THE E-MYTH REVISITED – TOP 10 POINTS
by Sandra Schrift
Author, Michael Gerber, wrote an important business book in the nineties which still holds truetoday. Here are a summary of the top 10 points. All good tips for any person who is a business owner.
1. It is a fatal assumption that if you understand the technical work of a business- that you understand a business that does technical work. Not so. When a florist opens a shop, he/she may create fabulous floral arrangements, but what do they know about marketing and managing employees?
2. Work on your business, not in it. Too many entrepreneurs try to do it all. Delegate the inside stuff and get outside to network and market your great business.
3. A successful business copies the principles that franchises use. 50% of all small businesses fail after one year – only 5% of franchises do. So pay close attention to how the franchises operate, if you want to succeed.
4. Franchises ‘keep their promise’ by creating a consistent, predictable experience for their customers. I am told (by the meat eaters) that a Big Mac in San Diego taste like a Big Mac in Las Vegas. The pickles are in the center of the bun in both cities (so as not to fall on your shirt!)
5. What is your ‘primary aim’ for your business –the experience that will benefit your customer in every interaction with your company. Examples: your compassion, caring, good listeners, trustworthiness.
6. A Gerber Management Strategy – devise an accountabilities checklist for your employees to sign off every day. Important to have detailed job descriptions for each position in the company.
7. A Gerber People Strategy – each position should be created to be operated by people with the lowest possible level of skill. This brings about simplicity in the job descriptions.
8. A Gerber Marketing Strategy – choose your target market and keep track of the demographics of those groups/individuals. What wording or colors does your target market respond favorably to?
9. A Gerber Systems Strategy – hard systems are furniture, buildings and soft systems are people, sales pitches. Information systems quantify everything that figures out what works and what does not. Example: When a prospect calls me about my coaching services, I have a client intake form to record all the answers/information the prospect provides me.
10. The 3 keys to a successful business are innovation, quantification and orchestration. Employees will feel more open and free to offer creative suggestions to improve their accountabilities.
The Coach thinks . . . most people who are successful in business have an insatiable need to know more.