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Double Your Profits: In Six Months or Less
"An excellent primer for anyone struggling to keep profits ahead of costs. . . . Double Your Profits ' 'take no prisoners' approach is refreshing." - William Byham, bestselling coauthor of Zapp! One of the nation's foremost management consultants shares seventy-eight proven ways to cut costs dramatically, send sales through the roof, and double profits in just six months. This timeless profit-boosting guide, considered a top management resource by business powerhouse Jack Welch, presents insights that are notable for their aggressive approach and contrarian perspective. Bob Fifer, former chairman and CEO of Kaiser Associates, shows us how to turn the tables on hardball-playing suppliers and competitors. He also challenges outmoded assumptions and explains Whether you're a mid-level manager, senior executive, or Fortune 500 CEO, you'll find this book is required reading for growing your company and improving your bottom line.
256 pages, Paperback
First published January 1, 1993
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Displaying 1 - 30 of 55 reviews
September 29, 2017
So, I read this book not because I was interested in doubling my profits, but because I currently work for a Heinz supplier and wanted greater insight into the management style of 3G - and, by extension, some understanding of what is happening in the tomato industry / the food industry at large.
This book sucks. I can't remember the last time I wanted to spit in an author's face.
I concede that Double Your Profits challenges sacred cows and espouses unpopular views. It is not the first to argue that might-makes-right or lean-makes-green. And I respect some elements of its cost-cutting philosophy, especially where egregious examples of conspicuous waste are concerned (lavish retreats, business-class international flights, superfluous meetings, etc.)
But the book makes these arguments in profoundly upsetting ways. This book is not intended for the small business owner or budding entrepreneur, but for established businesses in mature industries - teaching, as it does, how to leverage power in every conceivable scenario. There is also the theme of playing fast-and-loose with clients, customers, and suppliers, which raises questions about the very integrity of the author and his thesis.
I almost feel as if the ideas espoused in this book are worse than the manifestos or fatwas that have become commonplace in recent years, because these are designed to appeal to the educated and rich. Everything is legal and OK. But make no mistake: these poisonous views destroy whole communities.
This book sucks. I can't remember the last time I wanted to spit in an author's face.
I concede that Double Your Profits challenges sacred cows and espouses unpopular views. It is not the first to argue that might-makes-right or lean-makes-green. And I respect some elements of its cost-cutting philosophy, especially where egregious examples of conspicuous waste are concerned (lavish retreats, business-class international flights, superfluous meetings, etc.)
But the book makes these arguments in profoundly upsetting ways. This book is not intended for the small business owner or budding entrepreneur, but for established businesses in mature industries - teaching, as it does, how to leverage power in every conceivable scenario. There is also the theme of playing fast-and-loose with clients, customers, and suppliers, which raises questions about the very integrity of the author and his thesis.
I almost feel as if the ideas espoused in this book are worse than the manifestos or fatwas that have become commonplace in recent years, because these are designed to appeal to the educated and rich. Everything is legal and OK. But make no mistake: these poisonous views destroy whole communities.
August 7, 2020
Very short and straight to the point book.
The main part of the book focuses on cutting costs. It seems to work better in bigger companies - and not so much when your company is made of two people and their two computers. :)
After that initial "cutting costs" part, there are some points about negotiations and sales, and the importance of being persistent.
Besides the patent advice, I think there is a mindset that the author imparts in the reader, one about continuous improvement, pruning the superfluous and focusing on the essentials.
Overall, it is a quick read, and an apt reminder that - wherever you are right now - you can probably increase your profits.
The main part of the book focuses on cutting costs. It seems to work better in bigger companies - and not so much when your company is made of two people and their two computers. :)
After that initial "cutting costs" part, there are some points about negotiations and sales, and the importance of being persistent.
Besides the patent advice, I think there is a mindset that the author imparts in the reader, one about continuous improvement, pruning the superfluous and focusing on the essentials.
Overall, it is a quick read, and an apt reminder that - wherever you are right now - you can probably increase your profits.
November 10, 2013
This book was handed out by the CFO at a recent meeting I attended. A few interesting ideas, but mostly unusable. Couldn't help but hear the voice of Jerry McGuire's mentor (Dickie Fox) as I read: "I LOVE getting up in the morning! I clap my hands and say THIS is going to be a great day!"
Anyway, how can I take the advice of an author who would write, "When Apple hired John Sculley away from Pepsi to be CEO, they demonstrated that knowing consumers is more important than knowing computers."
Anyway, how can I take the advice of an author who would write, "When Apple hired John Sculley away from Pepsi to be CEO, they demonstrated that knowing consumers is more important than knowing computers."
May 28, 2023
Excelente leitura, extremamente prático. Por mais que alguns pontos, ao meu ver possam ser "too much", o conceito e proposta por trás do tema é realmente fantástico, te permite abrir a mente e vários aspectos do seu negócio, seja ele quaql o tamanho for. O final vai muito de encontro com o que eu penso acerca de propósito e o papel do trabalho em nossas vidas.
