How to Use Michael Dell's Philosophies in Running a Business
Michael Dell grew his computer company from his college dorm room with virtually no start-up funds to a multi-billion dollar company. Anyone can use Michael Dell's business philosophies in running a business, because they are pretty straight forward. Here's how.
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Instructions
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Expect more from your employees. The backbone of Dell's overall business strategy is always striving to be better and never settling for "average." He pushes himself and his employees constantly to better the company. If there are successes, he quickly acknowledges them and then discusses how they could have done things better.
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Demand that management knows everything that is going on in their respective departments. Dell expects managers to know everything from how much their departments have grown to average sales to how many times a computer part has to be replaced within a given time period.
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Stay focused. Even though Dell is a multi-billion dollar company, Michael Dell runs his company as if it were still in the start-up phase. He has the same mind-set that his small company is still struggling to succeed against industry giants like IBM and Compaq.
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Eliminate intermediate third parties. Partly why Dell is so successful is because he sells his computers directly to the customer, eliminating the need to stock his products in electronics stores. This got rid of the "middle men" and proved to be a successful and profitable business strategy.
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Strive to be the first to market. Whatever your business is offering, strive to make your business the first one that is offering that type of product or service.
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Provide superior customer service. Michael Dell believes that in order to be successful in business, you must always listen to the customer. Dell demands nothing less than outstanding customer service from his employees.
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Tips & Warnings
Always listen to your employees. Michael Dell never ignores his employees' voices. This builds the morale of the company and is an integral reason as to why people consider Dell one of the best companies to work for.
Never be a dictator. Dell demands a lot from his employees, but he lets them know what he expects of them through communicating with them. This builds employee loyalty and respect. Being dictatorial only alienates employees and builds animosity.
