MANAGING A GROWING COMPANY

1. Strategies & Budgeting

1.1. Growing companies can see 3-4 months ahead: make targets, but only budget 5-6 months ahead.

1.2. CASH FLOW! The most important issue for small companies. Enough clients = enough cash flow.

1.2.1. Lack of cash flow: issues of paying salaries, bank loans, cost savings

2. Location

2.1. Nearby clients; if not, be ready to travel for them!

2.2. Good for recruiting; f.e. close to university campuses

2.3. Consider having couple offices in different cities

3. Hiring people

3.1. Technical qualities/knowledge

3.2. Get to know their personalities

3.2.1. Are they willing to work hard? Ready for long hours?

3.3. Bad decisions are part of hiring; if someone doesn't fit the requirements, discuss it openly!

4. It can be tough to find clients as a new business with no references: go through your networks and find potential connects there!

5. Importance of sales

5.1. Besides experts & coders, ompanies need sellers!

5.2. To have enough clients and cash flow, company needs to sell

5.3. Sales personnel should never worry if they're selling "too much" -> it is company's job to take care of the rest

6. Outside advisors

6.1. Especially in the beginning, outside consultancy is essential

6.2. Having an outside expert can bring new ideas and perspectives.

7. PEOPLE

7.1. Right employees

7.2. Right customer base

7.3. Don't do it alone!

8. Sami Kettunen & the story of Samcom

9. Cornerstones of success

9.1. SELL, SELL, SELL

9.2. Differentation

9.2.1. f.e IT -package deals with price limits -> something your competitors do NOT have! -> know your competitors

9.3. Hire the right people to right positions

10. Communication

10.1. CEO:s must communicate with employees! -> Explain what we are doing and why

10.2. Share with people, meet with people, communicate with people: talk about your targets, goals, strategies

11. First things to consider

11.1. Work load is huge

11.2. Your own personality; am I good at managing people? Or should I work in technical side? Find your own role/position!

11.3. Who is by your side -> NEVER start a business all alone

11.4. There will always be issues: with people, premises, clients, cashflow... Be ready for this

12. Strategy

12.1. Where to find clients? Who are your colleagues? Who are your competitors?

12.2. EXIT -plan: are we in this for a lifetime? Do we want to sell within 10 years?

13. Leadership & management are so vital!

13.1. It is easy to manage 3 people! But when company starts growing, way of communication must change -> weekly meetings, middle managements that has team meetings, weekly employee -letters