Charles “Red” Scott was a President and CEO of several public companies over his career, including Intermark and then Fuqua Industries. His business philosophy for success in running a business resonates with me, seems timeless, and cuts across all industries. While simple on the surface, these rules and principles remind us as business leaders of what is important.
Below are some of Red Scott’s “rules” that I think you will also find are key to business success:
- Don’t run out of cash. . . no matter what!
- No surprises: Give fair warning when you hear bad news
- Never compromise quality for price
- Plan strategy and set objectives before fixing structure
- Be careful of a “quick fix”
- “About right” now is better than “exactly wrong” later
- Creativity is great. . . but not in accounting
- Always ask “What if?”
- Hire smart rather than manage tough
- Do the “right thing” rather than do “things right”
- Invest in business with a low cost to exit
- Hire for attitude, train for skills
- Be careful: A little success can create a whole lot of overhead
- “I will” beats IQ every time!
These are just a few business tips that can help you pull through all your circumstances.
To your business health!
Mike