It’s tough to sell anything if you don’t know the name of your buyer.
When someone says “Our People Make the Difference”… I always roll my eyes. We all hire from the same talent pool. No employer really has an advantage … and no large group of people can be that amazingly different from any other large group of people.
Or so I thought…Until I read some amazing research that has convinced me that there is one way that employees can actually drive real differentiation and profits.
The study compares two well-known and very similar retailers in the USA: Costco and Sam’s Club.
The first, Sam’s Club, pays their employees an average of just over $11 per hour and about 21% of their employees quit each year for various reasons.
Costco, however, pays their employees $16 per hour and replaces just 6% of employees each year.
Said another way, Sams Club pays less for salary, but 350% more for recruiting, hiring and training expenses than Costco.
Even more impressive are the differences in sales at the two companies. At Costco, where higher-paid employees stick around longer (and thus are probably better trained, happier, and more knowledgeable about the store), sales are $795 per square foot.
Every entrepreneur dreams of rocketing to success with the help of a million-dollar investment from a venture capital firm.
Just as athletes dream of Olympic Gold and climbers pine to scale Mt. Everest, entrepreneurs will always strive to attract Venture Capital dollars.
I’ve helped dozens of entrepreneurs raise millions of dollars of venture capital and along the way I’ve discovered a few secrets. So if you find yourself dreaming of venture capital, dream big and follow these simple rules:
Finding enough money to launch or grow a company is tough… even when you’re not in the middle of a great recession. We all look to banks to help out when we can, but bankers are not the most imaginative bunch.
(Will your company be too small to succeed?)
You have a business — or an idea for a business. But do you have any idea how big your business can grow?
At some point, every business owner feels it.
It starts with a tightening of the chest. Then there’s the ache in the pit of your stomach. And the fuzzy feeling in your head.