A Business Lesson from a Bug Exterminator

At Boot camp we do a session on the power of guarantees, it’s one of the 18 profit-driving leverage points we teach.  My favorite example of the articulation of a powerful guarantee was that created by Alvin “Bugs” Burger for his business, Bugs Burger Bug Killers (BBBK). Continue reading “A Business Lesson from a Bug Exterminator”

Your Customer Value Equation

It’s an oldie but a goodie.  I’m referring to Heskett, Sasser and Schlesinger’s book The Service Profit Chain.  It was first published in 1997 but the substance it contains is as relevant today as it was then.

One of the concepts they introduce is the Customer Value Equation which reminds us that from the perspective of a customer, value is simply the sum of results and process quality divided by the price paid plus the cost incurred by the customer to receive the service. Continue reading “Your Customer Value Equation”

Something is happening in the UK that no accounting firm can afford to ignore

Before I get to what that is I want to talk about the most important driver of long term firm profitability. It’s customer loyalty—I bet you’re not surprised.  Back in the 70’s and 80’s much research was done on what distinguished high profit companies from the rest of the pack.  Continue reading “Something is happening in the UK that no accounting firm can afford to ignore”

Why Strategy Matters

I’m told the word “compete” has its roots in the Latin phrase con petire which means “to seek together.”  That sounds at odds with the contemporary use of the word competition but perhaps that’s what it really is all about — seeking to actualize your potential by testing yourself against the best opposition. It’s not about winning, it’s about realizing your potential and if you’re not winning you know you have a way to go but in the process you are always winning because you’re moving towards the realization of your potential. Continue reading “Why Strategy Matters”