As a leader who has a home based business, be it in network marketing, direct sales, real estate investing, etc., a large part of success has to do with leadership abilities and personal development. No matter what the business is,it would be quite an accomplishment to build it so successfully to catch the attention of Warren Buffet as business partner!
Let's take a look at the business principles the furniture and appliance
company, R.C. Willey practiced so successfully that it attracted Buffet
and resulting in his buying it in 1995 for a hefty 175 million dollars.
The key, it seems, was effective leadership practiced by CEO Bill
Childs. Here are the 8 key management principles practiced by Childs on a
1. Build a reputation for excellence. Bill Childs made it a practice to
exceed customer expectations and standard retail practices. As a result,
he earned the loyalty of not only customers, but also their friends and
neighbors when they shared their stories. His customer base steadily
increased as a result of this.
2. Strive to offer the best services and products and not at the lowest
price. Customers always remember poor product quality long after the
money saved from a low price. Therefore, always offer your best.
3. Treat potential customers as equals and friends and not as targets.
Make this a goal. Offer solutions to their problems. People remember how
they felt when they make a purchase as much as they remember the
product or service brought. In other words, build relationships.
4. Shun debt. Debt can turn into an inescapable trap in a recession when
sales slow and profits no longer cover the operating costs. Both Buffet
and Childs believe the risks of debt are not worth taking. It's too bad
Wall Street didn't take this principle to heart!
5. Don't force employees to do things they don't want to do. Instead,
try to convince them that they want to do those things. For those in
mlm, this would be your downline. In other words, find their motivation
and appeal to it as Harry Brown would say.
6. Learn the little details that shape your customer's experience.
Child's talked with his shoppers and found out their likes and dislikes.
Their priorities became his own. For instance, he discovered that moms
with young children formed their opinions about a business based on the
restroom's cleanliness. Therefore, Child's made sure all his stores
restrooms were spotless. It sounds like Child's became an expert
listener. So, build up your listening skills.
7. Make your advertising stand out. Bill Child's discovered that if a
company's ads are the same as competitors', the advertising costs would
be wasteful. He learned how to brand his company in a way to reach new
customers and markets. As a result, he created a highly profitable
8. Embrace change. Any business must change to keep up with a changing
world. Keeping ahead of the competition and keeping the business from
becoming stale is a must. Bill Childs never let himself believe he found
the perfect formula for he clearly understood what works great today
may not work tomorrow. The lesson here is to never stop learning and
These 8 leadership tips are highly valuable for any work from home
business. Take some time to think about them and begin to incorporate
these timeless principles in your work at home business.