Jim Business Facts

Recession is one of the business cycles:

it is the excessive slow down of the economic activity of a country in a specific period. In recession times, certain places and businesses are affected much more than others. If your business belongs to one of those that are greatly affected by the recession, you may very well lose a large base of your clients which forces you into finding new markets & creating new products/services in order to stay afloat.

In the recession period, e-commerce is one of the business methods that were not affected by the recession. The advantage of e-commerce over regular local business is that your audience is greatly expanded from a certain distance around your area to the world. The web sales could also greatly help boost the local sales by providing profits and a budget to work with. E-commerce is one of the best ways of selling products because it eliminates a lot of expenses such as employees, etc. and only adds a select few such as shipping, warehousing & hosting fees.

As businesses continue to fall down because of the recession, people keep on losing their jobs, factories are closed & companies go bankrupt. The best you can do is go online and start selling all your products and services online, this will open your market to the global world and greatly increase your profits because of the increased audience. However, the start is not as easy, because it can be done in an either expensive way yet fast or a cheap but slow method. You can either hire a web developer that will take care of all this for you or start learning using scripts and designing your site online using the available tools on the web.

Books like Jim Collins’ Good To Great come out all the time. Not many of them are as popular as Good To Great, but there are many. Using a book review service allows you to harness what the business books teach (outsourcing, delegation and time saving), and it may help you decide whether you should actually read the book from cover to cover.

Good To Great is an example of a book with concise points that could be better learned using a book summary service.

Jim Collins saw an opportunity in studying large companies that had a long history of “steady”, that then became great successes overnight. Of the companies that qualified, Jim profiles 12 companies that did not only that but stayed successful for the following 15 years. From that he makes the following points:

Good is the enemy of Great

…is Jim’s first point. He describes great employees as Level 5 employees and good employees as Level 3. All the successful companies had Level 5 employees in place during times of transition, which Jim discovered through statistics not opinion. It was this Great employee that made all the difference. His subtle point is that lousy employees get fired, Level 5 employees take charge and make change and the Level 3 guys – the ones that are just good – eventually drag down a company’s potential. Make sure you have Level 5 employees.

Brutal Reality

Jim’s Second Point is that great companies have a brutal sense of reality. The managers are able to look at the business objectively, they are able to change direction, fire level 3 guys and maintain the progress based in a conscious look at the facts. Great companies understood that people don’t make the business – the right people make the business.

The Little Engine That Could

Great companies didn’t get bogged down with short term results. They kept pressing ahead knowing that every little push in the right direction would lead to the momentum on the other side of the hill. Their focus and their mission remained strong and people knew which way to keep pushing.Jim Collins’s book gives business owners some serious things to think about. If you’re one of them, take Jim’s lessons and mastermind with your executives. Are you constantly pushing in the right direction, with the right people? And are you ready to make a change when reality set in?