June 24, 2022
Meh. There is a little wisdom in this book (in large organizations, entropy and lack of control means constant pressure to expand budgets, underutilize assets, and generally waste resources), and a few specific things which might be useful to counteract that, but a lot of basically horrible or outdated-and-horrible advice, too. Mostly it is applicable to large organizations operating in steady-state (e.g. InBev, where this is apparently a required management reading book)
(Paying vendors as late as possible and not until they ask for it repeatedly; cheaping out on IT and every possible internal resource; underinvesting in people; etc. -- basically, how to create a business which people basically don't want to interact with as suppliers, employers, etc. There's a very anodyne "do anything for your customers" section on the revenue side, too, which I guess works if you're selling beer to stores, but if you've chiseled everything to the point the emaciated shell of your business has to provide real responsiveness to customers, it's not going to happen.)
(Paying vendors as late as possible and not until they ask for it repeatedly; cheaping out on IT and every possible internal resource; underinvesting in people; etc. -- basically, how to create a business which people basically don't want to interact with as suppliers, employers, etc. There's a very anodyne "do anything for your customers" section on the revenue side, too, which I guess works if you're selling beer to stores, but if you've chiseled everything to the point the emaciated shell of your business has to provide real responsiveness to customers, it's not going to happen.)
November 12, 2015
This is the book that is a required reading for managers at Ambev and by all companies when bought by 3G. It's very aggressive in tactics for reducing waste and making more improvements. Sometimes it looks harsh, but depending on the company and the market it makes lot of sense. Very good tool to choose what and when to apply ideas to improve profit.
September 2, 2016
Critics of the book don't get the point - this book is not to be taken literally and applied to real life without any judgment. Obviously if you're a mom and pop retailer buying from an industrial behemoth it may not be the greatest idea to unilaterally change payment terms. Nonetheless the spirit behind the book is great and should be required reading for company managers.
August 19, 2014
Livro de cabeceira do Marcel Telles, da Ambev. É uma leitura rápida , composta de recomendações bem pragmáticas .
November 10, 2012
Книга про вечно актуальный для любого бизнеса вопрос - как увеличить прибыль?
В принципе, все элементарно :) Любой бизнес - это такая денежная труба, в один конец которой денежки втекают, а из другого конца которой - постоянно утекают. Трубу эту надо любыми способами превратить в воронку: чтобы втекало МНОГО, а утекало из неё - МАЛО... А где-то посередине чтобы оседали в карманах у собственников заветные сверхприбыли :)
Сразу хочу предупредить, что книга - хорошая. В принципе, ей можно поставить твердую "пятерку". Правда, содержит она не 78 обещанных способов увеличения прибыльности бизнеса, а явно меньше :) Но даже если выбрать 10-20 из этих способов и довести до ума (т.е. внедрить) - то ощутимый эффект уже будет получен!
Для тех, у кого свой малый или средний бизнес (собственников, управленцев), и кто редко задумывается над оптимизацией / непрерывным повышением эффективности своего бизнеса, книга, несомненно, станет откровением :) В ней описаны все основные (но только основные :)) моменты снижения издержек и повышения прибыльности:
- прибыль должна стать главной целью организации не на словах, а на деле. Оценка и вознаграждение сотрудников должны учитывать не то, чем они занимаются вообще, а только на том, сколько реально прибыли они заработали для бизнеса
- вести жёсткие переговоры с поставщиками и смежниками, "прессовать" их, пока не скинут цены до миниммума
- последовательно избавляться от всех явных и скрытых нестратегических затрат: дорогой оргтехники и канцелярки, поездо�� бизнес-классом и т.д. и т.п.
- неприбыльных сотрудников безжалостно сокращать (по мнению автора, в любом бизнесе можно смело уволить 25-30% людей, без потери его эффективности)
...и т.д. В принципе, 95% предложенных автором способов сокращения затрат / увеличения входного cash flow для любого менеджера с образованием и со стажем работы от 3 лет будут простыми банальностями :) Но если вы "академиев не заканчивали" :) , и вообще "сам себе предприниматель" - книга будет очень полезна!
Теперь почему я поставил "тройку"... Два основных "минуса":
1) Книга проповедует "жёсткий" подход - построение сверхэффективной потогонной бизнес-машины, выдающей "на-гора" максимум прибыли. Эдакая соковыжималка-доилка прибылей из сотрудников и прочих доступных ресурсов...
Можно ли такую аццкую бизнес-машину построить на практике? Да легко! Но с некоторыми оговорками: а) это легко сделать на Западе, а не у нас. Ментальность другая. Многовековой опыт партизанской войны у населения опять же. Чем больше прессинг на наших работничков, тем изощреннее методы саботажа. И лично наблюдал множество ситуаций, когда очень правильные способы увеличения прибыльности просто буксовали и вязли в этом подпольном сопротивлении.
б) Майкл Портер в своей модели 5 факторов конкурентоспособности предложил замечательный термин "сила" (поставщика, клиента и т.д.). Это я о том, что "прогибать" под максимальную эффективность (прибыльность) своих поставщиков, своих собственных сотрудников и т.д. можно только в условиях очень развитого рынка. Иначе говоря, пока к вам (на вашем отраслевом рынке) не стоит очередь из жаждущих работать с вами поставщиков, персонала и проч. - гайки особо не закрутишь...
