Bits and Pieces Flashcards
Your Money Your Life
Your Money or Your Life is full of examples, stories and experiences of many people who have followed their nine-step program in their journey to financial independence.
Ask yourself these questions:
Do you have enough money? Are you spending enough time with family and friends? Do you come home from your job full of life? Do you have time to participate in things you believe are worthwhile? If you were laid off from your job, would you see it as an opportunity? Are you satisfied with the contribution you have made to the world? Are you at peace with money? Does your job reflect your values? Do you have enough savings to see you through six months of normal living expenses? Is your life whole? Do all the pieces — your job, your expenditures, your relationships, your values — fit together?
If you answered, ‘no’ to even one of these questions, read on.
.The business you are creating
ieess Benchmars will dese
The Purpose it will serve
The Vision it will pursue
The process through which you will
eeot eeam will ke hape
P e.
need to develop
s manages, will be shle
,
M
h chey will be held cnnble
Vision into a Reality
ur Business Plan vill be bu
tr langg
turn h
e b
ales for which
a
And fnally. yourBusin
The way che money works as your bu
grows to realize your Vision
al
Janguage, not Coact
che Seratrgy theugh which you im
busines
he Market and the Seran
rin chat Marke. It will my on Dem
becone a
b and Psychographic-a i e bus nd
This process of moving your business from whee:
bus. It will include Retun on
gP
is today to where you see it in the future is defne:
y chey on E iy t will focus on che thing in whic
Recur
your lenders and sharebol
chings in which your technician
and sharebolders ate intenese
No e
your Business Benchmarks-the goals you want
business to achieve during its lifetimne
ined by
your
Your Business Benchmarks will include Financial
your technicians ane ine
Cootractor lacking bacha busine v
ery day. A guy lhke every oher gy hotj
ng it. doing it, doing it, Busy, busy, busy Mae
making money, maybe not. Maybe getring someing
r of life, maybe not. Taking chances, wihout r
Benchmarks; Emotional Benchmarks (che visual, trme
tional, functional, and financial impact your business
will have on everyone who comes into contact with
che words tO articulate it is simply a guy vho g
work
itk Performance Benchmarks; Customer Benchmarks
(Who are chey? Why will they buy from you? What
will your business give them that no one else’s will?%
Employee Benchmarks (How do you grow people? How
do you find people who want to grow? How do you create
a school in your business that will teach your people skills
Therefore, the primary purposes of the Thnee Crit
al Plans are to clarify precisely what needs to be don
to get what the Contractor wants from bis or ber bs
ness and life, and to defne the specific sepsby w
really taking control
they can’t learn anywhere else?;, and many, many more.
First this must happen. Then that mst bap
One. Two. Three. One step ata time.
this will happen.
Your Business Benchmarks will reflect the position
your business will hold in the minds and hearts of your
Customers and your employees, your investors and
your suppliers, and how you intend to make that posi-
tion a reality through the systems you develop.
Let’s take a look at The Job Plan
40
ON THE SUBIECT OF Pu
THE E-MYTH CONTRACTOR
e Customer, ethically
opor ahe
she job in a timely manner, controlling
Weting
oduct that you Can
function exactly as
ofering the highest-quality workman-
osts
ship through efficient management systems.
In summary it was and is my belief that
bing on ethical approach to building a home
inevitably produce trust, confidence, and
catisfaction. It will create something extra-
ordinary-The Ethical Home-which will leave
the homeowner frustration-free throughout the
entire process.
frustration
ent management
able profit at a
One more thing. I told you before that Mike
and Mary could have done something to avoid
the frustration they encountered. The answer is
simple: From the outset, they should have looked
for a company dedicated to the principles I’ve
just described to you. They should have looked
for real professionals like those at Classic Devel-
opment Corporation.
Customer and
Corporation,
first had to
d to commit
sphere with
They should have looked for a company with
a Systems Approach to Complete Customer Sat-
isfaction!
with Sub-
brace the
nade sure
dentified
repared
yers for
nstruc-
The preceding story is true. It’s an account created by a
Contractor who understands the power of a story to
touch the heart of his Customers, employees, suppliers,
lenders, and Sub-Contractors. This Contractor knows
what the true purpose of his business really is.
What’s the purposethe storyof your business?
