Monday, March 24, 2008

What's Most Important? Profits? Customers? Employees?

This question was posted by Inc Magazine Here:
http://blog.inc.com/boss-school/2008/03/whats_most_important_profits_c.html

Question:

It's important for every boss to understand what his or her critical functionsare. These might change significantly as you grow. You might, for example, start out doing all of the sales for your company and end up doing very minimal sales as you grow. But it's important for you to decide what's most important to you.

When I started in business, I used to think my one and only job was to take care of the customers. As I grew, I found out the hard way that it's very easy to have happy customers but still not make any money. Inappropriate pricing or lack of control over costs can quickly turn what seems to be a profitable sale into unproductive busy work. It took me a few years to figure out that having happy customers and making money is clearly related to having happy employees. My big revelation came years later when I realized that I find tremendous payback in knowing that I have made a positive impact on my employees by offering them opportunity, security, self-respect, and a sense of mission.So what's important to you? Are you happy with just one or two of the three: happy customers, good profits, and happy employees. I have seen many companies that have managed to survive with just one or two of them. Or do you want it all?

I felt compelled to chime in, and here is my response....

Employees are by far the most important part of any business. My corporate advisor and I had a discussion very recently about how one company differentiates over another in the same industry. Fundamentally, the only thing that is truly different about them is the people working there.

If you take away all our customers, revenue, and processes tomorrow, but allow us to keep the same staff; we will have a new business generating revenue, and creating value for our customers in no time. I truly believe this fact.

At Web Advanced, we do our best to provide our staff with everything they need. We are not a huge company, but we are growing at a pretty good speed. Our success is only possible with our committment to bring in quality people and provide our staff with what they need to become successful.

Sincerely,

Vic Liu
CEO
Web Advanced
www.webadvanced.com

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