The Sixth Key to Financial Success – Leverage At 25 years of age I started a car rental agency! In order to fund this new business I borrowed money personally, and also, from a bank. My new business was highly leveraged with an excessive amount of debt. Before long I discovered that every time the bank demanded something from me, ...
The Fourth Key to Financial Success – Return on Equity A business owner should have two types of returns on the time and money they invest in their business. One is compensation for their work, and the other is a return on their financial investment. If you were investing in a mutual fund, you would want to know how much ...
The First Key to Financial Success – Revenue Growth In my book “Unconventional Business” I discuss Seven Keys to Financial Success. The first key is Revenue Growth. Knowing the pace your revenue grows from year to year is critical in assessing how well your customers appreciate your products. Unfortunately, some pursue more sales in a greedy and unethical manner. A ...
Most Saturdays you can find our son, Jeremy, and I at a local thrift store. One of his quirks, related to his autism, is his insistence in buying a VHS video each week from a specific thrift store. Like most thrift stores this store is filled with used, donated goods. As Halloween approached, however, I noticed racks of new Halloween ...
Building trust is critical in our relationships, and, in the world of commerce. Jesus modeled five building blocks of trust in the calling of his first disciples. These elements can be remembered by the acronym TRUST. The first T is for Testimonials. Jesus’ first encounter with Peter and Andrew was at the Jordan River. John the Baptist baptized Jesus, then, ...
Prior to Philadelphia’s famous Wanamaker’s department store, prices were usually established by haggling with the shopkeeper. John Wanamaker, a department store legend in the early 1900s, had a philosophical problem with haggling so he invented a fixed price amount for price tags and the money-back guarantee. His problem with the practice of haggling flowed out of his spiritual roots. He ...
In my book, “Unconventional Business,” I highlighted seven questions from marketing guru, Seth Godin, that may help you shape your marketing plan. The third question is, “What do your prospective customers want?” During my banking career I watched as we constantly launched products to meet our needs with little concern about the customer’s desires. Then a new product was announced ...
In the early 1900s workplace conditions were dismal. Many industries were unsafe, paid less than a living wage, and required 12-hour days, 7 days a week. In 1909, with these unjust conditions as a backdrop, Labor Sunday was launched as a day when pastors preached on the value and dignity of work. This led to a federation of churches identifying ...
All new hires are important, but a small business jeopardizes their culture even more if someone makes a poor hiring decision. If you have twenty employees who have represented your organization well, hiring the wrong person will hurt, but it’s unlikely to devastate your culture. However, if you’re the only employee and you bring on someone new, they become 50% ...
One of the hardest things about interviewing job candidates is the relationships that develop and cloud your judgment. My friend, Joe, reminded me of this truth recently. Joe has helped hire thousands of employees, so I called him for help. When I shared with Joe about a possible employee I was considering, Joe said, “They’re not the right fit, Rick. ...
Equipping Others to Do Work Differently
