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Brian Tracy 21 Ways to a Great Business

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21 Great Ways to Build a High Profit Business
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  21 Keys to Building a High Profit Business/11/11/05/Page 1 Title: 21 Great Ways to Build a High Profit BusinessAuthor: Brian Tracy Hello, I'm Brian Tracy and welcome to this program. Over the last 25years, I have worked with hundreds of businesses, large and small,from entrepreneurial start-ups to Fortune 500 corporations. I haveread thousands of books and articles, taken a Masters Degree inBusiness and consulted with more than 500 businesses. I have savedor made my clients many, many millions of dollars over the years byhelping them to apply the ideas you are going to learn in thisprogram.The fact is that 20% of the businesses in any industry make 80% of theprofits in that industry. Some companies, selling very much the sameproduct or service in the same market, earn ten times as much asother companies. The question is, Why are some businesses moreprofitable than others? We know that there is a cause and effect relationship betweencorporate activities and profitability. If you do the things thatprofitable companies do, you soon enjoy the kind of profits profitablecompanies realize. To put it another way, profitability is predictableif you can figure out how and why it occurs in your business or yourindustry.  21 Keys to Building a High Profit Business/11/11/05/Page 2 Perhaps the most important single factor in determining theprofitability of a business is the quality of the thinking of itsmanagement and leadership. In high profit companies, the toppeople are focused on performance, results and profitability everyday, all day long.According to the Menninger Institute, the most important singlequality an executive can develop is the quality of flexibility. In timesof turbulence and rapid change, such as today, your ability to remainfluid, fast and flexible is absolutely indispensable to the success andthe success of your business.The very best thinking tool for ongoing flexibility is what I call Zero-Based Thinking. This requires that you continually ask yourself thisquestion, Is there anything that I am doing in my business todaythat, knowing what I now know, I wouldn't start up again today, if Ihad to do it over? Whenever you are experiencing stress, frustration, resistance or poorresults, either with products, services or people, you should stop andask yourself this question, Is there anything that I am doing today,that knowing what I now know, I wouldn't get into again today, if Ihad to do it over?   21 Keys to Building a High Profit Business/11/11/05/Page 3 The inability to stop doing things that are no longer working and todiscontinue people who are no longer performing, is the primaryreason for failure in business. On the other hand, your ability to befast and flexible in the face of this dynamic market environment is thekey to your success and the success of your business.To put these 21 power principles into action, you must be open to thepossibility that what you are doing today is no longer appropriate forthe current situation. You must learn to make three statements, overand over again, for the rest of your business life.First, you must learn to say, I was wrong! Fully 70% of yourdecisions will turnout to be wrong in the fullness of time. The sooneryou realize that you are on the wrong road and turn back, the fasteryou will get to your destination of business growth and highprofitability.You must be willing to say, I made a mistake. The fact is thateveryone around you is aware that you have made a mistake andthey are just waiting for you to have the courage and character to faceup to it. The sooner you admit that you have made a mistake andstop doing whatever it is, the faster you move toward your real goals.The third statement that you must learn to say, over and over againis, I changed my mind. The superior executive is always willing to  21 Keys to Building a High Profit Business/11/11/05/Page 4 change his or her mind in the face of new information that challengesthe old ideas or the established way of doing things.When you make a decision to set performance, results andprofitability as your highest goal in business management, and youare willing to let go of the old that is not working in order to embracethe new that might work even better, you are on the road to buildinga high profit business.Here are the 21 keys to high profitability, based on more than 50years of research with many thousands of corporations. The absenceof any one of these 21 keys can, in itself, undermine your profitabilityand even lead to the collapse of the enterprise. Key number one: Develop a clear mission for your business. For you, your business and your people to perform at a high level,they need a clear vision of what the business stands for and where itis going. Why does your business exist at all? A mission must alwaysbe defined in terms of how your business serves and benefits otherpeople. A good mission statement will contain a method by whichthe mission is to be achieved. In addition, a good mission statementwill contain a measure so that an objective third party can assesswhether or not the business is living up to the mission that it set foritself.
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