3 rules for success: Michael Raynor

I was lucky to be part of the team that organized TEDxUniversity of Nevada 2014. The event was total success, the quality of the presentations was absolutely amazing. But there was one speaker in particular that really called my attention, his name was Michael Raynor. After analysing 25,000 companies over 45 years of accumulated data, Michael was able to summarize the 3 keys to success on his book The Three Rules: How Exceptional Companies Think.” Please watch his presentation below. 

  1. Better before cheaper: The most successful companies always prioritize quality over a price. As Michael I believe that quality is not a trade-off, it is important to understand that quality is one of the most important ways to create value. It doesn’t matter what we sell, we should always focus on delivering a product that performs, is reliable, and exceeds expectations.
  2. Revenue before cost: Probably the first thing that we think every single time, is to cut costs. We hear it on the radio, on TV, everywhere. But if we cut cost on hard times, we end up boycotting our own success. I know that is un-natural to think, but in the more complicated economic situation, we should always prioritize revenue before cost. As he says “a dollar more of revenue is worth more that a dollar less on cost.” Cost-cuts will eventually affect the quality of your operation.
  3. There are no other rules. 

I think if we apply this rules to our company, small business or just life, we can be able to make a difference. For more information you can follow Michael Raynor on Twitter.

Thanks for reading and please follow my blog!

 

Peace

Ricardo.

 

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