Congratulations! You’ve just thought of the next big whiz bang gizmo. Everyone is going to want one. Just one thing, where are you going to manufacture that? Should you outsource to Asia? They don’t always honor intellectual property the way we do. Maybe you’d better go domestic.
You’ll need to locate and equip a factory. Then there’s the hiring and training of a workforce to run that factory. If you choose to outsource, will the resulting loss of control compromise your trade secrets and still deliver the quality you want?
You’ll need to raise capital. Don’t forget about patent protection. Make sure you’re properly insured.
Once the factory is up and running, you’ll need to meet payroll, pay vendors, ship product in full and on time and then bill customers. Not all your customers will pay on time, so before long, you will be immersed in receivables management.
Before there can be any customers, there has to be a salesforce. That’s likely to be just you in the beginning, but as this thing takes off, you’ll need to find and train this unique bunch of vital contributors.
This process above is hardly comprehensive. But it begins to give you a glimpse of what is involved with bringing a new idea to market, even a great idea. Fail at any one of these challenges and your product idea is likely to become just another fishing story.
That’s why the first secret to success in business is the excellent execution of mundane details. There is a second secret that will come in a moment.
The Excellent Execution of Mundane Details
In fact, you can skip the trouble of trying to dream up the next new thing. Succeeding at that is incredibly hard and unlikely. Even so, being able to execute with excellence on mundane details is more valuable.
It means that any business you should choose to run can be a runaway success. Yes, location and timing will still be important. Many businesses that had potential never achieve lift off because they are undercapitalized. But even location, timing and financing fit into the realm of mundane details!
Some examples will be illuminating.
Consider Chick fil A versus McDonalds:
| Chick Fil A | McDonalds |
| $8.6 Million in annual sales per store | $3 Million in annual sales per store |
| Open six days a week | Open seven days a week |
| My order is associated with my name | My order is associated with a number |
| Staff is enthusiastic | Staff is apathetic |
| Staff most likely to say: My pleasure! | Staff most likely to say: Have a good one |
| Chicken sandwich is industry leader | Chicken sandwich an after thought |
| Waffle fries are always excellent and hot | French fries are excellent but sometimes cold |
Obviously, much of this is subjective. These are two competitors in the same industry often located in proximity to each other. But what’s not subjective are store sales.
In the apartment business, we rise or fall on things like whether the bushes are trimmed, the grass is cut and the clipping blown off the walkways and parking lots, the hallways are cleaned, weeds removed, litter and pet waste cleaned up and so on. If these aren’t mundane details, I don’t know what is.
None of these things are hard to do. But if that’s true, then why are many landlords doing such a crummy job? In my experience, poorly maintained landscaping, grubby hallways and overall poor maintenance and care are commonplace. I’m not complaining, I’m grateful that our competitors are making it easier for us to look good.
I’m always after our staff emphasizing the standard we’re trying to achieve with every apartment we turn over to a new resident is new construction. The paint has to be fresh and the carpets cleaned or replaced. Appliances have to be cleaned like they’re new out of the box. Bathrooms need to sparkle. Every cabinet and drawer needs to be inspected and cleaned.
And as if that weren’t enough, getting a unit clean and ready for move in and keeping it ready is another heavy lift. Often in winter, floors can be tracked up from wet shoes. In new construction, there is so much dust still settling that a brand-new apartment that isn’t cleaned 24-48 hours before delivery is likely to have a fine coating of dust. The only remedy is to clean and keep cleaning and check and recheck the apartments before they’re turned over.
Come back next time for more on the Secret to Success in Business.