Six Point Star Philosophy on Management
... provide exceptional products on a constant basis. If the product is good, but is not readily available, their loyalty will decline. Innovation of goods is a key factor with these groups, as well. If they lose interest the same, old items, they will seek a company that is changing with the times and current trends. The next important point is the law. The company could be bringing in monstrous profit, but if the law is broken, the success would be tarnished. Many CEO’s of major corporations have been arrested for financial scandals, and their businesses have followed their footsteps and went to shambles. Enron is an excellent example. A business should hire the best law consultants and adhere to their advice. Simple infractions could be made with regards to antitrust or labor, and there would be a stiff penalty. The law is something that is not meant to be broken in the business world. If it’s not followed strictly, especially after the recent scandals, the government will not hesitate to tear the company to shreds. The next point is vital for any company’s production, and this focus is on the personnel. They come to work everyday and provide the goods for the management. When the employees are not satisfied, the quality of work will suffer. It is imperative to always treat them with the utmost respect. The salaries must be fair and somewhat generous to attract skilled workers. There must be opportunity to be promoted in the company, too. If there are a few employees rising above the rest, give them a little raise or even appoint them to a higher position. A few “rags to riches” stories will inspire most to give 100% of effort day in and day out. Also, a friendly atmosphere must be kept throughout the business. If nobody communicates or the employees have intolerable working conditions, not many will want to come into work everyday. In a sense, these people are the company. If you do not have a supply, there would be absolutely nothing to provide to the customers. There would be no work for the personnel. The suppliers are very important to a company. To run an efficient operation, the product must be readily available and delivered with consistency. Lower prices are also an excellent factor to look for in a supplier. With finding a supplier, a loyalty eventually develops between the company and the product that is supplied. They may not have the absolute lowest rates, but they deliver the product on time and give other benefits, like technical assistance. If a company decides to switch, it should not simply be for the issue of better pricing on supplies. This ...