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Your Recipe For Success – Five Ingredients For a More Profitable Business
1. KiSS (Keep it Simple Stupid)
Your business needs to be simple to understand but complex to master. Very often the simplest ideas bring the biggest profits. Warren Buffett, arguably America’s most successful investor, said his secret to success was buying great companies at undervalued prices. Sounds simple, right? Likewise, in real estate, everyone knows that you make the most money by buying right, not necessarily selling right. In the stock market, the mantra is: “buy low – sell high.” None of these ideas are terribly difficult to grasp, but establishing the discipline to stay focused on mastering the skills necessary to do so can take years. Most people lack the discipline to practice to perfection. This is where the strong survive and the weak perish. A business that is easy to understand but hard to master survives because the core philosophy (serving others and being at the top of the class) never goes out of style.
2. Meritocracy, not democracy
The best businesses should reward performance, not good intentions. Real capitalism works, firstly, by providing the best solutions for the market with the highest possible profits, and secondly, by improving the lives of various stakeholders – workers, owners and investors. Running a business that doesn’t put profit first is just plain stupid. This does not mean that business should not be socially responsible. It simply means that businesses must passionately embrace the markets they want to serve. If one industry is struggling to attract workers, there’s usually a reason – low pay, poor working conditions – no benefits. However, these are all just problems that can be overcome with a little common sense. For example, “McDonald’s” has long been hiring service workers who sometimes don’t have the best manners – high school students. On the other hand, Starbucks aligns their hiring practices (who they hire) with who they want to serve (students and young professionals). They then promote a compensation plan that rewards loyal employees, which reduces employee turnover. All part-time employees are eligible for company benefits, including stock options, based on how long they stay on the job. Starbucks is rewarded with a reputation for great service, McDonald’s is not.
Sometimes companies hire for the wrong reasons—diversity, social responsibility, or the most affordable base labor costs—and they forget about productivity—which ultimately delivers the holy grail of higher profits. Companies and individuals must participate in the betterment of society. However, the best way to do this is to effectively engage markets with an eye toward rewarding those who do the best work and leading by example by providing a better life for the best workers. In America, our form of government is a constitutional republic, not a democracy. This means we elect people who will look out for our best interests. If you want to have a successful business, hire the best people, retire them, and share the profits with them so they never leave.
3. Virtual operations
Your business should allow flexibility in the work environment. Demographics (where customers are most likely to be, who they are, and what they want) define markets. Sometimes entire businesses die because they were in the wrong place at the wrong time. Starting a business that is not sensitive to market conditions is a mistake. Moreover, understanding the global market implications — how what happens in China could affect the price of gasoline in Kansas — should be a top priority for any smart business owner or executive. The easiest way to capitalize on a virtual business strategy is to attract information markets – providing profitable ideas and opportunities to busy people. Using low-cost computer technology, a person in Rochester, New York, can work with a company in California that can represent a company in Florida or Taiwan – without the cost of long-distance or postage. Everything is done online using an email address that costs less than $100 a month to maintain. Historically, great wealth has been created by selling the tools of success to emerging industries. In the 1840s, during the California Gold Rush, the people who made the real money weren’t the miners, but the shrewd shopkeepers who provided the miners with supplies and materials to make clothes for their wives. These shopkeepers could move anywhere and anytime depending on the location of the next gold mine. Time is money, today more than ever. When an entrepreneur can deliver what the customer wants – anytime, anywhere – wealth and success will follow.
4. Add……..Don’t subtract
Urban myths – competition is good for the market.
For me to win, you must lose.
High profits come from low costs.
Your business should promote win/win strategies because competition is not always good for the market. Sometimes unbridled competition drives good ideas out of business. Years ago, political lobbying changed America’s transportation habits by supporting legislation that rewarded suburban home developers with subsidized interstate highway systems at the expense of local bus operators. Today we can drive from the Atlantic Ocean to the Pacific Ocean, but it is not easy to cross a city. We are “free” to drive anywhere we want, but we used to be victims of traffic jams, high gas prices, ever-increasing insurance premiums, and cars that cost as much as a house. Perhaps we would be better off (from a tax perspective) encouraging more businesses to locate in our cities so that people can walk to a good store, bike to work and take the shuttle to the lake. They do so in many other populous international societies and in major American cities. Why not in the middle markets? Competition should add value to win, not destroy the entire way of life. Over the years, great wealth has been amassed by people who have realized that markets attract value-driven products or services. Here, too, Starbucks is a great example. They don’t really sell coffee. They are shared gourmet at $3.00 – $5.00 per cup. When you walk in, the shops are modern with art on the walls, national newspapers to read and young people busy making provocative noises in shiny cars. While Starbucks certainly intends to sell a lot of coffee, they achieve this by providing their customers with an entertaining break from their normal lives. Have you ever evaluated a commercial espresso machine? They cost several thousand dollars more than a simple Bunn drip coffee maker. Yet these shiny, pressurized machines provide the expertise that enables Starbucks to register billions of dollars in annual sales. They invest in the best equipment in the best locations, run by the best people who want to work there, because the company offers the best benefits in the food industry. High price? Not if you get 6% of a couple of billion dollars in revenue. Yes, in recent years, other competitors have penetrated their market niche. But the Starbucks name is still one of the most recognizable brands in America. Sometimes the most “cents” are made from having common sense. Adding value, not simply cutting costs, is the best way to increase profits.
5. The sky is the limit
Why settle for less than you’re worth? Your business model should allow for growth and opportunity. America has a trillion dollar economy that has benefited greatly from the world embracing capitalism. Even historically socialist countries such as the former Soviet Union and China have joined the fight. Today’s technological devices such as computers, fax machines, video conferencing, cell phones, access to online research libraries, and e-mail have increased efficiency and productivity a hundredfold. Even in difficult times – like in 2009, our market is the best in the world. How you use the daily changes in our market will determine your success. Most of us have professional and personal goals. For example, I love fishing, boating, and shopping for the freshest ingredients at outdoor markets to cook great meals for myself, friends, and family. However, when I fill my days with work that doesn’t make enough money to allow me the time to enjoy those activities, I end up having less of a personal life than I’d like. Therefore, the job I choose should have enough earning potential so that the number of hours dedicated to making a profit is not sacrificed for nothing. Some people live to work. I prefer to work to live. This is only possible by interacting with a market that rewards high performance with great compensation. Make sure your business goals align with your personal goals. Otherwise, you’re just selling yourself short. A good coach can help you analyze your goals, desires and challenges to keep you and your business on track.
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