I recently read “Profit Wise: How To Make More Money In Business By Doing The Right Thing” by Jeff Morrill. Below are the quotes I found most interesting.
“The cost to acquire a new customer is much larger than the cost of satisfying a repeat customer. We organize our processes and pricing around creating customers for life.” (7)
“If you can’t gather enough people with the inclination and ability to do what you ask them to do, then you run a daycare facility instead of a business.” (17)
“You can teach people to drive but you can’t teach them to have drive. You can coach skills but not character.” (21)
“Conduct three interviews before hiring candidates. Multiple interviews provide more opportunities for unprofessional people to reveal their bad habits.” (24)
“Ask candidates to follow up with you. Throughout the process, ask them to call you to set up the next step rather than volunteering to call them. We end each interview with the same request: “After you’ve had an opportunity overnight to consider what we’ve discussed today, please call tomorrow to set up the next interview.” This creates additional opportunities to observe how well they follow instructions, and you’ll save time by not pursuing candidates who have lost interest.” (25)
“You can coach your team, but let them solve problems on their own. If you still have to make all the decisions, you’re holding them and your company back.” (45)
“The more authority given to a position, the more harm outside hires can do to your culture because they have more power to screw things up. We believe in growing and promoting our own team members so we know exactly what kind of people are making the important decisions for the company.” (48)
“Don Beyer, Jr., told me that a key to growing older is not learning how to do more with less, but rather less with less. In other words, choose fewer ambitions, more carefully.” (100)
“William James counseled, “The art of being wise is knowing what to overlook.” (104)
“Don’t postpone joy or suffer too much in the vain hope that someday you can rest on your achievements, a situation Warren Buffett compared to “saving up sex for old age.” (104)
Like the quotes? Buy the book here.