John Paul Getty who was once the richest man in the world, pointed out that you will never become rich working for someone else.
Getty once wrote: there are six requirements that must be included in your plan for success . . .” He listed the following points:
- You must be in business for yourself
- You must sell a product that is in demand
- You must guarantee that product absolutely
- You must give better service that the competition
- You must reward those who do the work
- You must build your success upon the success of others
The world’s most valuable businesses make a product once and then sell it over and over again. Packaging and leveraging time is the quickest and smartest way of making money. Making the product once and selling it again and again allows you to earn ten times, 100 times, even thousands of times what you could earn by selling your time. Most importantly, your business becomes a very valuable, saleable asset as a result.
Think about Microsoft or Ford. They spend a lot of time and money developing their products and then they sell them over and over again according to their business system. Think about the time, effort and money McDonalds have invested in their system which makes and sells millions of hamburgers every day. Their system is so well organised that the owners of the business do not need to work in the business to make money. Their system is largely staffed by 16 year olds who have been trained to follow the McDonalds system without deviation.
Probably nobody would argue that McDonalds serve wonderful meals. What they offer is fast food served quickly from clean premises consistently around the world.
What makes McDonalds a valuable business asset is its systems. Nothing is left to guesswork. They have systems and procedures documenting just about everything from store design and layout, production procedures, administration, distribution, staffing, customer service, sales and marketing and all other aspects of the business. This is what makes the McDonalds system duplicatable around the world and allows the owners to leverage their time and skill.