John D. Rockefeller was a famous industrialist and philanthropist. He founded Standard Oil Company and became the world’s richest man controlling 90% of all in the US at its peak. His fortune at his death was $23 billion in today’s dollars. He was also well known for his generosity and donated over $500 million to charities with medical and educational focus throughout his lifetime.
Last week, we had an overview of “3 Tips to Manage The Madness In Your Business.” The first tip was shortening cycle times. Depending on the type of business you’re in, all of us have a sales cycle, delivery cycle and a billing/payment cycle. If you’re a product, manufacturing or contracting company, you also have inventory or work in process, which is included in your production cycle. In theory, if you are able to reduce the amount it takes to sell, make, deliver or collect your business can do more in the same amount of time. Depending on your strategy and processes, you would choose to improve the cycle that has the most impact on your business either in financial or non-financial terms.
Sometime ago I read an article about Pete Maravich, former LSU and NBA basketball player and what made him so successful. When asked that question by the sportswriter, he answered “before I take the shot, I can’t see myself missing.” While it would be easy to interpret that comment as arrogant, the article stated that what he meant was he pictured the shot “in his
mind’s eye” as going in before he took the shot. Pete Maravich had a vision of the shot going in.
Trying to grow your business and having a hard time? Join the club! Growing your business can be one of the most challenging things you do. If you're having a hard time, here are 5 of the most common barriers to growing your business.