Cost Of Having.Benefits If Your Full.Time.Job Doesnt Offer Them Your Recipe For Success – Five Ingredients For a More Profitable Business

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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 easy to understand, but hard to master. More often than not, the biggest profits come from the simplest ideas. Warren Buffet, arguably America’s most successful investor, has said that his secret to success is buying big companies at undervalued prices. Seems simple, right? Likewise, in real estate, everyone knows that the highest profits are made by buying the rights, not necessarily by selling them. In the stock market, the mantra is “buy low – sell high.” None of these ideas are very difficult to understand, but establishing the discipline to stay focused on mastering the skills needed to pull it off can take years. Most people don’t have the discipline to practice until they’re perfect. It is there that the strong survive and the weak fade away. A business that is easy to understand, but difficult to master, survives because the primary philosophy (serve others and be first in class) never goes out of style.

2. Meritocracy, not Democracy

The best companies should reward performance, not good intentions. True capitalism works by first providing the best solutions to the market with the highest possible profits and secondly by improving the lives of the various stakeholders: workers, owners and investors. Running a business that doesn’t put profits first is simply nonsense. That doesn’t mean that businesses shouldn’t be socially responsible. It simply means that companies must be passionate about mastering the markets they wish to serve. If an industry is having trouble attracting workers, there’s usually a reason – low pay, poor working conditions – no benefits. However, these are simply challenges that can be overcome with a little common sense. For example, McDonald’s has a history of employing service workers who sometimes don’t have the best manners: high school students. On the other hand, Starbucks matches their recruiting practices (who they hire) with who they want to serve (college students and young professionals). Hence, they promote a compensation plan that rewards loyal employees which reduces turnover. All part-timers are entitled to company benefits, including stock options based on the length of time they are on the job. Starbucks is awarded a reputation for great service and McDonald’s is not.

Sometimes companies hire for all the wrong reasons – diversity, social responsibility or cheaper core labor costs and forget about productivity – which ultimately offers the holy grail – higher profits. Companies and individuals should both participate in the betterment of society. However, the best way to do this is by engaging the markets efficiently with the aim of rewarding those who do the best jobs and leading by example by giving the best life to the best workers. In America, our form of government is a constitutional republic, not a democracy. This means we elect people who look out for our best interests. If you want a successful business, hire the best people, get out of the way, and share the profits with them so they never leave.

3. Virtual operations

Your company should allow for flexibility in the work environment. Demographics—where your most likely customers are, who they are, and what they want—determine markets. Sometimes entire companies die because they are in the wrong place at the wrong time. Starting a business that is not sensitive to market conditions is a mistake. Furthermore, understanding the effects of a global market—how what happens in China can affect the price of gasoline in Kansas—should be a primary focus of any reasonable entrepreneur or manager. The easiest way to capitalize on a virtual business strategy is by engaging information markets, providing profitable ideas and opportunities to busy people. Using inexpensive computer technology, an individual in Rochester, New York can work with a business in California, which might represent a business in Florida or Taiwan, without long-distance or shipping charges. It’s all done over the Internet using an email address that costs less than $100 a month to maintain. Historically, great wealth has been created by selling successful tools to emerging industries. In the 1840s, during the California Gold Rush, the people who made the real money weren’t the miners, but sly shopkeepers who supplied the miners with supplies and sewing materials for their wives. These shopkeepers could move anywhere, anytime depending on the location of the next gold strike. Time is money, today more than ever. If a business owner can deliver what a customer wants, anytime, from anywhere, wealth and success will follow.

4. Add……..Don’t subtract

Urban myths – Competition is good for the market.

For me to win, you have to lose.

High profits come from low expenses.

Your company must promote win/win strategies because competition is not always good for the market. Sometimes unbridled competition makes good ideas fail. Years ago, political lobbying changed American transportation habits by supporting legislation that rewarded suburban homebuilders 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’s not easy to cross the city. We’re “free” to drive anywhere, but victims of traffic congestion, high gas prices, ever-rising insurance premiums, and cars that cost as much as a house. Perhaps it would be better (tax-wise) to encourage 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 this in many other highly populated international corporations and large American cities. Why not also in the middle markets? Competition should add value to win, not destroy an entire way of life. Over the years, great wealth has been amassed by people who understand that markets are attracted to value-oriented products or services. Starbucks is a great example here too. They don’t actually market the coffee. They share a gourmet experience for $3.00 – $5.00 a cup. As you enter, the shops are modern with art on the walls, national newspapers to read and young people making provocative noises about shiny cars. While it’s certainly Starbucks’ intention to sell a lot of coffee, they do so by offering their customers a fun escape from their ordinary lives. Have you ever evaluated a commercial espresso machine? They cost several thousand dollars more than a simple Bunn pour over drip coffee maker. Still, those sleek push-button machines deliver an experience that keeps Starbucks running 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 business offers the best benefits in the food industry. A high price to pay? Not if you end up making 6% on a couple billion dollars in revenue. Yes, other competitors have infiltrated their market niche in recent years. But the Starbucks name is still one of the best known brands in America. Sometimes the most “cents” come from having a lot of common sense. Adding value, not just 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 must allow for growth and opportunity. America has a trillion-dollar economy that has benefited enormously from a world that has embraced capitalism. Historically socialist countries such as the former Soviet Union and China have also joined the fray. Modern technological tools such as computers, fax machines, video conferencing, cell phones, access to online research libraries, and email have increased efficiency and productivity a hundredfold. Even in difficult times, like in 2009, our market is the best in the world. How you take advantage of the daily changes in our market will determine your success. Most of us have professional goals and personal goals. For example, I enjoy fishing, boating, and shopping at outdoor markets for the freshest ingredients to make great meals for me and my friends and family. However, if I fill my days with a job that doesn’t provide enough money to allow time the freedom to enjoy these activities, I end up with less of a private life than I’d like. Therefore, the job I choose must allow for sufficient earning potential so that the amount of hours spent producing income is not sacrificed for nothing. Some people live to work. I prefer to work for a living. This is feasible only by interfacing with a market that rewards great performance with great rewards. Make sure your business goals meet your personal goals. Otherwise, you are simply 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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