Nothing beats learning from those who have already been there, done that and got the whole wardrobe of T-shirts.
In this series we gather advice from successful Welsh entrepreneurs, bringing together their quotes and opinions, to inspire and guide you to ever-greater business growth.
Sir Terry Matthews
(Photo: Laura Leyshon/CP)
Sir Terry Matthews is one of the best known figures in Welsh business. He co-founded Mitel, sold his stake to British Telecom, then built Newbridge Networks and sold it to Alcatel.
Business Growth Advice
1. Gather Customer Feedback
“When planning to start Mitel I travelled near and far to learn about potential customers, their needs and feedback. I held round tables, took copious notes and made sure I let my clients know I was listening to them.
The notes I took helped Mitel produce more than what the competitors could offer and became the foundation for solid relationships”.
“If you don’t spend money on R and D, you will definitely die.”
“It is essential in the earlier days that you make a product where there is pull not push”.
“Overcoming competition relies heavily on being able to listen to customer demands better than your competitor and making sure that you know the competition well”.
3. Build A Network
“Growing a successful business is all about building relationships – with the team members, with clients and potential clients and with the supply chain – not to forget government industry and export departments, banks, insurance and accounting firms”.
4. Stay Engaged With Your Audience
“Produce quarterly reports in simple English to allow a wide audience to understand the business and your product.
All employees, family and friends, plus investors and potential investors want to know what’s going on and how their money is being applied and growing”.