MANAGEMENT
Amazon’s Secret Sauce
Want to know how Jeff Bezos guides his employees in business decisions? The secret sauce of his trillion-dollar company is “obsessive-compulsive focus on the customer as opposed to obsession over the competitor.”
‘Focusing on what their customers need or want has driven many of Amazon’s most profitable business moves.’
For example: Amazon Prime (subscription service for free two-day delivery) was introduced because Bezos knew that consumers love free shipping. While stockholders were claiming Prime was draining profits, Bezos held course.
Today, Amazon Prime customers spend an average of $1,300 a year, nearly twice that of non-members.
Passion or Profit?
Bezos refers to businesses that are customer-obsessed as “missionaries” and those are who looking to make a quick buck as “mercenaries.”
“The missionary is building the product and building the service because they love the customer, because they love the product, because they love the service,” he said in 2015. “The mercenary is building the product or service so that they can flip the company and make money.”
Usually, ‘the missionaries make the most money,’ he later added.
Is your business customer-obsessed or are you just trying to make a quick buck?
CULTURE
Jenga Employees
Yes, it’s true…a few disgruntled employees can have your company culture falling down like a game of Jenga.
Employees become disenchanted for a variety of reasons. The goal should be to fix the problem and approach the employee(s) in a constructive manner.
Here are 3 ways to fix company culture with disgruntled employees :
- Keep employees engaged and productive: acknowledge employee successes by providing both career growth opportunities and financial incentives.
- Seek and destroy: it’s important to identify disgruntled employees issues and address them. There’s likely a fix that will resolve the issue and show goodwill from both parties.
- Is it a good fit? : people and positions change over time. There’s a good chance that your employees’ interests and goals no longer match the company’s mission and vision. If that’s the case, the employee should seek other opportunities outside of the company.
LEADERSHIP
Lacking Creative Juices?
We’re not talking about directing plays or choreographing dances, we’re talking about accessing your best frame of mind to unlock your proven skill-sets.
Here are a few ways to get in that head of yours:
- Embrace the morning: when you wake up tomorrow morning, give yourself 3-5 minutes to lay there and see what kind of thoughts arise. You’re in a different state of mind. Embrace it.
- Get outside: it’s crucial to break away from your routine. Take a 15-minute walk or eat your lunch outside.
- Happy begets happy: this is a simple one. Tell someone you’re proud of them, give them an unexpected compliment. It won’t only make them happy, it’ll make you feel good as well.
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