I read this last week 4 Hour Work Week by Tim Ferris. I have read it before, but I felt inspired to read it again from the many choices I had to select from my class. What was read this week was already known, but I felt this time the book really jumped out of me.
My business that I work with my brother is going through a transitional period. My brother and I had made a decision that we are tired to work for the company and change it to have the company work for us. Our first job was to get our top managers to buy into our new vision for the company. Once we have the right people on the bus now we go to work and figure out what is the best for the company and what legacy we want to leave. My brother is on the business side and I am on the production/sales side. The book gave me great insight on Pareto's Law. I took it to heart and figured that we need to figure out what 20% of the product is producing 80% of the revenue. Now the next step is what kind of profit are we making on those product. After figuring our profitability I will be going through and seeing which 20% customers do 80% of the business.
The book also helped me to realize how to get the business to work for me. I have dreamed of working remotely and traveling the world. I have told my brother that we have 4.5 years to figure this out. Any company that needs the owners to run the company on a daily basis has failed in creating a legacy that will live on past us. I will be recommending the book to him after this week.
I am excited to take on what I have learned and past the knowledge to those around me. Our company has been a very efficient nursery, but it has not been the best of being effective. I am working on making sure what dollar is spent gives us the most productivity. We have a new motto at the business "Don't trip over dollars to save a penny".
With constant education and clear vision of the business this transition will escort the company into a Golden Age.
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