If you want to earn more money don’t look for a better job, but do a better job.
If everyone in the business did a better job than it ends up in better outcomes for everyone.
The Culture needs to be a win/ win for all.
1. Customers need to get products at a competitive price.
2. Staff needs to be paid well.
3. Shareholders need to get a return on their investment.
It’s much easier if it has strong leadership and this starts at the top and flows right throughout the Organisation.
So why is good management the key to everything?
And why does poor management cause so much damage?
Management is the only one that has influence on how things are done.
It’s extremely difficult to influence and lead from the bottom.
If everyone is pulling in the same direction you create momentum and this is effectively led by management.
If you create momentum and increase the size of the pie, everyone wins.
If the pie does not increase than everyone fights for a larger slice of the pie.
If one gets a larger slice than another ends up with a smaller slice.
It’s a win/lose outcome and does not work.
Poor management leads to a stagnant business that does not grow and this leads to everyone fighting over a bigger slice of the pie.
Increasing the pie in this example is about “increased profits” which comes from increased turnover PLUS cost reduction due to efficiencies (good management and efficient systems and everyone doing a better job).
If businesses are managed well and they make more money than they can pay better wages.
If businesses are managed well they can provide better prices to their customers.
If businesses are managed well than the staff are happier and will produce more and customers are happier and buy more.
If businesses are managed well than their shareholders get a decent return on their capital.
Business profits are constantly squeezed between keeping prices competitive to their clients and increasing wages and overheads.
These are predominantly controlled by management but everyone has a part to play.
So it is about management and leadership so those working there understand the bigger picture.
If you want your wages to go up the business must do well.
It’s everyone’s responsibility to do a better job that collectively creates the synergy that leads to greater productivity and increased profits and therefore to increased wages.
Successful people simply do a better job.
Unsuccessful people LOOK for a better job as it’s always “greener on the other side”.
So if you want to earn better wages change your attitude:
“How can the business do better for me”
“How can I do better for the business”
That will ultimately earn you higher wages and much more respect.
Founder & Non Executive Chairman Chan & Naylor Accountants
Disclaimer: This article contains general information. Before you make any financial or investment decision you should seek professional advice to take into account your individual objectives, financial situation and individual needs.
The material on this website has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained on this website is General Advice and does not take into account any person’s particular investment objectives, financial situation and particular needs. Before making an investment decision based on this advice you should consider, with or without the assistance of a securities adviser, whether it is appropriate to your particular investment needs, objectives and financial circumstances. In addition, the examples provided on this website are provided for illustrative purposes only.
Although every effort has been made to verify the accuracy of the information contained on this website, lnfocus, its officers, representatives, employees and agents disclaim all liability [except for any liability which by law cannot be excluded), for any error, inaccuracy in, or omission from the information contained in this website or any loss or damage suffered by any person directly or indirectly through relying on this information.