Proud SBAA sponsor Servcorp’s founder and CEO, has been in business for over 50 years, on the rare occasion he shares advice to our readers – it’s worth listening to!
Mr Alf Moufarrige started Servcorp with a piece of chalk to divvy up his MLC office floor in 1978 to share with other businesses. By all accounts, you could say this is the earliest record of a ‘coworking’ business.
Since then, Servcorp can be found in 24 countries, across 160+ locations, serving just over 40k businesses. Not bad for a man from Mudgee! (If you have never heard of Mudgee, don’t feel bad- you can find it here).
Here are nine ways from our CEO and in his words, how he has been able to build Servcorp today.
- “Build your machinery sheds before you build your house”.
There is an old bush saying, ‘build your machinery sheds before you build your house’. The theory being that you need to work out what income you can produce off your property before deciding to create your own personal lifestyle. The same applies in business.
- YOU run the business.
It’s your job to make all decisions relating to your business. It’s not the banks job, the accountant’s job, or your attorney’s responsibility – it’s yours.
You listen to their advice, but YOU give them instructions and ensure your team understands you will be the guiding hand. Delegate specifically.
- The 70% Rule.
Everybody just wants a decision made and clearly enunciated. Sometimes you will be wrong but if you are right 70% of the time, you will win. The better you get with listening and delegating, the higher this percentage gets.
- Collect the cash!
If you’ve done the job, make sure you collect the cash – you are owed all of it.
You are a business first, not a charity. Once your business works, you can give to real charities.
- Be fast.
It’s good policy to provide instant services to those that pay instantly.
- Price it right.
If you buy for $1 and sell for $2 normally, you make no money. You have to buy the product and invoice the product. Some of the product will not be sold and some will be bad debt. If you buy for $1 you must sell for $3 or above, otherwise you will not survive.
- Avoid the duds.
Even if you have a very small team, never keep the duds. Their job is to please you.
- Be the best in your class.
If you don’t absolutely believe that your product is saleable and the best in its class on the market, ditch it.
- Now sell your product.
And remember, if it’s not fun or profitable, why do it?
Provided by SBAA Sponsor Servcorp.