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Double Your Profits: In Six Months or Less, by Bob Fifer
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One of the nations' foremost financial consultants shares 78 proven ways to cut costs dramatically, send productivity through the roof, and, in just six months, double profits.
- Sales Rank: #95150 in Books
- Brand: Fifer, Bob
- Published on: 1995-03-31
- Released on: 1995-03-31
- Original language: English
- Number of items: 1
- Dimensions: 8.00" h x .58" w x 5.31" l, .45 pounds
- Binding: Paperback
- 256 pages
From Library Journal
"Double your profits in six months or less," says management consultant Fifer, simply by following his rather Draconian cost-cutting suggestions. Fifer shares his Fortune 500 consulting experiences with these 78 ways to leave your losses, such as eliminating unnecessary management, bidding on supplier goods, paying invoices later, and controlling all expenses at the top. Of this list, 24 are standard customer service and sales rep motivation tips, all more completely covered elsewhere. Furthermore, in today's lean organizations, most of these decisions have already been implemented. Executives now are focusing on the real cost control that comes from unnecessary process steps, rework, and management tampering. Pass on this one.
Dale Farris, Groves, Tex.
Copyright 1994 Reed Business Information, Inc.
Review
"Double Your Profits is terrific ... it's insightful, practical, and comprehensive." -- Larry Bossidy, Chairman and CEO, Allied Signal/Honeywell
A highly readable, eminently common sensical guidepost to success in business. Every chapter is a mini-refresher course on controlling costs, satisfying customers, motivating people, improving profits and building pride.�It's a safe bet Double Your Profits will be a high-yield investment. --Norman R. Augustine, Chairman and CEO, Martin Marietta
I've given Double Your Profits to many colleagues and clients over the last few years. Best book my wife ever gave me. Best common sense business book I've ever read. It's a book that needs to be read periodically by any business owner and their associaties. --Ted Fagan, President, Eco Mist Solutions Inc.
I made Double Your Profits required reading for all the up and coming assistants I trained. We increased our sales and nearly tripled our profits in one year! This book is one of my top five "must-have" books on business/life. --Mark W. Shelby, CKMS
Mr. Fifer doesn't hold back anything. His sage advice rolls off of every page. If it's time for you to get a wake-up call about your business, this could be the bell. --The Net Review of Business Books
"Simple and straightforward."--Jack Welch, Chairman of GE
From the Back Cover
This peerless profit-boosting guide presents seventy-eight key insights that are notable for their aggressive approach and contrarian perspective. Top consultant Bob Fifer shows how to turn the tables on hardball-playing suppliers and competitors. He also challenges outmoded assumptions and explains why arbitrary budgets are sometimes the best budgets; computers often hinder more than help; bosses are frequently underpaid; customers can often be persuaded to pay more; and suppliers can often be persuaded to charge less. By following Bob Fifer's advice, you'll be able to cut costs to the bone, send productivity through the roof, and double your profits in the space of only six months.
Most helpful customer reviews
20 of 20 people found the following review helpful.
Useful if applied with common sense, but dangerous in the wrong hands.
By Wazu
A Fortune magazine article mentioned 3G's acquisition of Heinz and Burger King and 3G's efforts to cut costs. The article covered how 3G fired 90% of R&D department at Burger King, made huge cuts in HR, accounting, and legal departments. Burger King now has a corporate management turnover rate similar to the turnover rate of low wage workers at its fastfood restaurants; this can't be good for long term growth or attracting employees who have mortgages to pay. This book is considered 3G's bible when operating an acquired company, so I figured I had to read the book. The book focuses on cutting costs by any means necessary. The book would be most useful for large corporations that have gotten bloated. At Heinz 3G fired 14 of the 15 executives with full vesting of retirement plans. Cutting luxuries like corporate jets and helicopters make sense. This book also declares war on the company's own employees as necessary evils that need to be cut. Some of the advice is good, but some of it is sleazy and could create long term harm to a business. Step 24: (Declare Freezes and Cuts) Send a letter declaring an across-the board 3% reduction to suppliers. Make sure the letter is from someone high up and intimidating....(after getting the bill) deduct 3% from the bill and say, 'Didn't you read my CEO's letter? Are you trying to get me fired? Step 37 (Accounts Payable) "Never pay a bill until the supplier asks for it at least twice. You'll be surprised: A few suppliers will take as much as two years before they finally get around to asking for their money." Every expense is reviewed as to be cut unless it contributes directly to the bottom line. The problem is how do you value intangible results, such as an accountant who creates a preventative system of checks and balances that prevents the embezzlement of $20M by an employee? Or an HR or attorney who creates preventative measures that prevent a $50M sexual harassment lawsuit? How does a company value such contributions?
