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According to Jack Welch, former Chairman and CEO of General Electric, winning in the business world relies on practicing these basic principles:
•The importance of a mission statement and values for a company.
•How a lack of candor is bad for business.
•Differentiation isn’t cruel and Darwinian, but fair and effective.
•How to manage crises under the guidance of a plan of action.
•How to find a job that you will love, get a promotion and manage a work-life balance.

As a small business owner and/or operator, this may seem like corporate-talk and the substance of board-room meetings for large companies – not for a business of less than 5 people running healthy vending machines.

However, these are all applicable if you take time to think about it:

Your mission statement. It must answer one question: “How do we intend to win in this business?” This is something we help you figure out in our intense training event for new Partners: HUMAN’s Business Building Bootcamp.

Candor. Welch says “lack of candor blocks smart ideas, fast action and, and good people contributing all the stuff they’ve got.” Are you candid with the performance of your route drivers about their performance and attitude? You’re doing them and you a disservice if you are not.

Differentiation. Not wanting to manage many employees is why many people enter the vending business in general. However, if you plan on building a healthy vending empire you’ll need an all-star team to handle the daily operations. Differentiation refers to rewarding your top performers, motivating the majority and attempting to engage them, and cutting your low-performers. (Interestingly, this theory should apply to how you manage a planogram…)

Managing Crises. Best quote from the book on this: “On one hand, you’ve got to throw everything you’ve got into understanding solving the crises. At the same time, you have to put that activity into a compartment and carry on as if nothing is actually wrong.”

Loving your job and finding a work-life balance. This is tough to find no matter what you’re profession. Welch shares 3 best practices to achieve this important balance:

1. Be focused on where you are and whom you are with.
2. Have the mettle to say no to requests and demands outside your chosen work-life balance plan.
3. Outside of work, clarify what you want from life.

skelly

Biomedical Engineer who earned his degree from The Johns Hopkins University & Columbia University. Named one of Forbes’ Top 30 Under 30 in 2013. Co-Founded America’s first Pure Play healthy vending company in 2003.
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