Owning your own business makes a lot of sense. However, everyone is not equipped for the job. It's really easy IF... you know what you're doing as the owner. Unfortunately, too many of us have jumped into the deep end before we learned how to swim.
However, this article is focused on your company assets because that's where many firms survive or fail for lack of knowledge. One of our very first attempts at running our own business was shortly after finishing business college.
Actually, my brother had just come home after 4 years in the Air Force where he spent 2 years away from home in Japan. "Mustering" out or leaving the service he got introduced to the "vending" machine business. At the same time, the [big bucks!] local drink vendors began their vending services division in our city.
Competition was tough but our Dad was in the warehouse business connected with many trucking firms where vending services were well received on the docks. It gave us a good start and we grew the business very quickly to a profitable level.
At the same time, we started a mail-order business in connection with 50 associates across the country primarily selling housewives the finest in silverware by mail. We were off to an excellent beginning in our new business.
As you can imagine, vending machines were expensive. It's almost unbelievable today that a cup of soup or coffee cost 10 cents. However, http://www.thefabuloustimes.com/a-guide-to-maintaining-your-sense-of-sel... (by www.thefabuloustimes.com) gas was probably 19 cents a gallon and a loaf of bread maybe 15 cents. Your grocery bill was $10 to $12 a week. Awesome, right?
Secretaries made $75 a week Vs $750 a week plus today. An interesting "picture" when you first realize that the buying power of each income level is about the same, merely separated by 40 years of time.
Honesty, integrity, and ethics have taken a beating over the years. Protecting your assets in business is a constant challenge. Entitlement mentality has been with us a long time. In our early vending days we had $1,000 machines that a dock worker was willing to destroy for the 10 cents that he somehow lost buying a cup of coffee or soup.
Protecting your property [assets] is not easy when thieves break-in to steal. In any kind of business, your competitors often seek out your employees and try to entice them to move over to their company, leaving you "high and dry" without recourse.
Yes, machinery, computers, telephones, trucks, cars are assets in your business but NOT your most valued asset that you need to protect with special care and at all cost. Watch the "Undercover BOSS" on TV and nothing more needs to be said here.
However, just a quick refresher... it all boils down to PEOPLE, your employees. Once all of us realize that our greatest business asset is our PEOPLE we are ready to move into the fast lane, to build our company into the powerhouse it's designed to be.
Leadership in your business, respect, honesty, ethics along with being trustworthy is key to your success. Enjoy your employees, get to know them personally, do special things just for them, give special rewards, recognition, financial gifts for outstanding performance.
Ask for suggestions, encourage new ideas that only your front-line employee can give you because it's their own work station where things happen. Nothing works like a Thank You and recognition from the boss along with a meaningful financial reward. Try it, we did.