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So I am sitting on a flight to Fiji at the moment and picked up the Virgin Blue Voyeur magazine. Id just like to share some of the lessons Richard Branson wrote about.
Richard Branson is a billionaire who loves to have fun. He has hundreds of businesses and is definitely someone to model. He knows how to systemise, gets teams working which enables him to step away from the business and work on other things that interest him.
First off he shares his look on the current global situation. He says billions have been lost and many people are struggling.
Though a lot of good has come out of it, people are spending more time with their family and friends, we have reconnected with life and as we have had difficult times we have realised there are people who are doing it a lot tougher than us.
People Richard Branson knows in charity actually have noticed a slight increase in donations which is great. It’s important everyone helps each other during tough times. Branson mentioned some very important business lessons.
Lesson 1: Know Every Aspect of Your Business
This is something a lot of managers forget, they don’t actually know every little thing about the business. When it comes to internet marketing, marketers usually do know their business very well as most people start to do it themselves.
Though it’s important to remember just because you know parts of the business doesn’t mean you have to do it. For example, I suck at programming I have no idea how to do it. I know how to write a scope, manage the programmer and get what I want which is what matters.
Branson said that the managers who work at Virgin Blue actually work handling bags during their training so they understand the nuts and bolts of what goes on.
Lesson 2: Take A Risk
Branson’s philosophy is to embrace new things and learn from your mistakes. Another big point he mentions is that managers should give room for their staff to fail, so long they learn from the mistake and make sure it doesn’t happen again.
You need to take risks, especially when it comes to internet marketing. The great thing about the internet is you can test quickly and it doesn’t cost much to know whether something will work or not.
Lesson 3: Hire For Attitude, Not Skill
This one is interesting because personally when outsourcing I always hire for skill and attitude is second. That being said if I don’t like their attitude I never hire them.
You can’t train attitude so attitude is the most important. You can train a smart person to do pretty much anything. Branson hires people who are positive, smart, like to have fun and take pride in what they do.
Lesson 4: Keep Teams Small
The smaller the team the better. With Virgin Records, every time a team reached 100 employees the company would open up a new branch (using the same accounts).
During this stage Virgin Records ended up with around 20 new companies. This enabled them to keep their team at a suitable size to work efficiently. If teams are too large there are too many communication problems.
Lesson 5: Offer Customers a Better Experience
It is essential for an organisation focus on their unique selling point (USP). Branson says organisations need to focus on their individual voice to stand out. That combined with giving customers a better experience is a huge key in a businesses success.
So there you have it, some priceless lessons from a billionaire businessman. Think about how this relates to your current business.
Use this information and always remember, have fun!
Ben Brandes
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