11/4/2021 Tip: OA #3: PPE | Growthink

11/4/2021 Tip: OA #3: PPE

Today’s Quote

“The magic formula that successful businesses have discovered is to treat customers like guests and employees like people.”
~Thomas J. Peters

 

Today’s Tip

This week I’m discussing the “organizational assets” (OAs) you must build to give your company the best chance of long-term success.

Today’s OA is PPE (Plant, Property and Equipment).

When I was a teenager, I made a lot of money shoveling snow. I used that money to buy a snow blowing machine. Equipped with the snow blowing machine, I was able to remove snow ten times faster than my competitors. This allowed me to dominate the market.

So, please think about this today:  Can you make investments in plant, property and equipment that allow you to cut costs or increase output?

 

Today’s Resource

How to Build a $10 Million+ Company

What’s the difference between successful multi-millionaire entrepreneurs and the typical small business owner just struggling to get by?

Well, there are a LOT of differences, actually…

But I’ve summarized the main differences on this page:

How to Build a $10 Million+ Company <—- 

The really interesting part is that you don’t have to work yourself to death to grow a wildly successful, eight-figure business…

In fact, when you follow this formula, you can make much more by working less…

How to Build a $10 Million+ Company <—- 

 

Trivia

Today’s Question: Do concession stands have to be inspected by a health inspector?

Previous Question: Why are transaction costs important?

Previous Answer: They can reduce profit.   

Transaction costs are the costs incurred in making an economic exchange.

For example, if a convenience store has a profit margin of 5% with cash transactions, but credit card transactions cost 5% of the purchase price, then the transaction cost of using a credit card wipes out the profits. This is one reason many businesses prefer cash.

 

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