Lesson #1: Plan for the Long Run If You Want to Run Long
Lesson #1: Plan for the Long Run If You Want to Run Long
Bean wanted his company to be around in the long run, and he ran it with that goal in mind. During the Great Depression, the state of the economy was testing businesses throughout the country. Some fell, some survived. But, it was Bean’s eye on the long term that allowed his to not only survive but to succeed. Every dollar in sales that the company made Bean insisted on reinvesting back into the company. He could have played it safe and saved the money, but he chose to put it behind the company, speaking to its endurable nature and his faith in its long-term possibilities.
It was not only Bean’s financial strategy that gave the company its long-term appeal. Bean’s products themselves were high quality, traditional items that were not only comfortable and durable but also timeless in appearance. From leather moccasins to long red woolen underwear, he was focused on creating goods that had a history. He knew products that had a strong past would also be the ones with the brightest future.
Bean’s advertising was also focused on aligning his company with the long tradition of hunting and fishing in Maine. His ads featured paintings that contained outdoor scenes and stories typical of Maine. In doing so, he gave customers the image of a company with a stronger history than it actually had. He embedded L.L. Bean within the social landscape of Maine and made it a part of the state’s cultural identity.
When Bean first created his Maine Hunting Boot, he knew he had a winning product on his hands. And, he knew that if he was smart about running his business, it would be a product with no less demand 100 years down the road. He was right.
Bean engaged in a prudent financial strategy of continually reinvesting his profits back into the company, in order to ensure it a steady stream of growth. He also made sure that his products would not only last a long time in terms of their durability, but that they had a long-term appeal. He did not want to be in the business of creating goods that were good today and gone tomorrow. Otherwise, he knew his company would be gone tomorrow too.
L.L. Bean remains one of the most popular companies for outdoor equipment and clothing, and that is no accident. Instead, it is the result of a well thought out plan on the part of its founder. He was in it to win it.
Lesson 1 Plan for the Long Run If You Want to Run Long
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Hunting was nothing new, and neither was hiking. Both had been around for as long as man and Bean knew it. His business had sprung up from a need that was not being met – getting wet feet in the great outdoors. It was a need that had not been met for centuries past, and one that would need to keep being met for years ahead. Bean knew that if he played his cards right, his company could be at the forefront of meeting that need for the foreseeable future, and beyond. Indeed, it was Bean’s long term vision and planning that explains the company’s continued success.
Bean wanted his company to be around in the long run, and he ran it with that goal in mind. During the Great Depression, the state of the economy was testing businesses throughout the country. Some fell, some survived. But, it was Bean’s eye on the long term that allowed his to not only survive but to succeed. Every dollar in sales that the company made Bean insisted on reinvesting back into the company. He could have played it safe and saved the money, but he chose to put it behind the company, speaking to its endurable nature and his faith in its long-term possibilities.
It was not only Bean’s financial strategy that gave the company its long-term appeal. Bean’s products themselves were high quality, traditional items that were not only comfortable and durable but also timeless in appearance. From leather moccasins to long red woolen underwear, he was focused on creating goods that had a history. He knew products that had a strong past would also be the ones with the brightest future.
Bean’s advertising was also focused on aligning his company with the long tradition of hunting and fishing in Maine. His ads featured paintings that contained outdoor scenes and stories typical of Maine. In doing so, he gave customers the image of a company with a stronger history than it actually had. He embedded L.L. Bean within the social landscape of Maine and made it a part of the state’s cultural identity.
When Bean first created his Maine Hunting Boot, he knew he had a winning product on his hands. And, he knew that if he was smart about running his business, it would be a product with no less demand 100 years down the road. He was right.
Bean engaged in a prudent financial strategy of continually reinvesting his profits back into the company, in order to ensure it a steady stream of growth. He also made sure that his products would not only last a long time in terms of their durability, but that they had a long-term appeal. He did not want to be in the business of creating goods that were good today and gone tomorrow. Otherwise, he knew his company would be gone tomorrow too.
L.L. Bean remains one of the most popular companies for outdoor equipment and clothing, and that is no accident. Instead, it is the result of a well thought out plan on the part of its founder. He was in it to win it.
Lesson 1 Plan for the Long Run If You Want to Run Long
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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