THE BLOG
08/28/2012 04:59 pm ET Updated Oct 28, 2012

Ten Key Rules to Be Successful in Business

Since biblical times, the commandments have proven to be useful tools that allow us to always keep in mind the fundamental principles to guide our actions.

As a businessman, I find the commandments, or, generally speaking, the lists of principles, tremendously useful, especially when I share them with my colleagues. But keep in mind that what is important is not to have lists of principles or even values, but to breathe life into them, over the length and breadth of the entire company.

A few months ago, Expansion magazine , issued by the publishing house of the same name, printed my Commandments for Businessmen and Executives as an exclusive story. Therefore, it is obvious that this material could not fail to be published in my blog:

  1. The first thing is that you have to know and understand what the business is about: Know it fully or don't enter it!
  2. Never forget that the central purpose of any business is to produce more and better products or services... always at the lowest possible cost, thus winning the client's preference. This preference is manifested in growing sales, and indeed, any other indicator is a mere optic illusion.
  3. It is essential to live and breathe an atmosphere of extreme economic prudence. Resources are never let over to go to waste.
  4. Don't allow good opportunities for growth to pass you by. But be very careful with the pitfall of over-expansion, especially avoid dreaming about new businesses when you don't have the personnel capable of carrying them out.
  5. As a businessman or executive, responsibility for the business is yours, not your subordinates. When you delegate authority and responsibility, you should maintain a close and constant supervision over those who have been assigned tasks and responsibilities.
  6. You should always be on the lookout for ways to improve the business and production processes, save costs, boost sales, and cut expenses. Learn and use the Kaizen method.
  7. You should be willing to take risks, whenever the risk is justified and the business, or the proposed initiative, presents a reasonable probability of being profitable.
  8. A businessman should always seek new horizons and unattended to markets in distant venues.
  9. You should always support your products and services with a very broad guarantee of satisfaction for the client and in the event of doubt, always decide in favor of the client.
  10. If you are successful and become very rich, consider that wealth is to work with and put at the service of the people. Remember your responsibilities toward your employees, partners, shareholders, and the public.

If we carry out these commandments we will reduce the possibilities of failure in a business (although I suspect that most of these principles will help us along in life). I hope that for young businessman and executives, who are embarking on the great adventure of a business, these commandments will be useful. In any event, I invite you to share your points of view in the commentary section.

As a final thought, I would like to tell you that I never knew anyone successful in business who did not have a well-grounded opinion of their own.