A Simple Formula For Management Or Business Success
Author: Andrew Bailey // Category: Management Articles For ManagersWe as human beings have a tendency to make things more complicated than they need be. In the case of business success, there are literally hundreds of thousands of books written on the subject. Millions of web pages to surf on the internet all telling you this way and that way on how to manage a successful business and not to mention all the information available on how to be successful in management. While all the information out there is great to have at your finger tips, it all can be a little overwhelming as to how complicated most of them make it out to be. Business success need not be that complicated.
There are a lot of authors on how to run a business. The vast majority though have made it out to be as complicated as launching a rocket into space. It need not be that way at all. Apart from the usual basics like having a business plan written and working out how you are going to survive financially while your business takes off, the rest of it is just a simple formula that a couple of very successful Australian businessmen used to make their fortune. The two men I’m talking about are Lidsay Fox who owns a company called Linfox (a trucking and logistics company) and Dick Smith who owns Dick Smith Electronics and Dick Smith Foods and some other companies. In a recent interview on an Australian morning TV show, they shared their business success stories and how they got started.
The many things they both had in common was that they both started small, kept their overheads low and believed that customers were everything. If you don’t take care of your customers someone else will. A very simple formula. They paid themselves very little in the beginning and put most of it back into the business for growth. What’s the point of paying yourself a big salary every week and not having any money left to grow your business?
One thing Lidsay Fox said in the interview surprised me but it made sense. He doesn’t believe in networking but believes in making friends in business instead. In other words, make friends and not acquaintances in business. Far more likely to get you somewhere in the long run.
To grow your business, copy others who have done it. After all, that’s what Franchising is all about. You buy a formula and you copy it. Why try to reinvent the wheel? To do that you should find yourself a mentor. But they both said you don’t have to either know them or even meet them. Just copy what they have done. McDonald’s is a classic example that many businesses have emulated in the past. They started small and they have grown into a worldwide giant.
Another tip for business success is to surround yourself with people you can trust. Easier said than done but worth it in the long run. Both said that they worked with family members and if you can’t trust your own family, then who can you trust? Needless to say these days with litigation happening for just looking at someone the wrong way in the street, you need to set up agreements with them so that when things do get difficult, you have a legal agreement in place.
For management and business success, it need not be all that difficult. If you keep things simple and manageable and follow a simple formula, there’s no reason why you can’t succeed. Lindsay Fox and Dick Smith have done it as have many many others who started out with basically nothing. Why complicate things with hiring a business coach, a business adviser or management coach and spending a fortune on these services? I’m not saying don’t get any advice on business matters but what I am saying is don’t get caught up in all the fancy business and management jargon telling you to do this and that when all you need is a simple formula for management or business success.
2. Right-Click then Copy
3. Paste the HTML code into your webpage