в) Увольняя людей, азартно сокращая и ужимая затраты на сотрудников, работодатель карму портит :) (или, как это нынче модно называется - свой HR-бренд :)). Проблема в том, что всякие "неприбыльные" статьи расходов (вроде отказа выписывать прессу на организацию, от представительских расходов и проч.) могут быть на самом деле серьезными (для сотрудников!) факторами нематериальной мотивации. Если их убрать, то сотрудники начнут искать эти самые факторы уже где-нибудь в другом месте...
Автор нематериальную мотивацию отрицает :) Считает, что это баловство, и что важно только денежное вознаграждение. Ну-ну... Так можно рассуждать, если вы лидер в своей отрасли, и ваши зарплаты раза в 1,5-2-3 выше тех, что по отрасли. Если зарплаты "как у всех", то людей удерживают на работе исключительно нефинансовые факторы. Так что, попробуйте - сократите их! :))))))))
От себя добавлю: любой бизнес - это определенная смесь эффективности и неэффективности, пропорция в о��ределенных долях. Я фанат эффективности, но я против 100% эффективности :) Эффективными на 100% могут быть абстракции, механизмы, господь бог - но не живые сущности (люди, организации)!
Какова будет доля неэффективности в вашем бизнесе? В чём именно и почему вы её допускаете / разрешаете? Как вы будете контролировать / удерживать / разумно уменьшать данный уровень неэффективности? Объективных ответов на все эти вопросы нет. Ответом является философия бизнеса. Ценности более высокого порядка, чем тупо прибыль :)
2) Положа руку на сердце, предложенные автором советы, конечно, практичны... Но по сути - детский лепет! Всё очень "по верхам". Есть серьезные методологии (и в умелых руках - очень практичные :)), позволяющие действительно эффективно снижать затраты и увеличивать прибыль - бюджетирование, контроллинг, ABC costing, Lean, управление качеством, управление дебиторской задолженностью и т.д., и т.п.
В качестве резюме: неплохая книжка для начинающих руководителей/предпринимателей.
Главный "плюс" книги - действительно много идей, на что в своем бизнесе надо обратить внимание, чтобы снизить затраты / увеличить прибыльность. Некоторые из этих идей (для меня 5%) довольно оригинальны.
Главный "минус" книги - агрессивная идеология (сокращать всё, что только можно хирургическим путем, отрезать всё направо и налево!) на фоне довольно поверхностного изложения (нельзя "резать", не понимая правильного рыночного и организационного контекста, удобной ситуации, долгосрочных последствий и т.д.).
Из-за своей поверхностности книга получилась довольно провокационной. Я уверен, что найдутся предприниматели, которые, проникнувшись идеологией книги, с азартом начнут "резать" расходы в своём бизнесе. После чего поимеют кучу проблем... Ну что же, вот тут и нам, консультантам, работа будет ;)
В принципе, все элементарно :) Любой бизнес - это такая денежная труба, в один конец которой денежки втекают, а из другого конца которой - постоянно утекают. Трубу эту надо любыми способами превратить в воронку: чтобы втекало МНОГО, а утекало из неё - МАЛО... А где-то посередине чтобы оседали в карманах у собственников заветные сверхприбыли :)
Сразу хочу предупредить, что книга - хорошая. В принципе, ей можно поставить твердую "пятерку". Правда, содержит она не 78 обещанных способов увеличения прибыльности бизнеса, а явно меньше :) Но даже если выбрать 10-20 из этих способов и довести до ума (т.е. внедрить) - то ощутимый эффект уже будет получен!
Для тех, у кого свой малый или средний бизнес (собственников, управленцев), и кто редко задумывается над оптимизацией / непрерывным повышением эффективности своего бизнеса, книга, несомненно, станет откровением :) В ней описаны все основные (но только основные :)) моменты снижения издержек и повышения прибыльности:
- прибыль должна стать главной целью организации не на словах, а на деле. Оценка и вознаграждение сотрудников должны учитывать не то, чем они занимаются вообще, а только на том, сколько реально прибыли они заработали для бизнеса
- вести жёсткие переговоры с поставщиками и смежниками, "прессовать" их, пока не скинут цены до миниммума
- последовательно избавляться от всех явных и скрытых нестратегических затрат: дорогой оргтехники и канцелярки, поездо�� бизнес-классом и т.д. и т.п.
- неприбыльных сотрудников безжалостно сокращать (по мнению автора, в любом бизнесе можно смело уволить 25-30% людей, без потери его эффективности)
...и т.д. В принципе, 95% предложенных автором способов сокращения затрат / увеличения входного cash flow для любого менеджера с образованием и со стажем работы от 3 лет будут простыми банальностями :) Но если вы "академиев не заканчивали" :) , и вообще "сам себе предприниматель" - книга будет очень полезна!
Теперь почему я поставил "тройку"... Два основных "минуса":
1) Книга проповедует "жёсткий" подход - построение сверхэффективной потогонной бизнес-машины, выдающей "на-гора" максимум прибыли. Эдакая соковыжималка-доилка прибылей из сотрудников и прочих доступных ресурсов...
