On Monday 30 April 2012, I gave birth to Truth Legal Limited. Sharing a desk, in the office of local surveyor, Andrew Kempston-Parkes, I was free. I knew that it would work. It felt, well, natural.
My firm only obtained regulatory approval on 14 August 2012, so there are a few more months to go until our proper eight birthday, but we still celebrate the April date.
Over the years, adhering to the Ray Dalio school of business, I have recorded my business principles, some of which I share below.
- Follow the water: it always gets its way.
- Wow the customer, always.
- What gets measured, gets managed.
- Know your why: the best businesses must have a purpose over and above profit-making.
- Avoid debt.
- Always know where the wolf is: Collect three months’ cash.
- Enhance the environment.
- Hire well.
- Trust is central:
- Be thrifty, but not tight.
- Do not waste time: it is the only resource which cannot be replaced.
- Plan for the long-term.
- Know your key financial numbers.
- Learn from mistakes.
- Manage risk well: the only constant is change itself.
- Know the key legislation relevant to the business.
- Very few people ever washed their hire car.
- Be transparent.
- Give constant feedback – good and bad. Good in public, bad in private.
- Leaders eat last.
- Difficult shared experiences build deep trust between the participants.
- If the evidence changes, update these principles.
And just in case I were to ever lose my photos, and certainly not for reasons of vanity, here are some business photos from over the years.