Page 44 - Business Mastery for Exponetial Profit make more work less ver1 220721A5

imagination is important.

To round up this part, I would like to speak about your competitors.
There are 2 different extreme versions of how to approach
competition, you will have to decide what is the best approach for
your business. Perhaps, you may find a middle ground between
the two extremes.
Let me start with Henry Ford who was one the greatest
entrepreneurs to ever lived. His influences remain in
manufacturing up till today. He was the one who pioneered the
‘assembly line’ for mass production. This discovery happened
because he wanted to produce an affordable car of high quality
that the masses can buy. He started manufacturing hundreds of
cars per annum to manufacturing millions of cars per annum. If you
see the car with the badge FORD, that is his legacy. They are still
waxing stronger in the car industry today after more than 100 years
after his death. This quote will give you an idea on his view about
competition
The competitor to be feared is one who never bothers about you
at all but goes on making his own business better all the time. -
Henry Ford.
The way Henry Ford operated his business was without regard for
competitors. He had the internal drive to provide the best of service
to the community. As a result he was relentless with his search to
provide the best service possible. What was fascinating about his
method was that he put himself and the company under enormous
pressure to find efficiency savings constantly. Henry Ford would
announce a reduction in price from say 800 dollars per car to 750
dollars without knowing how to achieve it. He would then say to his
team after the announcement, we must find a way to deliver to
customers at the price and still make a profit. They would start the
process of study to find savings. Every hand must be on deck to
get this done and when they had done that successfully, they
would heave a sigh of relief. Not yet, because next year, he would
announce that the same car would be sold for 700 dollars without
knowing how to achieve that. This continued for about 8 years in
a row and they always turned a profit and the demand went
through the roof. Therefore, he had the field to himself because his
competitors were producing to order and ripping off the customers.

42