Можно ли такую аццкую бизнес-машину построить на практике? Да легко! Но с некоторыми оговорками: а) это легко сделать на Западе, а не у нас. Ментальность другая. Многовековой опыт партизанской войны у населения опять же. Чем больше прессинг на наших работничков, тем изощреннее методы саботажа. И лично наблюдал множество ситуаций, когда очень правильные способы увеличения прибыльности просто буксовали и вязли в этом подпольном сопротивлении.
б) Майкл Портер в своей модели 5 факторов конкурентоспособности предложил замечательный термин "сила" (поставщика, клиента и т.д.). Это я о том, что "прогибать" под максимальную эффективность (прибыльность) своих поставщиков, своих собственных сотрудников и т.д. можно только в условиях очень развитого рынка. Иначе говоря, пока к вам (на вашем отраслевом рынке) не стоит очередь из жаждущих работать с вами поставщиков, персонала и проч. - гайки особо не закрутишь...
в) Увольняя людей, азартно сокращая и ужимая затраты на сотрудников, работодатель карму портит :) (или, как это нынче модно называется - свой HR-бренд :)). Проблема в том, что всякие "неприбыльные" статьи расходов (вроде отказа выписывать прессу на организацию, от представительских расходов и проч.) могут быть на самом деле серьезными (для сотрудников!) факторами нематериальной мотивации. Если их убрать, то сотрудники начнут искать эти самые факторы уже где-нибудь в другом месте...
Автор нематериальную мотивацию отрицает :) Считает, что это баловство, и что важно только денежное вознаграждение. Ну-ну... Так можно рассуждать, если вы лидер в своей отрасли, и ваши зарплаты раза в 1,5-2-3 выше тех, что по отрасли. Если зарплаты "как у всех", то людей удерживают на работе исключительно нефинансовые факторы. Так что, попробуйте - сократите их! :))))))))
От себя добавлю: любой бизнес - это определенная смесь эффективности и неэффективности, пропорция в о��ределенных долях. Я фанат эффективности, но я против 100% эффективности :) Эффективными на 100% могут быть абстракции, механизмы, господь бог - но не живые сущности (люди, организации)!
Какова будет доля неэффективности в вашем бизнесе? В чём именно и почему вы её допускаете / разрешаете? Как вы будете контролировать / удерживать / разумно уменьшать данный уровень неэффективности? Объективных ответов на все эти вопросы нет. Ответом является философия бизнеса. Ценности более высокого порядка, чем тупо прибыль :)
2) Положа руку на сердце, предложенные автором советы, конечно, практичны... Но по сути - детский лепет! Всё очень "по верхам". Есть серьезные методологии (и в умелых руках - очень практичные :)), позволяющие действительно эффективно снижать затраты и увеличивать прибыль - бюджетирование, контроллинг, ABC costing, Lean, управление качеством, управление дебиторской задолженностью и т.д., и т.п.
В качестве резюме: неплохая книжка для начинающих руководителей/предпринимателей.
Главный "плюс" книги - действительно много идей, на что в своем бизнесе надо обратить внимание, чтобы снизить затраты / увеличить прибыльность. Некоторые из этих идей (для меня 5%) довольно оригинальны.
Главный "минус" книги - агрессивная идеология (сокращать всё, что только можно хирургическим путем, отрезать всё направо и налево!) на фоне довольно поверхностного изложения (нельзя "резать", не понимая правильного рыночного и организационного контекста, удобной ситуации, долгосрочных последствий и т.д.).
Из-за своей поверхностности книга получилась довольно провокационной. Я уверен, что найдутся предприниматели, которые, проникнувшись идеологией книги, с азартом начнут "резать" расходы в своём бизнесе. После чего поимеют кучу проблем... Ну что же, вот тут и нам, консультантам, работа будет ;)
June 22, 2018
Succinct, practical, ruthless, written in a way that is perfectly consistent with what it preaches
August 26, 2017
One of the few delightful/provocative books which I read in one go.
I see how a lot of people dislike it, and in fact, that was one of the reasons I took it up. I believe that the only argument against a book is that it is boring. Well, this book is not boring.
The writes sounds like an extreme salesman, which he probably is. He talks straight and talks sense, and he is not "nice". But he talks like someone who gets the job done. And he focuses on the details.
Some ideas are out of date in today's digital world, but many can be adapted.
I'd recommend this for every entrepreneur.
I see how a lot of people dislike it, and in fact, that was one of the reasons I took it up. I believe that the only argument against a book is that it is boring. Well, this book is not boring.
The writes sounds like an extreme salesman, which he probably is. He talks straight and talks sense, and he is not "nice". But he talks like someone who gets the job done. And he focuses on the details.
Some ideas are out of date in today's digital world, but many can be adapted.
I'd recommend this for every entrepreneur.
May 19, 2015
The first half of this book deals with the cost side of the equation, the second focuses on revenues. Starting with a disarmingly accurate warning that none of this is rocket science, or highly complex, and ending with advice to be stubborn and determined in pursuit of profit. The rules of thumb are, truly, not complicated, but they would require stubborn determination to apply. Why? Because this book revers a world in which continuously shaving every penny you can from the cost equation is the basic philosophy, without much consideration to the kind of workplace that results (but don’t trouble yourself on that count either, because people adapt). True, there is, indeed, little or no evidence to indicate that having a warm, supportive culture is any more effective than a hard boiled one. So if this is your idea of how to run a business (and, in that case, you probably would be up there looking down and not the reverse) then it works. If not, read a different book (e.g. Tony Hsieh on Zappos). As for the sales and revenue side of things, it's really just a list of actions any sales course would advise you to take, simplified sufficiently to encourage the belief that it's a black and white world. If you live in a more nuanced world, you might look elsewhere for advice.
