sacrifice. Sacrifice on your life style when you are single is different than sacrifice once you have a family. Talk this through with your family including the Budget and time line. If your family is on board, you will be at peace and you can focus on your Company goal.
5. Put your heart and mind into it. You have to do it full time, no second guesses or thoughts
6. Build a Team around You. Provide Necessary Infrastructure for your Team. Trust your Team. You will know who would work out for you long term within a span of 6 months. Be on top of things but don’t micromanage. Do not hire “Yes” men.
7. Let go of the bottom performers. They might not be a right fit in your company. They might blossom somewhere else. You are doing a favour in letting them go and let them shine somewhere else
8. Top Person i.e. you should be the Initial Revenue (Sales) Generation Source. No Revenue, No Survival. Rest can be done later
9. Focus Focus Focus. Do not put your hands in too many things
10. Pay attention to every single customer. Customers are God’s. They pay for your Service or Product and thereby getting you your pay cheque.
11. Once you generate some traction around your sales, you need to build on the momentum by constantly increasing your Revenue Targets. However you have to Evaluate your Gap/Product periodically
12. Take External Advise or Consultant when needed. You might have to pay more but it is worth it as you won’t be losing time
13. Have some Budget for Branding. Branding increases the value of your company if you do it right and in the right segment
14. Preserve your Cash. Cash is King in a Weak Market. Always make sure you are on top of your Company Numbers and your Cash Flow
15. Reward yourself and your Team. Money is not the only motivating factor. Keep your Doors open to everyone in your Team
16. You might fail. If you feel like the boat is sinking, Cut your losses and move on. There is something better waiting for you down the lane. Experience is never a waste
17. Don’t worry about starting something new again. You might have to get into a job temporarily to stand back on your feet but next time around, you will be more wiser and you will be successful
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