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Book Reviews The Profit Potential by C.J. McMair (1995). John Wiley & Sons At a cost accounting seminar I was giving to shop foremen some time ago, one of the supervisors asked me, “What is the definition of waste?” Given that this question came near the end of a session on efficiencies, the only succinct answer I could come up with was: “Waste is whatever the customer is not willing to pay for.” We can move the product all over the shop floor to feed our high tech machines, move it more efficiently using the Theory of Constraints, but if the customer is not willing to pay us for this movement, it is waste. The Profit Potential provides the framework and common sense guidance that can be used by any size of business to reduce waste and focus on real lasting improvement.
Soul of Money by Lynne Twist (2003). W.W. Norton & Co. New York. You’ll never hear words like “scarcity” and “sufficiency” in the same way again. The author’s personal experiences with people from the very poorest nations to the wealthiest allow her a unique perspective on the global movement of money. She has managed to integrate disparate world views to create a holistic set of principles that will change your ideas about money forever. Even people who disagree or are uncomfortable with some of her precepts will find themselves pondering them. For anyone who ever thought that “more is better and too much is just right”, I advise you to prepare yourself for a mind opening experience.
As an entrepreneur and a business owner, hiring the right people is as important as any other decision you will make. My experience in this regard leaves people in three categories, A) those people that would steal all the money from your wallet, B) those that would safeguard your wallet, not take a cent out, but not put a cent in either C) those that understand they are hired to put money in your wallet and find all kind of ways to do this so to stay employed. Ludwig von Mises brilliant and short work, Bureaucracy, gives valuable insights into the mindsets of those who are profit oriented and those who need the constraints, rules, and safety of a bureaucratic organization. News
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