June 21, 2020
Author leads us in a concise and straight-to-the-point way through number of steps to realization that increasing your profit is relatively easy task. What we need is healthy logic, discipline and consistency - like in every aspect of the life and business.
So this is my assessment of this book Double Your Profits by Bob Fifer according to my 7 criteria:
1. Related to practice - 5 stars
2. It prevails important - 4 stars
3. I agree with the read - 4 stars
4. not difficult to read (as for non English native) - 5 stars
5. too long and boring story or every sentence is interesting - 5 stars
6. Learning opportunity - 4 stars
7. Dry and uninspired style of writing - Smooth style with humouristic and fun parts - 4 stars
Total 4.42 stars
─────────────
Here are some excerpts from the book that I find inspiring:
◆ Step 5: Never Apologize for Focusing on Profits
▪ Never apologize for maximizing profits: There’s nothing to apologize for. If you’re unapologetically excited about profits, your employees will be too.
◆ Step 6: Results, Not Processes
▪ Never write a memo if telling someone will do, never call a meeting if a memo will do, never call a four-hour meeting if a one-hour meeting will do, never have two meetings if one will do, and never set up a process if two meetings will do. First of all, you’ll directly save lots of time and money by eliminating wasted motion. Second of all, you’ll convince people by the way you act that you’re serious about focusing on results, not processes, and the savings will be multiplied many times over as they act in a similar fashion.
◆ Step 8: Don’t Over-Quantify Things
▪ Never spend a minute quantifying something you know the answer to already, and never spend more than a few minutes quantifying something when there’s a reasonably high probability you know the right answer.
▪ No business ever made a penny on a forecast. Optimizing profits is what the business is here for, not predicting them.
◆ Step 12: A Sense of Urgency
▪ That is the real benefit of tight deadlines. My philosophy is always to keep resources very scarce, because that is the only way to force people to soul-search to decide which tasks are truly value-producing and which are not
▪ Never call a meeting to discuss; call a meeting only to decid
◆ Step 23: You Need a “Bad Guy”
▪ Someone has to be the heavy. It can be “corporate,” or the head of the business. It can be a specially-appointed cut-purchasing-costs “czar” as one company I work closely with has done very effectively.
◆ Step 25: Go to Bid, Frequently
▪ Try announcing to your suppliers that every price increase triggers an automatic, serious competitive bid. You will instantly start receiving only half as many price increases.)
◆ Step 38: Deplete Inventory
▪ If you extend your payables thirty days and reduce your inventory fifteen days, then you’ve just reduced this year’s costs for goods and services by 12%: (30 +15) ÷ r 365 = 12%. If your accounting system doesn’t report cost and profit that way, then ignore it, because your accounting system is wrong. You’re effectively not buying anything for forty-five days, and that’s forty-five days of costs which you’ve saved, permanently; that savings truly goes right to the bottom line.
◆ Step 41: Setting Salaries
▪ We believe in profits and efficiency, and not waste. We believe in hard work, but not long hours. We believe in a meritocracy—you’ll be rewarded if you deserve it, but not if you don’t.
◆ Step 55: There Are No Such Things as Companies, Only People
▪ People’s true agendas come in many shapes and sizes. Sometimes they are angling for a promotion. Sometimes they are trying to avoid being fired. Sometimes they want something bigger to run, so they are trying to justify an acquisition or investment in a new business area. Often they’re trying simply to educate others in the organization as well as themselves so that political infighting can be replaced by teamwork, and they can go home and sleep better at night. All the shapes and sizes, however, inevitably come down to something personal, not rational or corporate.
◆ Step 57: Bob Fifer’s Five Ingredients for Completing a Sale
▪ Scarcity creates its own demand. Availability creates its own ambivalence (“Why is she so available? Doesn’t anyone else want to hire her? Am I a fool for doing so?”)
▪ FIVE INGREDIENTS TO COMPLETINO A SALE ─── 1. Show your fundamental competence. 2. Show that you empathize with the customer personally. 3. Stand in front of a truck for the customer. 4. Make yourself scarce. 5. Use guilt to transform your personal interest in him or her into his or her personal obligation to you.
◆ Step 67: Determine Price, Then Product or Service, Not the Other Way Around
▪ The first and most important thing I do is figure out the maximum the customer is willing to pay. Then I scope a product or service appropriate for that level of expenditure. That way, I get the most possible price and revenue from each customer and maximize my businesses overall revenue and profitability.
◆ Step 68: Ask Them What Price They Want to Pay
▪ One approach is to state ranges and let the customer respond. “I’ve seen a project like this done for $50,000, $100,000, and $200,000, depending on level of detail. So as not to waste my time or yours, give me some sense of what level fits your budget.” Usually the response is in the following form: “We can spend a lot more than fifty, but not quite a hundred.” You’ve now gone a long way to knowing what the customer wants to pay: Maybe $80,000, maybe $95,000. You can refine this further by coming back with a narrower range (eighty to ninety-five), and letting them react, or by first selling an $80,000 product and then trying to get them to trade up by offering additional options totalling $15,000.
