Tuesday, April 26, 2016

8 Tips on How to Build A Business Warren Buffet Would Buy

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 daily basis:

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 business.

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 growing.

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.

8 Tips on How to Build A Business Warren Buffet Would Buy
first appeared on http://moniques-home-based-business-tips.blogspot.com/

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