Would you like to make over $1 billion dollars in one year?
Got your attention, didn't I? When I heard it, it certainly got my attention.
Recently, while I was mindlessly scrolling on social media, laughing at videos of snarky dogs with plenty of attitude, I came across a short video of a college student conducting a sort of "man on the street" type interview. He stopped a man and asked what him a few questions about his economic status and what he did for a living.
He explained to the man that he was going around the country interviewing people about their success and asked if he could give some advice to the younger generation.
The business man told the young college student that he was in private equity and that the most money he had ever made in one year was $1..27 billion.
He went on to explain that he earned that much money when he sold 76 companies that he owned. At the time of this particular interview he was running 86 companies. He then proceeded to give a few pieces of advice that I think are the keys to success in any business or organization:
1. Get your ego out of the way.
2. Diversify when you have the systems and processes in place that can be replicated.
I took away a few points from this short interaction:
A. Ego keeps people from trusting their staff because they think only they can do a job the correct way - their way. Leaders must trust their staff and allow them to grow and make mistakes. Most mistakes can be corrected and used as a learning tool.
B. When it comes to running multiple businesses or business lines, putting systems and processes in place make it much easier to trust staff implementing the processes. Systems provide data, the data points to what's working and what's not working.
C. When you have a system that works well, It only makes sense to replicate the system for other lines of business or departments.
There are a number of systems that have different functionalities that can drive growth, streamline processes and increase capacity. Here is a brief overview:
1. Enterprise Resource Planning (ERP) Systems
ERP systems integrate various business processes across departments into one cohesive system. This includes finance, human resources, supply chain management, manufacturing, and customer relationship management (CRM).
2. Customer Relationship Management (CRM) Systems
CRM systems are designed to manage a company’s interactions with current and potential customers. These systems consolidate customer data and history of the company's interaction with the customer, which can improve engagement strategies.
3. Project Management Tools
Project management tools help teams plan, execute, and track projects efficiently. Applications like Trello, Asana, and Monday.com allow teams to collaborate in real time.
4. Human Resource Management Systems (HRMS)
HRMS systems streamline HR processes such as recruitment, onboarding, payroll, benefits administration, and performance management.
5. Supply Chain Management (SCM) Systems
SCM systems facilitate the management of supply chain activities, including procurement, production, inventory management, and logistics.
6. Business Intelligence (BI) Tools
BI tools help organizations analyze data and transform it into actionable insights. Platforms like Tableau and Power BI, provide visualizations, reports, and dashboards.
7. Communication and Collaboration Tools
Tools like Slack, Microsoft Teams, and Zoom enable seamless communication and collaboration among teams, regardless of geographic location.
As business leaders strive to increase their capacity and efficiency, integrating the right systems plays a vital role in achieving these goals. By investing in these tools organizations can streamline operations, facilitate collaboration, and make data-driven decisions.
Embracing technology and optimizing systems is essential for small and large organizations looking to thrive in today’s competitive landscape. With the right systems in place, leaders can unlock the company's potential, improve productivity, and drive sustainable growth for the future...and you might even make a billion dollars.
For more leadership, organizational and business blogs or to connect with me to consult, coach or speak at your event, go to my website at www.motivationalmuse.com or email me a motivational,muse.kim@gmail.com.
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