▪ A second approach is consistent with the “teaming” mentality which has taken over many supplier-customer relationships among large corporations
▪ Never underestimate the power of a direct question.
So this is my assessment of this book Double Your Profits by Bob Fifer according to my 7 criteria:
1. Related to practice - 5 stars
2. It prevails important - 4 stars
3. I agree with the read - 4 stars
4. not difficult to read (as for non English native) - 5 stars
5. too long and boring story or every sentence is interesting - 5 stars
6. Learning opportunity - 4 stars
7. Dry and uninspired style of writing - Smooth style with humouristic and fun parts - 4 stars
Total 4.42 stars
─────────────
Here are some excerpts from the book that I find inspiring:
◆ Step 5: Never Apologize for Focusing on Profits
▪ Never apologize for maximizing profits: There’s nothing to apologize for. If you’re unapologetically excited about profits, your employees will be too.
◆ Step 6: Results, Not Processes
▪ Never write a memo if telling someone will do, never call a meeting if a memo will do, never call a four-hour meeting if a one-hour meeting will do, never have two meetings if one will do, and never set up a process if two meetings will do. First of all, you’ll directly save lots of time and money by eliminating wasted motion. Second of all, you’ll convince people by the way you act that you’re serious about focusing on results, not processes, and the savings will be multiplied many times over as they act in a similar fashion.
◆ Step 8: Don’t Over-Quantify Things
▪ Never spend a minute quantifying something you know the answer to already, and never spend more than a few minutes quantifying something when there’s a reasonably high probability you know the right answer.
▪ No business ever made a penny on a forecast. Optimizing profits is what the business is here for, not predicting them.
◆ Step 12: A Sense of Urgency
▪ That is the real benefit of tight deadlines. My philosophy is always to keep resources very scarce, because that is the only way to force people to soul-search to decide which tasks are truly value-producing and which are not
▪ Never call a meeting to discuss; call a meeting only to decid
◆ Step 23: You Need a “Bad Guy”
▪ Someone has to be the heavy. It can be “corporate,” or the head of the business. It can be a specially-appointed cut-purchasing-costs “czar” as one company I work closely with has done very effectively.
◆ Step 25: Go to Bid, Frequently
▪ Try announcing to your suppliers that every price increase triggers an automatic, serious competitive bid. You will instantly start receiving only half as many price increases.)
◆ Step 38: Deplete Inventory
▪ If you extend your payables thirty days and reduce your inventory fifteen days, then you’ve just reduced this year’s costs for goods and services by 12%: (30 +15) ÷ r 365 = 12%. If your accounting system doesn’t report cost and profit that way, then ignore it, because your accounting system is wrong. You’re effectively not buying anything for forty-five days, and that’s forty-five days of costs which you’ve saved, permanently; that savings truly goes right to the bottom line.
◆ Step 41: Setting Salaries
▪ We believe in profits and efficiency, and not waste. We believe in hard work, but not long hours. We believe in a meritocracy—you’ll be rewarded if you deserve it, but not if you don’t.
◆ Step 55: There Are No Such Things as Companies, Only People
▪ People’s true agendas come in many shapes and sizes. Sometimes they are angling for a promotion. Sometimes they are trying to avoid being fired. Sometimes they want something bigger to run, so they are trying to justify an acquisition or investment in a new business area. Often they’re trying simply to educate others in the organization as well as themselves so that political infighting can be replaced by teamwork, and they can go home and sleep better at night. All the shapes and sizes, however, inevitably come down to something personal, not rational or corporate.
◆ Step 57: Bob Fifer’s Five Ingredients for Completing a Sale
▪ Scarcity creates its own demand. Availability creates its own ambivalence (“Why is she so available? Doesn’t anyone else want to hire her? Am I a fool for doing so?”)
▪ FIVE INGREDIENTS TO COMPLETINO A SALE ─── 1. Show your fundamental competence. 2. Show that you empathize with the customer personally. 3. Stand in front of a truck for the customer. 4. Make yourself scarce. 5. Use guilt to transform your personal interest in him or her into his or her personal obligation to you.
◆ Step 67: Determine Price, Then Product or Service, Not the Other Way Around
▪ The first and most important thing I do is figure out the maximum the customer is willing to pay. Then I scope a product or service appropriate for that level of expenditure. That way, I get the most possible price and revenue from each customer and maximize my businesses overall revenue and profitability.
◆ Step 68: Ask Them What Price They Want to Pay
▪ One approach is to state ranges and let the customer respond. “I’ve seen a project like this done for $50,000, $100,000, and $200,000, depending on level of detail. So as not to waste my time or yours, give me some sense of what level fits your budget.” Usually the response is in the following form: “We can spend a lot more than fifty, but not quite a hundred.” You’ve now gone a long way to knowing what the customer wants to pay: Maybe $80,000, maybe $95,000. You can refine this further by coming back with a narrower range (eighty to ninety-five), and letting them react, or by first selling an $80,000 product and then trying to get them to trade up by offering additional options totalling $15,000.
