Eastbourne Chamber's Business Bon Mots!
Follow "Business Bon Mots", our regular business quotations from some of the most successful business people in the world.
In 1919, the owner of the biggest automobile manufacturer in the world - Henry Ford said:
"A business that makes nothing but money is a poor business."
He explained that "Every business ought to contribute to the daily progress of the world."
He ensured that his staff were always paid well above average wages and that his products were available to all consumers, not just the very wealthy.
By doubling the wages other companies paid, he ensured staff loyalty, attracted the most talented staff and pioneered "welfare capitalism", where well paid staff circulate their pay in the local economy.
Over 100 years later we can all learn from this business titan!
A successful Japanese business person, Akio Morita, the cofounder of Sony said:
"A company will get nowhere if all the thinking is left to the management."
Renowned for his creative thinking and inventive ideas, Akio Morita understood all too well that great ideas can come from any member of staff.
Sony launched the transistor radio, the transistor television, the home video recorder, VHS cassette tapes, and the Sony Discman. These ideas and inventions were the result of Morita's natural curiosity and the ideas his team developed with him.
C S Lewis told us "Two heads are better than one" so surely many heads are better than one! Team work can often find solutions to problems that stump one person working alone.
The lowliest workers can often see solutions to logistical problems if the management are big enough to listen!
Soichiro Honda was a Japanese engineer and industrialist who created the Honda Car Company in 1948
This was inspite of opposition from his own government! He was a non-conformist who promoted executives on performance, rather than age, and he dressed casually and openly admired US business practices.
He said:
"If you hire only those people you understand, the company will never get people better than you are."
He explained it by adding "Always remember that you find outstanding people among those you don't particularly like". These people often challenge us and make us raise our game, so don't hire on likeability!
In the 70's most UK business executives were white, suited, middle-class men. Recruiters felt more comfortable hiring people who looked like them.
Since then, the most successful companies are those with diverse board members, including women, ethnic minorities and people with disabilities. When recruiting, look for people who aren't like you, so that you can appeal to a wider group of potential costomers and develop a team with varied skills.
In 1999 Bill Gates shared this important advice in his book "Business @ the Speed of Thought":
"Your most unhappy customers are your greatest source of learning."
Using technology to run your company is the greatest business benefit of the 21st Century. Gathering and analysing data is vital to your success, particularly data provided by unhappy costomers! Complaints can become nuggets of useful information and are vital to improving the operation of your business. If you do not have a process in place for gathering and reviewing customer opinions and complaints, create one - NOW!
Not only do unsatisfield customers help you improve your business operations, when you respond to them positively they become your greatest advocates.
Chris Ewbank, the Sales Director of Sussex Mercedes-Benz said:
"Every £100 spent making an unhappy customer happy is worth £1000 of advertising for new business."
When you respond positively, in person, to an unhappy customer they will tell many of their contacts how brilliant you are! So, don't take complaints personally, use them to improve your business.
William Wrigley Jnr said:
"When two people in business always agree, one of them is unnecessary."
Wrigley built his fortune on chewing gum and is still the most recognised global brand of gum! But he originally sold soap and baking powder, including a free pack of gum with each sale. Gum became his most popular product and in 1931 he stated a preference for an employee with backbone, one willing to challenge the boss and even say on occasions "I think you are wrong".
He told the world "business is built by people who care... care enough to disagree, fight it out to the finish, get facts. When two people in business always agree, one of them is unnecessary."
Don't surround yourself with 'yes men'. That is the quickest route to failure! Be prepared to challenge and listen. Consider alternatives, review facts and analyse information.
