Now, Build a Great Business! 7 Ways to Maximize Your Profits in Any Market | Mark C. Thompson

Summary of: Now, Build a Great Business! 7 Ways to Maximize Your Profits in Any Market
By: Mark C. Thompson

Introduction

Embark on a journey to business success with the invaluable advice found in ‘Now, Build a Great Business! 7 Ways to Maximize Your Profits in Any Market’ by Mark C. Thompson. This book summary will guide you through the crucial aspects of great leadership, strategy planning, savvy hiring, product and service quality, customer engagement, marketing effectiveness, and sales efficiency. With insights from historical events and real-life business examples, you will learn the importance of applying these strategic areas and their practical applications as you navigate the complex world of commerce.

Seven Strategic Areas for Business Success

Achieving business success is possible through seven strategic areas outlined in the book. By implementing these strategies, businesses can surpass competitors, satisfy customers, retain excellent employees, and foster a culture of continuous improvement.

The Three P’s of Leadership

In business, taking responsibility and boldness are essential qualities of a leader. Leadership is built on three P’s – Purpose, Passion, and Performance. Purpose is the driving force that motivates people towards success. Passion is doing work that engages and fulfills the leader. Whereas, Performance involves concentrating on the steps needed to succeed rather than just measuring success. To be a great leader, one must write down their desired results, outline a reliable way to measure progress, and consider the necessary steps to reach their goals. As a leader, it is important to know what an organization expects, how to build sales and increase profitability, find the best people, inspire them, and create a unique and attractive product. Effective communication of a product’s attributes is vital to stay ahead of competitors. These are the questions that leaders must ask themselves to create a loyal customer base.

Alexander’s Military Strategy

The Battle of Arbela witnessed Alexander the Great being outnumbered five to one by Darius of Persia. Despite this, Alexander used seven military principles of strategy to win the day. These principles include a clear objective, being on the offensive, concentration of forces, using economy, flexibility, surprise, and momentum. Contrarily, Darius suffered due to his inflexible leadership, rigid instructions, and lack of surprise and momentum. To plan strategically, it is essential to consider factors such as competition, financial resources, obstacles in the path, and future objectives. Through Alexander’s case, we can understand that having a clear strategy and plan is crucial for progress.

Building a Strong Team

Hiring the right people is crucial for the success of any business. To ensure this, the “SWAN formula” can be used: Smart, Works Hard, Ambitious, and Nice. Leaders should interview candidates they like at least three times in three different places and ask members of their organization to do the same. Smart people ask questions, and hard work is vital. Don’t hire someone who doesn’t put in the effort, and never settle for someone content with an entry-level job. Nice employees get along with other team members, making them valuable assets. Building a great team also requires tough firing. It’s necessary to remove employees causing unrest or dissension, and managers shouldn’t try to change them. To make this decision, ask whether one would hire or encourage someone to stay in the company if they knew what they do now. The answer should prompt the manager to let them go.

The Price of Valuing Growth over Safety

A reputation for superior quality is valuable and worth protecting to ensure business success. Toyota failed to replace its plans and focus on growth negatively affected their safety standards. The inability to innovate and prioritize originality causes knock-offs that hurt brand reputation. Customer feedback is key to meet demands and expectations, emphasize product or service quality.

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