▪ A second approach is consistent with the “teaming” mentality which has taken over many supplier-customer relationships among large corporations
▪ Never underestimate the power of a direct question.
December 3, 2014
Meh, lots of common sense advice and plenty of advice that has since been proven wrong... Stick people in the smallest crappiest offices to save money is no way to build a great internal culture.
September 15, 2018
Must set clear and high standards!
Run a meritocracy company! Reward those doing well adding to your profits!
Tell new hires if they do well they'll love the rewards! If they don't do well they won't be happy and will leave.
Then COMMUNICATE WEEKLY AND DEFINE THE TERMS AND HOW PERFORMANCE IS MEASURED AND DELIVER THE RESULTS!
Focus on RESULTS, not processes! However processes should lead to results!
Understanding STRATEGIC COSTS (increase revenue.)
Out spend competitors on strategic costs and cut nonstrategic costs ruthlessly!
Must manage in detail!
Be strategic with your time!
WORK W/ URGENCY!
Divide day in 3 lists.
Anything that brings in new business!
Anything to maintain current business and operations running.
Everything else!
Set deadlines and don't do #3 until finish #2 and don't do #2 until finish #1!
Cut costs first and ask questions later. If they're truly needed you will be let known.
Set arbitrary budgets and stick to them.
Go to bid frequently. Bid everything often for better prices!
No just means I'd rather not. Keep asking.
Stop the paper flow. Stop cc emails. Stop sending memos unless have to.
When walk into an office always ask about the people in the pictures or other tips of memorabilia on the wall, then compliment the object of their affection!
Five Ingredients to Sell:
Be competent.
Empathize personally.
Convince will stand in front of a truck.
Make it clear you don't need them.
Use guilt to transform personal interest in him into his personal obligation to you.
Think about how you sell. When blow a sale or nail it, break down what, why, and how did it.
Your selling process highlights how you'll work. This means instead of waiting days or weeks to get proposal out, get it out that night or next day by overnight express.
RESPOND QUICKLY.
RESPOND PROFESSIONALLY.
RESPOND WITH HIGH QUALITY.
THOSE WHO ASK FOR MORE GET MORE!
The goal is not a perfectly happy client, but a profit maximized one.
Ask what price they want to pay.
Ex: I've seen a project like this done for $50k, $100k, and $200k, depending on the level of detail.
Use price discrimination to ensure each client pays the most they can.
Marketing is a strategic cost! Outspend your competition in good times AND bad!
Run a meritocracy company! Reward those doing well adding to your profits!
Tell new hires if they do well they'll love the rewards! If they don't do well they won't be happy and will leave.
Then COMMUNICATE WEEKLY AND DEFINE THE TERMS AND HOW PERFORMANCE IS MEASURED AND DELIVER THE RESULTS!
Focus on RESULTS, not processes! However processes should lead to results!
Understanding STRATEGIC COSTS (increase revenue.)
Out spend competitors on strategic costs and cut nonstrategic costs ruthlessly!
Must manage in detail!
Be strategic with your time!
WORK W/ URGENCY!
Divide day in 3 lists.
Anything that brings in new business!
Anything to maintain current business and operations running.
Everything else!
Set deadlines and don't do #3 until finish #2 and don't do #2 until finish #1!
Cut costs first and ask questions later. If they're truly needed you will be let known.
Set arbitrary budgets and stick to them.
Go to bid frequently. Bid everything often for better prices!
No just means I'd rather not. Keep asking.
Stop the paper flow. Stop cc emails. Stop sending memos unless have to.
When walk into an office always ask about the people in the pictures or other tips of memorabilia on the wall, then compliment the object of their affection!
Five Ingredients to Sell:
Be competent.
Empathize personally.
Convince will stand in front of a truck.
Make it clear you don't need them.
Use guilt to transform personal interest in him into his personal obligation to you.
Think about how you sell. When blow a sale or nail it, break down what, why, and how did it.
Your selling process highlights how you'll work. This means instead of waiting days or weeks to get proposal out, get it out that night or next day by overnight express.
RESPOND QUICKLY.
RESPOND PROFESSIONALLY.
RESPOND WITH HIGH QUALITY.
THOSE WHO ASK FOR MORE GET MORE!
The goal is not a perfectly happy client, but a profit maximized one.
Ask what price they want to pay.
Ex: I've seen a project like this done for $50k, $100k, and $200k, depending on the level of detail.
Use price discrimination to ensure each client pays the most they can.
Marketing is a strategic cost! Outspend your competition in good times AND bad!
November 7, 2018
Here in Brazil this book is famous due to some declarations of Marcel Telles, a brewery tycoon, recommending it as one of his lifetime best reads.
Reading it was a pleasure.
The book is incredible as a guidebook for entrepreneurs, managers, and salesmen - who isn't the last one?!
I could suggest some ways to improve your experience reading it:
1. If you were a truly good person, start from the last chapters about how to balance your work and personal responsibilities. Although the common sense, work hard or more does not make you more profitable or rich whether you don't look at you job as a game and as a third or fourth priority in your life;
2. If you were a businessman, start from the beginning, learning how to manage your costs - that's a tough job, but is the most important -, and enjoy your reading up to the last page.
