USA Fulcrum
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"Build a Better Mouse Trap"
Have you ever heard the saying "Build a better mousetrap and the world will beat a path to your door"? This quote is attributed to Ralph Waldo Emerson from the late nineteenth century. I first heard this quote early in my career and it always stuck with me. If you had a better product, much better, wouldn't the customers line up to buy? I've heard people joke that if the product was that good, "you could fire all the sales people and put in a drive thru window". It's the same concept. A superior product should create a market demand for that product. I can tell you though I don't think this is universally true.If you are selling a consumer good such as a chicken sandwich or an iPhone then yes I believe there is some truth to this. The average consumer gets some degree of personal joy out of these purchases and using them. However in something like financial services or insurance I don't believe this to be true at all. I think you can have a far superior product but you must go out and shout it to the world and show them why it is good for them.....Click Read More to Continue
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Uniquely American Business Math
Every American business has overhead otherwise know as operating expenses. These are accounted for and managed into categories of either fixed or variable expenses. Every year during the budget cycle these expenses are reviewed thoroughly. Are there variable expenses that can be reduced? Are there upcoming projects that need to be funded? How much will the fixed expenses such as salaries be going up year over year? Will some of this need to be trimmed?
When any sound, experienced financial business leader is undertaking the project of evaluating specific expenses, they are essentially applying a debit to each operating division, while expressing a credit for divisional revenue. The basic math appears so simple until the equation changes. This change occurs when new information enters the equation in conflict with or directly contradicts “the old way”of solving said problem. In America, business math is changing....Click Read More to continue
Have you ever heard the saying "Build a better mousetrap and the world will beat a path to your door"? This quote is attributed to Ralph Waldo Emerson from the late nineteenth century. I first heard this quote early in my career and it always stuck with me. If you had a better product, much better, wouldn't the customers line up to buy? I've heard people joke that if the product was that good, "you could fire all the sales people and put in a drive thru window". It's the same concept. A superior product should create a market demand for that product. I can tell you though I don't think this is universally true.