I got a fantastic message today from a good friend in the US – We first started working together quite a few years ago when we were both in fledgling business ventures.
Me: “How’s Business”
Her: “Good, a little too good!”
That’s what I like to hear!
I’ve given her a lot of my own business over the years, and I’ve provided her with a lot of other peoples business too. In many cases I’ve helped her squeeze higher profit margins and sometimes still a commission for me. For the most part I’m referring other business friends to her on a “mates rates, no commission” basis.
We spoke at length about expanding her business – which she did by 45,000% in the space of a few months. We’ve maintained a great relationship.
I pay her immediately, I keep trying to find her more work, and in exchange she prioritizes my work and keeps my prices at rock bottom. This is invaluable in my business and helps me get higher profit margins while still undercutting the competition.
This is the story of one person – but I’ve got relationships with lots of similar business people who started off where I did, as a fledgling. To date, without exception, the businesses within my network who’ve embraced the concept and shared leads, services and resources, have grown substantially and profitably.
The point of this post is absolutely not to boast about this – more I’m describing a concept that I feel is extremely beneficial for business startups.
If fledgling startups work together generously, each will inevitable help the others succeed, thereby succeeding themselves.
In my opinion Greed is the biggest barrier to a successful business.
- Paying yourself loads
- Paying sales staff nothing with unattainable commissions structures
- Driving down suppliers on price to a point of silliness
- Being paranoid with ideas
- Trying to charge stupid profit margins
- Demanding commission on every referral
- Getting more at the expense of your integrity
Don’t do it – it’ll be your own demise.
If you share my philosophies on business lets speak soon because I’m looking forward to joining you for an evening barbecue on your yacht in the Mediterranean.