Although you may think you are in the electrical
nntracting, the plumbing contracting, or the remod-
Dealing with
you,
the Customer
ethically
Producing a quality product thot
pleting the
ship throug
Sumi
costs, and of
depend on to look and function
promised
Can
In
Eliminating all sources of frustration
Using the best, most efficient mangae
taking an
satisfactio
ordinary-
the home
entire pr
One
will inevit
controls qvailable
Yeohislo4y olelloM an
Realizing a fair and reasonable profit ot
reasonable cost to you
at a
To get the results that both the Customer and
my company Classic Development Corporation.
wanted and needed, I realized I first had to
address the issue of ethics. Il needed to commit
to treating everyone in my business sphere with
and Ma
the frus
simple
for a
just d
for re
opme
the respect and dignity they deserve.
I further committed to dealing only with Sub-
Contractors and suppliers who could embrace the
same high standards as my company. I made sure
a Sy
isfa
that the Customers’ needs were clearly identified
from the outset, and ultimately met. I prepared
suppliers, Sub-Contractors, and home buyers for
what I expected throughout the home construc-
The
tion process.
Con
toue
len
wh
So l set written standards of work quality and
conduct for everyone who works with and for
Classic Development. I demanded that people do
what they say they’re going to do, such as com-
34 THE E-MYTH CONTRACTOR
orderly. system to hand the all-important final
was out of control personally, which was
ent of
have
aled responsiD)
ctors
pend
punch-out.
Contractors, Jim was out of control.
ke most
they
had
by
He
derted in his inability to control his business.
o the contrary, his business was actually control-
ling him.
ery
Without a clear definition of what his busi-
ness really was, without strategic goals, lim was
just building a house. What Jim needed was to
understand clearly his purpose in building homes
in the first place. Why was he in the construction
business instead of. say, the restaurant business?
Only when Jim found such clarity would he be
able to focus on how to achieve the results
needed to satisfy his purpose.
on
he
h
t
“It was with this in mind,” our home builder said,
“chat I formed the Classic Development Corporation.
Solving the problems that Jim, Mike, and Mary
encountered ultimately led to the creation of The Ethi-
cal Home, which begins with my company’s purpose
Statement.” The purpose statement is:
Classic Development Corporation’s purpose is to
serve the home-buying public, to make sure the
home-buying and ownership experience is joyful,
easy, and rewarding. This means:
33
THE ETHICAL HOMETM; ONE CONTRACTOR’S STORY
The business yot are creating
The Purpose it will serve
The Vision it will pursue
The process through which you will
Vision into a Reality
The way the money works as your b
grows to realize your Vision
All turn tha
iTiesy
This process of moving your business from whe
where it
is today to where you see it in the future is defined by
your Business Benchmarksche goals you wanr we
your
business to achieve during its lifetime.
Your Business Benchmarks will include Financial
Benchmarks; Emotional Benchmarks (the visual, emo-
tional, functional, and financial impact your business
will have on everyone who comes into contact with
it); Performance Benchmarks; Customer Benchmarks
(Who are they? Why will they buy from you? What
will your business give them that no one else’s wil?;
Employee Benchmarks (How do you grow people? How
do you find people who want to grow? How do you create
a school in your business that will teach your people skills
they can’t learn anywhere else?), and many, many more.
ial
Your Business Benchmarks will refo
R
Tony Fernandes
Our mantra ‘Cost is king came from this Period because we looked at every single line of every
Contract,
looked at every cost line and every revenue line to
See if we could squeeze more money out of operations.
My philosophy throughout my business career is
you should always be transparent and honest. If you do something wrong, you hold your hand up, apologize, do what it takes to make it right and move on.
Work hard stay humble
we don’t care about competitors. Our competitors are ourselves. The day our cgo gets the better of us, the day we don’t focus on costs, that’s the day we have to worry. That’s our competition, always. Our discipline of competing with ourselves on cost is fundamental to maintaining our place.
- A company must be able to adapt to change.
- A company must be disruptive - it must create models that weren’t there before.
- A company must have the right people.
New Business
- When you create a new business, look for expertise in the field to help and guide you.
- You have to offer something new and disruptive
Business Fundamentals 1. Have a good product Marketing is key 3. Distribution 4.implement it. Implementation comes down to people and process
Lifestyle1
a skill to
be mastered, not a condition to be pursued. Lifestyle
finding new ways to bring joy, pleasure, excitement,
substance into our lives and into the lives of those we care for while we are working on our goals, not once we achieved them.
Perfection vs Excellence
Perfection is our ideal, the goal of pursuit of excellence is the path.
