Here are 6 lessons from Les Schwab — founder of Les Schwab Tires— on creating a business that absolutely dominates your industry, and lasts after you pass…
It comes from the awesome autobiography “Les Schwab – Pride in Performance”.
Recommended by Charlie Munger as one of the greatest business books that every investor and entrepreneur should read.
-
Create your own “Schwabism” —— Les had a set of rules in his business. That he created based on what he believed was the right way. Not what the other competitors were doing. And make sure everyone in your org understands this philosophy.
-
Don’t micromanage —— Instead, give all the responsibility and authority to your managers/employees/contractors, that they can handle.
-
Be inclusive —— Let your people know what you have planned. Let them know the 10,000-foot view. This (For me) has created very responsible contractors who think for themselves rather than just rely on me.
-
Never belittle or ridicule your people —— I’ve seen this firsthand turn into resentment. Resentment then turns against you. This includes your vendors. In fact, I’ve had 1 client treat my staff like garbage. I in turn treated him the same and blacklisted him from my business.
-
Ask for their advice —— It gets them involved more. Having them take pride in what they do.
-
Thank them —— don’t forget to show your appreciation. I do this often with my staff. And it creates loyalty.
-
Be a promoter. Outsource the rest —— Les built a business where the store managers had profit share. This gave them responsibility enough to run the store while Les did what he was really good at: Make deals, be the face of the company, and promote (via TV ads, JV deals with other companies and print advertising).
Speaking of outsourcing…
You can figure out how to create your own marketing follow-up system and try to have FAPgpt (hat tip to Ben Settle for that hilarious name), where the cadences and messages are awkward and sound like a Ferrari salesperson trying to door knock and sell in a blue-collar neighborhood…
… Or you can have a system done for you, built by the best in the world (in REI email, SMS, and motivated seller copy), that’s proven and pays for it with only 1 deal.
Get on a call with me this week
Paul do Campo