We wrote the book on building ethical businesses...literally wrote the book on it!
   |  Planet
Subaru co-founder Jeff Morrill wrote a book about his experiences
gathering the team that built Planet Subaru. He shares the principles
and techniques used to create the world's first undealership. Order your copy today. See an interview with Jeff discussing the book's genesis and contents below. |
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Brief Excerpts:
Author E.L. Doctorow said of driving in fog at night, "You can only see as far as your headlights, but you can make the whole trip that way." He was referring to the art of beginning a novel, but his keen observation also applies to business and life: you can't prepare for every possible eventuality at the beginning of a project. For most things, you just have to get started and figure it out as you go.
My brother and I opened our first company, Planet Subaru, in Massachusetts on October 2, 1998. John was thirty-two and I was twenty-six. We did not begin with any financial wealth, inherited or otherwise. We had some modest savings, and we borrowed a few hundred thousand dollars to purchase and capitalize the business. Then we borrowed a few million more to pay for all the cars. We were perilously leveraged, so we needed to achieve profitability immediately. The predecessor dealership, Norwell Subaru, had opened in April, went bankrupt in August, and lost a half million dollars in between.
From Chapter 3, Hiring:
Hire the right person even if they have no experience. Many jobs are straightforward enough that the right people can learn the fundamentals and start contributing quickly, even if they've never done the job before. You can't change someone's character, work ethic, or native intelligence, but you can develop skills. For example, the US Navy spends years training fighter pilots. But how about the personnel on aircraft carrier decks who launch the screaming jets into the air with steam catapults? Some load high explosives while others taxi the aircraft. These extremely hazardous positions require expert abilities, but the Navy qualifies sailors to perform these jobs in less than a year. These twenty-somethings play supersonic dodgeball with 30-ton war machines on a frenzied air station smaller than a football field. Remember this next time you're tempted to run a recruiting ad that requires five years of experience and a master's degree.
From Chapter 4, Leading the Team
Be cautious with outside executives. Former House Speaker Sam Rayburn said, "A jackass can kick down a barn but it takes a carpenter to build one." It's the same for your culture-the wrong hire can cause significant damage. The more authority given to a position, the more harm outside hires can do to your culture, because they have more power to screw things up. We believe in growing and promoting our own team members so we know exactly what kind of people are making the important decisions for the company. Plus, morale increases when your people see a meritocratic path to advancement. Since new hires are unknown quantities, we prefer to bring them in at entry-level positions, where we can immerse them in our ways of doing things, and then let the cream rise to the top.
Contents of the book:
You really can outsell your competitors without selling out your integrity. Contrary to popular belief, taking the high road really is the straightest path to the bottom line. You'll learn how to earn more profits consistently in business while staying true to your values.
Here are just a few things you'll learn how to do by reading Profit Wise:
Create a win-win business that makes life better for everyone: the owners, team, customers, investors, and community. When everyone around you feel like they're winning, they'll help you keep winning too.
Build an exceptional company culture so everyone on your team experiences fun and fulfillment at work. When you meet their needs, they'll go above and beyond to meet the needs of your customers.
Design a magnetic, straightforward hiring system that attracts and retains the best talent. With a productive team that shares your values, profits go up and problems get solved.
Develop leadership skills so you and everyone on your team collaborates effectively. When good leaders consistently make wise decisions, good results follow.
Adopt a digital marketing strategy without spending a lot of money to reach your ideal customers right when they're read to buy. When your customers find you online above the competition, sales come automatically.
Delight your customers so much they'll never shop anywhere else and your loyal customers will tell their friends and send a never-ending river of new leads for your business.
Negotiate like an expert so you get what you want, and others do too. Great negotiators create good deals and build long-term relationships that will continue to serve you in the future.
Use decision-making systems so you don't have to waste time repeatedly fixing the same problems. Permanent solutions free up your time and energy to invest in more enjoyable projects that grow your business.
Control your time effectively so you don't get overwhelmed or burned out. When you take care of yourself, you will be able to actually enjoy the money you earn and the opportunities you create.
Use a simple intention-setting process to close the gap between the person you are and the person you want to be. When you know exactly where you want to go, you're much more likely to get there.
