Today’s post is by Randy Russon, founder of TOPCFOS
Welcome to our Blog today! TOP CFOS offers the finest CFO services to companies anywhere in the world who want to take their organization to the top. We absolutely love being a part of your team. We also love to be the catalyst behind your firm’s soaring profits! And, for your convenience, we provide an RSS feed down at the bottom of our website so you can subscribe to our Blog. Today’s post comes from the Strategy category on our website and is entitled Competition Creates Efficiency.
Everyone in business is there for one reason – to serve more customers and make more money. The free enterprise system in America has created one of the finest economies the world has ever known. As consumers, there are so many products and services to choose from that we are overwhelmed at times. We almost have too many products to choose from. And, competition has been a driving force in creating all of this.
Competition brings out the best in everyone. Whoever is the best at what they do usually wins the prize in the end. So, why does competition create efficiency? Let’s say you head downtown to order pizza. And, there are pizza shops on both sides of the street that serve equally good pizza. If one shop has learned to crank out your order in 15 minutes, versus the shop that takes 30 minutes, which shop are you going to order pizza from? Of course, the shop that will have it done in 15 minutes.
Just north of my office there is a pizza shop called Malawi’s Pizza. They have developed an incredible ordering system where the wait time for their customer’s is minimal. The following can be found on the home page of their website:
WITHOUT THE WAIT
Even though our food is made-to-order, we’ve
perfected the way we prepare our food so you can start
enjoying the food sooner!
This is a perfect example of what competition has done for this business. The owner knows customers don’t like to wait for their food when they order. And he has met this need. Car repair shops are another example of how competition creates efficiency.
The shop that can get your car fixed in half the time it takes the guys across the street will end up winning your business. The shop that is more highly organized will be much more efficient than the shop that isn’t. Organization is really at the heart of efficiency. A common phrase I’ve heard many times before is “A place for everything, and everything in its place”. And, this in a nutshell is what being organized is all about. The shop that is highly organized will be able to find their tools in half the time so they can get your car repair done quickly and efficiently.
Also, another factor that drives efficiency is having more competitors. The more competitors you have, the more you are forced to be efficient, because only the best will survive.
We hope you’ve enjoyed our Blog today. Please remember, TOP CFOS offers the finest CFO services to companies anywhere in the world and would love to be a part of your team. Feel free to reach out to us anytime. Your feedback is most welcome, and we invite you to share this post with friends and associates. Our contact information can easily be found here on our website, so give us a call today! Our next post will come from the Government category on our website and is entitled The Beauty of the Free Enterprise System. And, thank you for joining us!