Growth Nomad

by Tom Goodwin

Keys To Success Summary

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Keys To Success is a straight talking list of 50 principles written by British retail entrepreneur John Timpson, owner of the £250m Timpson Group of key cutters, cobblers and repairers. Based on his lifelong experience in business, it’s a simple and accessible read. 

Keys To Success Summary

Keys To Success is a remarkably straightforward business book.

Styling himself as a maverick of the British high street, John Timpson’s 50 principles reveal an upside down style of management where people are trusted, empowered and incentivised to perform at the expense of bureaucracy, politics and process.

Below are some of the key insights from the book.

Key Insights 

  • As long as you control the cash, you control the business.
  • Have a business full of 9 and 10 characters
  • If it doesn’t feel right, don’t do it.
  • Management is an art not a science. Break the rules but stand by your principles
  • Great companies have great people
  • Don’t waste time on things that don’t matter
  • Every time a weak colleague leaves, you strengthen the business.
  • Money isn’t the only objective.
  • The time to cut costs is when you are doing well.
  • Always find time to look after your star performers.
  • You can’t be an expert at everything – know your limits.
  • The more rules you have the less important they become.
  • If you can’t trust your colleagues, you have hired the wrong people.
  • Cut across the management structure and talk to everyone.
  • You can always find an excuse to host a party.
  • The CEO should always be the company spokesman.
  • The best praise isn’t part of the process, it comes as a total surprise.
  • Get colleagues who run your business to tell you how well the business is running.
  • In a world of social media, face-to-face is always best.
  • It’s easier to do business with someone you like.
  • The best acquisitions are from an administrator.
  • The best way to say ‘well done’ is with a proper penned letter.
  • Most of the things that will make money in the future have yet to be invented.
  • People find it easier to read pictures rather than words.
  • The right answer is always ‘yes, we can’