The smart dictator minimizes corruption. The happier the population is the less the need to oppress them, and removing corruption and arbitrariness from everyday life goes a long way of doing that.
In order to keep western media happily ignoring you you should also try to avoid declaring for any controversial political ideology. Socialism/Communism is a big no. Full on neo-liberal laissez faire capitalism may create too big social rifts which may cause unrest, which in turn causes unwanted attention. (Also, there are western media who'd love to poke a hole in that.) Aim for some watered down social liberal approach. Make sure people are well fed and have jobs to go to. Skim of the top percent of GNP into your private bank account.
Try to present yourself as a man of the people. Don't live too opulently if your people starves. Always strive to make sure you don't get too greedy. Play the long game. You want to retire a billionaire by 50 or 60, not get strung up by your intestines in a gibbet on Liberation Square. The less unrest you have internally the less interest foreign media will have in you.
Now, if you've already messed up and installed a corrupt regime where the poor starve and your sons and nephews drive golden sports cars in the street and claim droit a seigneur with every comely maiden don't panic. There are steps to be taken.
1) Bite the bullet, you'll catch flak in the media but it's time you let some heads roll. Preferably not your relatives, they can be kept in check in some less drastic way. But pick a few choice corrupt officials and have them hung. (Alternatively imprisoned, but who deals in half measures these days?)
2) Declare yourself for liberal market economy and open up your country to foreign investors. Liberalize the internal market and allow people to start small businesses.
3) Take steps to reduce every day corruption, especially when it comes to foreign investors.
4) Declare the new era to have begun. Regret that the transition period from the old regime was so rough. Blame someone else, have him or her hung. Promise free elections as soon as the situation has stabilized itself and your country is ready for western style democracy, then start planning your exit.