If you have never heard of Buffett, Forbes currently ranks him as the third richest man in the world and he is arguably the world’s greatest investor. He has amassed his fortune by making astute investment decisions and investing in businesses.
“You only have to do a very few things right in your life so long as you don’t do too many things wrong.” – Warren Buffett. Here is what you should learn from Buffett:
While spreadsheets are relatively easy to use and widely known, it’s definitely not the most efficient or effective way to collect, analyze, and manage business data, especially if you’re a company that’s hoping to grow in the near future.
There are clear distinctions between the features of a CRM versus a spreadsheet. If you have to manage multiple leads coming in and have a multi-step sales process, using a CRM system may be a step worth taking, and need not cost much.
You shouldn’t operate dangerous equipment without suitable PPE and likewise, you shouldn’t operate a business with out suitable risk protection as well.
Being in business brings with it a level of [business] risk, and the construction industry is about as risky as it gets. The failure rate for construction businesses is only exceeded by the hospitality industry, but this is one statistic where being near the top is not a good place to be. So what can you do to build a protective shield around yourself as a business owner against things going wrong. Here are 5 quick tips
People these days expect your business to have a domain name and a website. An email address like jsmith@yourcompany.co.nz tells people you’re serious about your business.
Free email services, such as Gmail, Hotmail and Yahoo, are great for personal use, but when you use a free email account for business purposes, people will start to doubt your professionalism and credibility. If you want your prospective clients to take you seriously and you don’t have your own domain name email address, I recommend you….
There was a classic statement from a company executive I read once (can’t remember who) that said, “I know we waste 50% of the money we spend on advertising, I just don’t know which 50%”.
That might be okay, but not ideal, if you are a big company with a big marketing budget. Most of my clients don’t fall into that category, so I am insistent that money spent of direct advertising is as effective as possible and is intended to generate an action or response by a prospect.
Have you had trouble to be paid for work completed at times? You do the work to the required standard, or better, but the client still seems to have an excuse not to pay you. Frustrating, isn’t it?
The law may be on your side, but the cost and hassle to exercise your legal rights sometimes seems more trouble than it’s worth. Some clients know this and use this to their advantage.
So, how can you avoid this problem….short of using the Hells Angels as your credit control department.
Like many other ambitious business owners in the trades, I was finding myself overwhelmed and consumed by the endless stream of details required to run a roofing company. Days often seemed like unending series of decisions and tasks that were mine alone. Now bear in mind that Kelly, my husband and business partner, also had his own set of daily decisions and tasks in which he found difficulty in delegating.
Overwhelmed by the day to day, together we were not effective managers. I was personally frustrated by the pace at which our business was growing.
I decided it was time for some outside help…..
I was at the gym last night trying my best to maintain my pretty average fitness level. They have done some redecorating recently and I noticed some motivational mantra added to one wall. One, about getting some coaching help, struck a chord with me as it is very relevant to what I do.
AI is the new industrial revolution and unlike the linear change in the market during the industrial revolution, the AI revolution is causing change at an exponential rate. Those businesses who embrace this change will be far better off than those who are a bit late to adopt this innovation mindset. Possibly those that do not make innovation as part of their core strategy will not survive.
In his book, Good to Great, Jim Collins creates a clear metaphor by comparing a business to a bus and the leader as the bus driver. He emphasizes that it is crucial to continuously ask “First Who, Then What?”
You are a bus driver. The bus, your company, is at a standstill, and it’s your job to get it going. You have to decide where you’re going, how you’re going to get there, and who’s going with you.
Most people assume that great bus drivers (read: business leaders) immediately start the journey by announcing to the people on the bus where they’re going—by setting a new direction or by articulating a fresh corporate vision.
In fact, leaders of companies that go from good to great start not with “where” but with “who.”