When you don't keep your strategy consistent or keep a tab on what is most important to an employee that make decisions. An employee thats primary goal for a decision is not how this will help the company grow or save the company money over time. Over the course of a few years a person that makes decision without a focused strategy can lead to a rats nest of problems that have to be dismantled and started over from scratch.
And don't get me started on people who consider there self a marketing person that doesnt consider growth something you be worried about. Those are the same people who don't see a loss of revenue as a problem at all.
Showing posts with label business growth and development. Show all posts
Showing posts with label business growth and development. Show all posts
Sunday, June 26, 2011
Friday, January 28, 2011
How to Build a Billion Dollar Company from Scratch
I recently read the book how to Build a Billion Dollar company from scratch by Harry Figgie. Harry built a $1.3 billion company over a 30 year period by buying struggling companies and turning them around before combining them with other companies he owned to create a conglomerate known as figgie international. The book talks about a lot of the great ideas for how a person can build a very large company in today's economy with a strategy of growth through acquisitions.
Harry bought a $23 million dollar company in the mid 1960s for $7 million. He raised money from banks and personal contacts to cover the purchase price. The company was in tough financial shape and barely breaking even when he took over. He looked at the places on the balance sheet where they were spending the most amount of money, materials and administration costs and figured out what the best way to reduce those costs was. He was able to triple his net income by reducing his basic costs. (Every penny you save after break even or better becomes a penny of profit)
The most interesting thing in the entire book might be the idea that it is easier to get to a billion dollars if you start with a $20 million company then if you start from scratch. if you can buy a company whether it is by yourself or with others you have a better chance of building an empire that last a life time.
If you are looking for ideas on how to become a expand your business or find a way you join the ranks for the wealthy elite reading this book is a good idea. and it is also short interesting and easy to read.
Harry bought a $23 million dollar company in the mid 1960s for $7 million. He raised money from banks and personal contacts to cover the purchase price. The company was in tough financial shape and barely breaking even when he took over. He looked at the places on the balance sheet where they were spending the most amount of money, materials and administration costs and figured out what the best way to reduce those costs was. He was able to triple his net income by reducing his basic costs. (Every penny you save after break even or better becomes a penny of profit)
The most interesting thing in the entire book might be the idea that it is easier to get to a billion dollars if you start with a $20 million company then if you start from scratch. if you can buy a company whether it is by yourself or with others you have a better chance of building an empire that last a life time.
If you are looking for ideas on how to become a expand your business or find a way you join the ranks for the wealthy elite reading this book is a good idea. and it is also short interesting and easy to read.
Subscribe to:
Posts (Atom)