Tag Archives: business

February 18, 2014 · 9:48 am

All That You Have…

TunesDay, and today I’m actually inspired by a novel I’m reading called The Circle. I know – a book?  We do music today and we’re going to. The book, however, is what got me started down today’s path so let’s give credit where it’s due, shall we?  It’s the story of a young, idealistic woman who goes to work for a large social network company – sort of an amalgamation of several in my mind. As the blurb says:

What begins as the captivating story of one woman’s ambition and idealism soon becomes a heart-racing novel of suspense, raising questions about memory, history, privacy, democracy, and the limits of human knowledge.

I won’t ruin the story for you but the quote that kept popping into my head was the one from Matthew: For what is a man profited, if he shall gain the whole world, and lose his own soul? That’s what led to our song today – from Tracy Chapman:

In particular, there is a point here about which every business person should think:

I thought, thought I could find a way
Beat the system;
Make a deal and have no debts to pay
Take it all, I’d take it all, I’d run away
For me myself first class and first rate
But all that you have is your soul

As you probably know if you spend any time here on the screed, I’ve never understood marketers that promote false claims nor service businesses that don’t provide service.  The notion of “beating the system” by cutting corners, stealing ideas, or burying hidden fees in the fine print is a very foreign one to me.  I’m pretty sure for every insurance claim that someone goes out of their way to deny in order to maximize profit a human somewhere hurts just as much as an employee gets rewarded for improving the bottom line.  Businesses don’t make decisions: people do.

If we want to, as she says, “wake in the world with a clear conscience and clean hands” we need to earn a fair profit through great products and wonderful service.  We need to deal with customers, partners, and employees as if they’re friends and family, not rubes or marks. Sounds simple enough, right?

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February 17, 2014 · 10:02 am

Happy President’s Day!

Today we celebrate the birthday of George Washington and of course since the government decreed this a holiday it will never occur on his actual birthday (true!).

1795 - 1823

1795 – 1823 (Photo credit: Wikipedia)

In many places, the holiday also celebrates Lincoln’s birthday – these two men were born on dates only 10 days apart although separated by 70 years or so.  Since today is a holiday for many of you, I thought I’d get in the “day off” spirit by reposting something from 2009 that still is good advice – Washington’s, not mine!

It’s no surprise that almost 282 years after his birth, George Washington has some business thoughts.  Now before you click to the next blog, let’s remember that this is the man who predicted the European Union a long time ago except that he called it the “United States of Europe“.  His open letter to the American People, written as he left office, raises themes that are even more true today.  He urged Americans to unite for the good of the whole country, to avoid permanent foreign alliances, particularly in Europe, and to keep morality first and foremost in government.

Turns out he had some pretty good business advice as well although I’m not sure he intended it as such.  So, let’s follow his advice to “Let your Discourse with Men of Business be Short and Comprehensive” and look briefly at a few quotes.

Labor to keep alive in your breast that little spark of celestial fire, called conscience.

We’ve discussed that point many times in this space.  It’s impossible to do good business while doing bad things.

My observation is that whenever one person is found adequate to the discharge of a duty… it is worse executed by two persons, and scarcely done at all if three or more are employed therein.

Right-sizing, in other words, but also giving people responsibility and the freedom to act.  I suspect that he knew a lot about conservation and deployment of resources from his time near the Delaware.

Worry is the interest paid by those who borrow trouble.

Oh boy.  Is there a better quote to sum up all that has gone down in the housing and mortgage industries?  Don’t do bad deals and you’ll sleep better!  And finally:

Associate with men of good quality if you esteem your own reputation; for it is better to be alone than in bad company.

For whom you work and with whom you do business say a lot about YOU!  So Happy Presidents Day and let’s remember the people behind the holiday as well as what they had to say.

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February 14, 2014 · 12:37 pm

Chef? What Chef?

Our Foodie Friday Fun this week coincides with Valentine’s Day.

Chef preparing food 2

 (Photo credit: Wikipedia)

Many of us will be taking our valentines out for a special meal to celebrate.  It’s nice to have someone else do the cooking every so often and hopefully that food is of a higher quality and more sophisticated that what we’d prepare ourselves.  Then again, it might just be frozen vegetables and a microwaved entrée.  Think I’m kidding?

Anyone who has ever watched any of the “kitchen rescue” shows – Restaurant Impossible or Kitchen Nightmares – knows that some lower quality places substitute the microwave for the stove, presenting reheated frozen food as freshly made.  However, as a recent Wall Street Journal article pointed out, even high-end places in France serve food that has been cooked elsewhere.  In fact, of the 80,000 table-service restaurants in France, fewer than 10% have labels certifying that most of their ingredients are fresh and that the dishes are cooked on site.  The reasons they cite are high labor costs and high food costs.  Who needs a chef when you have a factory?

The reasons behind this aren’t the point today.  Instead, let’s think about the diner.  When most of us go out, there is an expectation that we’re paying for convenience, sure, but also for food that’s prepared on site.  As with any business, when the business knowingly delivers something that differs widely from what the customer is expecting, that business is teed up for problems.  Put aside the fact that you’re deceiving the customer.  If all the restaurants serve the same frozen food from the same factory, what is it that distinguishes their product from the competition?  Service and decor to be sure, but is that enough to keep a customer in the face of the guy across the street with the same food at a lower price?

The message for all businesses is pretty clear in my mind.   If we cut corners, do everything cheaply, and sacrifice quality for margin, what are the long-term prospects?  Someone else can always find a cheaper way (hello, U.S. electronics industry, car industry, etc.) to do what we’re doing.  Instead, we need to provide value, quality, and something uniquely our own.  We need to honor the expectations WE set in our customers’ minds.  Deception is a self-defeating business practice.

I’d be angry if I found the exact same meal for which I paid $25 in the frozen food case for $4, and question going back to that restaurant again.  Wouldn’t you?

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