1577: 3 Laws of Business Success by Brian Tracy on How to Create Value and Increase Customer Reach

[00:00:00] Sichere dir das neue Samsung Galaxy S25 Ultra mit der nächsten Generation Galaxy AI. Bei O2 mit doppelten Speicher und Galaxy Watch Ultra. Jetzt vorbestellen. O2 can do. This is Optimal Work Daily. 3 Laws of Business Success by Brian Tracy of briantracy.com. There are certain laws of the universe that are working, whether you know about them or not. They may even determine some of your success in business and life.

[00:00:30] Here are just three of the business laws to consider for success. Law number one, the law of purpose. The purpose of a business is to create and keep a customer. Many people think that the purpose of a business is to make a profit. However, while that may be the purpose of the individual who starts or invests in the business, a business is really a separate entity that has a purpose of its own. In fact, a good way to assess the purpose for the existence of a business

[00:00:57] is to imagine that the owners of the business had to appear in front of a tribunal each year and justify getting permission for the business to carry on. You will see immediately that making a profit would not be enough of a reason for the enterprise to justify its continued existence. The first corollary of the law of purpose is, profits are a measure of how well the company is fulfilling its purpose.

[00:01:19] You can tell that customer creation is the primary purpose of a business by simply observing that the majority of the time and attention of the most important people in any successful company is focused on the creation and keeping of customers. The level of sales and profitability that the company enjoys is the result or measure of how well the organization and everyone in the organization contributes toward the achievement of that purpose. The second corollary of the law of purpose in business is,

[00:01:46] profits are a cost of doing business, the cost of the future. Many people are confused about the role of profit. Some of them feel that profit, or even the pursuit of profit, is somehow associated with greed. The fact is that profits are good. It is profits that pay for everything. It is profits that pay for wages and development and all the many constructive things that a company can do when it is serving its customers well. The opposite of profit is loss.

[00:02:12] Where there are losses, there are reductions in economic activity, fewer jobs, and often the collapse of the enterprise. Where there are continuous losses in a business, there is no future for the people who work there. Anyone who is opposed to profit-making is therefore opposed to the future of the people who depend on that business for their livelihood. These people cannot have a future where there are no profits. Some people feel that profits are too high. Over an 80-year period, however, from 1920 to 2000,

[00:02:40] the largest companies in America have averaged annual after-tax profits of approximately 5% a year. Of the total expenditures of more companies, less the costs of raw materials for manufacture or goods for resale, almost 85% of all costs are wages, salaries, and bonuses. Wherever a country, or even a part of a country, has lots of profitable companies, it usually has lots of well-paying jobs and great opportunities for the people working at those jobs. How you can apply this law immediately

[00:03:11] 1. Look for opportunities to make your company more successful. Your ability to impact the profitability of your company is the critical determinant of your long-term success. Do you know the price and profit of your enterprise? What are your most profitable products? Where do you have an influence on the money coming into the company? 2. Identify the areas where you can help create and keep new customers. Look for opportunities to develop and promote new products and services.

[00:03:39] Find ways to build greater loyalty among your existing customers. Do something every day that increases your company's ability to create and keep customers. Law 2. The Law of Organization A business organization is a group of people brought together for the common purpose of creating and keeping customers. A business organization begins to form when the tasks that must be done to create and satisfy customers become too great for a single person.

[00:04:06] The founders must specialize and focus on the essential jobs that only they can do and delegate those jobs that can be done by others. New positions are then created and new activities are undertaken. The company expands its capacity to serve its customers. This growth process continues as long as the increase in people continues to increase the number of customers who are satisfied by that organization. How you can apply the law immediately

[00:04:32] 1. Determine your primary output responsibility defined in terms of how you contribute to the company's ability to serve customers. 2. Identify how your job is changing within your organization. Determine the changes you will have to make in your knowledge, skills, and activities to remain valuable, if not indispensable, to your company. Make a plan today to increase your ability to contribute to the critical results that determine your company's success. The Law of Innovation

[00:05:01] All breakthroughs in business come from innovation, from offering something better, cheaper, faster, newer, or more efficient in the current marketplace. In Peter Drucker's book, Innovation and Entrepreneurship, he discusses the seven major sources of innovation in business. He explains several ideas you can use to make innovation a way of life, both for yourself and for your business. The two major sources of innovation, according to Drucker, are unexpected success and unexpected failure.

[00:05:30] In the case of either, you must carefully analyze what happened to determine if a potential breakthrough has occurred. The tip-of-the-iceberg theory of critical thinking is especially helpful in examining successes, failures, or any unexpected events. Is this a single event, or is it the tip of an iceberg? Could this be the beginning of a trend, indicating a major shift in the marketplace? Many great business breakthroughs occur as the result of recognizing a trend in the market

[00:05:57] and then moving before anyone else to take advantage of it, or, conversely, recognizing a trend away from your product or service and moving to minimize your exposure and develop other products or services while you still have time. Perhaps the most significant trend of our age is the movement toward personal computers and the Internet. When the first personal computer was developed, IBM did its own research on the future of this product.

[00:06:21] IBM consultants came to the conclusion that the total world market for personal computers was only 300 or 400 units per year. The company decided to stick to the mainframes. Today, more than 50 million personal computers are sold each year, and mainframes have become secondary to the computer revolution. IBM ignored the tip of the iceberg. How you can apply this law immediately 1. Identify and analyze the trends in your business.

[00:06:50] Where are sales growing or declining? What are your customers telling you they want more of or less of? What should you be getting into or out of? 2. Admire your successful competitors. Where and how are your most successful competitors achieving the greatest sales and profitability? What are they doing that you could learn from and improve upon? 3. Analyze your biggest success and failures of the previous year.

[00:07:14] What valuable lessons do they contain that you can use to your best advantage in the months and years ahead? Remember that all great success is preceded by failure, and every failure contains valuable lessons you can learn from. What are yours? You just listened to the post titled 3 Laws of Business Success by Brian Tracy of briantracy.com And I want to take a moment to thank our author today, Brian.

[00:07:44] He has consulted for over a thousand companies, including several billion-dollar corporations, in strategic planning and organizational development. He's also a sought-after keynote speaker and seminar leader with special focus on personal and professional development. His talks and seminars have reached more than 5 million people worldwide. Brian's also written many books and audio and video learning programs to reach as many people as he can in order to help others achieve their goals.

[00:08:11] So come by his site, briantracy.com, for a lot more, including a copy of his free 14-step goal-setting guide, which is super helpful in keeping you on the right path. Again, that's briantracy.com, and I have that linked in this episode's description. And that's going to do it for today. Thanks so much for listening and for being a subscriber of the show, and have yourself a very happy Friday and start to your weekend. And I will be back here with you tomorrow with some more great content, and that's where your optimal life awaits.