3. If you were a mid-term person, begin your reading with chapter about how to improve your incomes, go back to chapters about how to handle with your costs, and then finish with peace last chapters.
Good read!
Reading it was a pleasure.
The book is incredible as a guidebook for entrepreneurs, managers, and salesmen - who isn't the last one?!
I could suggest some ways to improve your experience reading it:
1. If you were a truly good person, start from the last chapters about how to balance your work and personal responsibilities. Although the common sense, work hard or more does not make you more profitable or rich whether you don't look at you job as a game and as a third or fourth priority in your life;
2. If you were a businessman, start from the beginning, learning how to manage your costs - that's a tough job, but is the most important -, and enjoy your reading up to the last page.
3. If you were a mid-term person, begin your reading with chapter about how to improve your incomes, go back to chapters about how to handle with your costs, and then finish with peace last chapters.
Good read!
November 8, 2017
3g In Bev Recommendation
I have been reading everything I can about the 3G group, so I read this book because mr. Teles recommended. It’s interesting to see some of the concepts like Strategic Costs that are used in many of their companies. Other advice it’s hard to digest like the supplier squeezing techniques. It’s worth reading if you want to understand AB InBev, Burger King, Heinz...
I have been reading everything I can about the 3G group, so I read this book because mr. Teles recommended. It’s interesting to see some of the concepts like Strategic Costs that are used in many of their companies. Other advice it’s hard to digest like the supplier squeezing techniques. It’s worth reading if you want to understand AB InBev, Burger King, Heinz...
November 21, 2017
very clear and direct to the vein, too much in some passages ... I really like the part of how to reward workers and the concepts of how to avoid unnecesary costs. Good reading to form a management philosophy. I do not think that everything should be implemented literally, such as sharing computers ... today, not betting on technology as a means to achieve productivity, I think it would be silly.
February 4, 2020
Fast reading , very didactic and focused . You can not take all advices literally. Must read book ! If you want to be a focused CEO you have to start acting like one, even in low positions. This will help with good insights .
February 9, 2020
Inspirational
An absolute must-read for anyone running a business. Conveys plenty of actionable advice. Some of the recommendations might seem a bit over the top, but the underlying philosophy is always true.
An absolute must-read for anyone running a business. Conveys plenty of actionable advice. Some of the recommendations might seem a bit over the top, but the underlying philosophy is always true.
April 16, 2020
The most straight forward book I've ever read.
Short and to the point. it contains very practical and easy to implement ideas.
Some of the ideas sound very radical but I think it is reasonable.
It is recommended for any business owner
Short and to the point. it contains very practical and easy to implement ideas.
Some of the ideas sound very radical but I think it is reasonable.
It is recommended for any business owner
July 26, 2021
“Doubling your profits isn’t a matter of rocket science; it is simply a matter of resolve. If you can achieve that resolve and have fun doing it, you’ve accomplished what relatively few people have.”
Interesanti ieteikumi biznesam un spējai ne tikai pārdot, bet labi nopelnīt.
Interesanti ieteikumi biznesam un spējai ne tikai pārdot, bet labi nopelnīt.
July 9, 2022
+ advices on cutting costs are actionable
~ some examples were from era that are no longer relevant today, but the concepts still applies regardless
- portion on increasing sales are slightly generic and you can find better tips from other books that deep dive into it
~ some examples were from era that are no longer relevant today, but the concepts still applies regardless
- portion on increasing sales are slightly generic and you can find better tips from other books that deep dive into it
March 26, 2023
nice read
Easy and nice read. Could need some updating to account for chapters on saving money on computers etc. Other than that, mostly a timeless and essential read for entrepreneurs , business owners and managers.
Easy and nice read. Could need some updating to account for chapters on saving money on computers etc. Other than that, mostly a timeless and essential read for entrepreneurs , business owners and managers.
September 17, 2023
One of the best business books I’ve ever read. Startups should all read this. They wouldn’t have been in such dire straits during the recent interest rate hikes had they followed these profit maximizing tips. Great for search funders too. Making my executive team members each read this book.
January 2, 2018
Interesting book. I enjoyed it. There are some good ideas and some seemingly unusable or extreme ideas. I wrote down those that spoke to me and left the rest behind.
February 19, 2018
Absolutely Practical..Some methods are a little outdated given today's dynamic environment. But overall a really good book
June 19, 2018
Pros:
It reads as if Donald Trump wrote it:
1. No difficult words
2. Straight to the point
3. Some good ideas mixed with some terribly myopic ones
Cons:
It reads as if Donald Trump wrote it
It reads as if Donald Trump wrote it:
1. No difficult words
2. Straight to the point
3. Some good ideas mixed with some terribly myopic ones
Cons:
It reads as if Donald Trump wrote it
January 6, 2019
Best business book I've read
You can read it in an afternoon. Invaluable advice. I took about 100 notes in it. Looking forward to applying this in my work
You can read it in an afternoon. Invaluable advice. I took about 100 notes in it. Looking forward to applying this in my work
April 8, 2019
Quick and impactful read on management strategies to cut costs and be more profitbale. Valuable lessons for a short book.
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