People admire excellence in any area, but especially in subjects which gather a great deal of attention like sports, music, business, and politics.
As one examines the enduring aspects of success, in my opinion, what you discover is sticking to the basics wins out.
Execution Risk
In business, friendly customer service, good merchandising, an efficient supply chain management are difficult to put into practice, in my view.
And I think that aAny lapse in these basics can be a major problem against good competitors. With the constant focus on automation these days, the human element doesn’t get enough attention, in my view.
Crucial Employees
In fact, most businesses can only survive by having great employees who keep their customers coming back to routinely.
Anyone can get a customer once, but in my opinion, keeping them coming in the door for 30 years is how great enterprises are built.
Takeaway
Trying to find these businesses, or those who have the potential to be built into a great establishment, is, in my view, what investing is all about.
At a reasonable price, of course.
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