If anyone knows what it takes to run a successful corporation Jack Welch is that person. The former Chairman and CEO of General Electric at one time lead the company to be one of the most successful in the world. Welch became a great leader by becoming a great lifelong learner. In this video NetCom Learning Chairman and CEO will share why he believes in Welch’s statement that the best run organization is a learning organization and how the ability to learn and translate that learning into action is a competitive advantage.
Jack Welch, A Best Run Organization is a Learning Organization by Russell Sarder: CEO, Author, Business Magnate
Russell Sarder is an American business magnate, author, and CEO of NetCom Learning. In this video, you will see Russell give a presentation during a book signing organized by Savio Chan, Chairman and CEO and USPAC and hosted by Hub International on October 25th, 2011. Sarder’s main purpose of this presentation was to promote the values of lifelong learning. Sarder explains how the most successful people are passionate lifelong learners as well as avid readers. By the end of the presentation, Russell encouraged approximately 40 attendees to stand up and cheer that they are all lifelong learners.
There are certain skills that every entrepreneur should know in order to become a successful business person. The most important of those skills is developing business acumen. How do you know if you have developed the business acumen needed to become successful? Russell Sarder will tell you exactly what it takes in this video. Find out how to identify if you have what it takes to succeed in the world of business.
NetCom Learning is on a mission. That mission is to grow profitably each year by becoming the most respected and trusted learning company in the industry. NetCom Learning is doing that inviting knowledgeable people who are enthusiastic about learning. In this way, the company is experiencing profitable growth. Profitable growth is important to any company because it has far reaching effects; profitable companies are good for the economy and good for the country. NetCom Learning is doing its part to foster a community of learners ready for success.
In much the way everyone learns at different rates, everyone loses information at different rates as well. Find out why you don’t know what you did several years ago and how fostering a passion for lifelong learning is important to offsetting the amount of information you lose through the years. Russell Sarder, business magnate, award-wining author of Learning: Steps to Becoming a Passionate Lifelong Learner, an CEO of NetCom Learning will explain what you need to do to continually replenish your knowledge base.
“In our new knowledge economy, if you haven’t learned how to learn, you’ll have a hard time.”
Management guru Peter Drucker makes a key point regarding learning in the modern economy: if you don’t know how to learn and adapt, you will struggle to survive and progress. I have found that becoming a lifelong learner has helped me improve both myself and my business to no end. Of course, with the development of the Internet and technology, there are ever more methods for learning available to us, and I use all of them. The diagram below illustrates the most important methods for effective learning:
If you want to be on the top of an organization, you must understand basic finance. Finance is critical in the successful running of an organization. The U.S. Small Business Administration organization reports that 50% of small businesses fail within the first five years of operation. In the book, “Small Business Management,” Michael Ames lists a number of reasons for these failures. Half of the reasons cited are related to finance, namely:
- Insufficient capital
- Over-investment in fixed assets
- Poor credit arrangements
- Personal use of business funds
Since business survival depends so much on the understanding of financial issues, it is imperative that business leaders have a good grasp of financial concepts. A lack of understanding can lead to poor decision-making with regards to money, which may ultimately lead to the untimely demise of a business.
At a very basic level, there are two income flows within your business. One is revenue (money coming in), and the other is cost (money going out). Revenue should not be confused with profit. Profit is the money that your business makes when you deduct cost from revenue. Revenue and profit are not one in the same. To achieve a profit, revenue must always exceed cost. Good business leaders will always be asking themselves the following three questions:
How can I increase revenue?
Increasing revenue be achieved in a number of ways. For example, raising the price of a product or service is one method of bringing in more revenue. Businesses considering taking this approach need to be sure that their customers will be willing to pay the new price before raising the current price. Another common business approach is to raise Average Revenue Per Unit (ARPU). A unit is a customer, so the idea behind this approach is to increase the amount of products or services that you are selling to each customer. This is a popular method because it is usually cheaper to sell to existing customers than to find new ones.
How can I decrease cost?
Decreasing cost can be accomplished by either cutting back or improving efficiency. To cut costs, you may choose to reduce staff, spend less on marketing, or slash the company’s training budget among other options. When you decrease costs by cutting back in any area, you need to be sure that you can continue to offer your customer a product or service that they will be happy with. Cutting back and losing customers at the same time is not the goal. On the other hand, improving efficiency is a great way of decreasing cost. By looking at efficiency, you may find that you only need two people instead of three to achieve the same goal. Often, this entails having employees work in a new, more efficient way.
How can I improve cash flow?
Improving cash flow is all about optimizing the time when you take money into the business and when you pay it out. Good finance managers know that most bills can be paid up to ninety days without incurring penalties, and so they will pay at ninety days in order to gain as much interest as possible on the funds. Conversely, they will chase clients to get money coming in much earlier than ninety days. The goal is to keep money in your account for as long as possible so that interest accrues.
Here is what we have covered in top level with you earlier today:
The Profit and Loss Statement shows funds coming in (revenues) and those leaving the business (costs). In this example, there are two main revenue streams – that of tuition and those associated with other related items such as course materials (books).
Costs are broken down into different sections. There are costs associated directly with providing the service. These costs include instructor fees, printing of course materials, renting of a classroom, and provision of food and accommodation to clients. Other costs include marketing and sales, salaries, utilities bills and more.