20 of 20 people found the following review helpful.
A must-read, for your company's and your own survival.
By Wilson W. Wyatt, Jr.
This is a real book, an important one, about real cost-cutting, in a real world. It has been used by many corporate leaders as a "bible" for increasing profits by cutting costs...all company costs that do not actually create a direct profit. That means cutting most of middle management, some senior management, and most employees who do not have direct responsibility for adding daily value to the bottom line. It preaches renegotiating or eliminating vendor contracts on a regular basis. It teaches questioning the value of any consultant or outside service. It is a roadmap for rapid, perhaps severe, cost-cutting to achieve immediate profitability.
This is not a book for the timid. It is not a feel-good book, except for those who enjoy counting their money. It will make most readers feel uncomfortable, perhaps insecure. These are among the important reasons to read the book.
This book was required reading by Sanford Weill and Bob Lipp for all the senior managers of The Travelers Insurance Companies when they engineered the takeover of the ailing company in 1993. It created shock among many of the senior management of the old, established Travelers, but the book prescribed an exact remedy for turning the corporation into a highly profitable company, now a thriving part of CITICORP...one of the great financial corporations in America.
If the reader is a CEO or senior officer, this book is a guaranteed prescription for increasing profitability. If the reader is an employee, at almost any level, this book should be required reading for one's survival. If the reader is a vendor, a consultant, or from an association that provides a service to corporate America, the book should be required reading, because it imparts the knowledge of a real business culture that drives decision-making...and possibly will drive their future relationship with the company.
The book lacks concern for human resources, for many of the people who make up a company's workforce. They can quickly become a drain on profits. Loyalty, human compassion, sense of community, and many human skills are too easily forgotten or deemed insignificant to the bottom line. This is one of the great faults of the book, of its philosophy, and of its short-term prescription for profits. It is why it only deserves four stars, instead of five. It would deserve five stars or more if the author had enough insight to find value in loyalty, human skills (other than direct sales), and the importance of communities or governments (of people) in the ability of a corporation to provide valid and profitable services. In this area, it is deficient.
The book is very simple and easily read in one sitting. It should be required reading by anyone with a serious interest in business...or anyone who has an interest in an important modern business culture, for better or worse, but certainly for profit.
9 of 9 people found the following review helpful.
Interesting read which will make you uncomfortable
By Joe Stephens
This book was written almost 20 years ago. A few parts of the author's advice may appear to be dated, but there is enough content to recommend the book. The author distills his advice into 78 steps taking up less than 250 pages. It is a quick read.
In today's highly competitive business environment, it is important to instill a culture of cost consciousness. In the author's opinion every cost is up for grabs and needs to be justified. There is waste in any organization such as too many layers of management, the amount of time spent in meetings, spending on offsite meetings, and unnecessary reports. However when it comes marketing, the author recommends outspending the competition in both good and bad times.
Some parts of the book will likely make readers uncomfortable including the lack of concern for many of the people who make up a company's workforce and certain suggestions for extracting concessions from suppliers. In the latter case some people will question the ethics of his approach. This book is certainly not "If Aristotle Ran General Motors." It is not about pleasing multiple stakeholder groups. It is a no nonsense book about improving the bottom line.
There is no doubt a company can improve the bottom line following the author's advice especially in the first few years. I would be interested in case studies of some of the author's client companies. What has been the longer term impact on their corporate culture, employee turnover and relations with suppliers? How have their top line and bottom line growth fared over time?
In reading this book I had to work to separate the message from the messenger. I was turned off a bit by the author's tone. It is interesting that the author left Kaiser Associates, Inc. in 2000 and set up his own firm which I believe is just a one person operation. I did some research and found an interesting quote from a May 28, 2007 interview with U.S. News and World Report.
"I ran one company [Kaiser, his consulting firm] for 18 years. The company did very, very well, but we hit a wall. If I knew then what I know now, I would still be there, and the company would be 20 times larger. I would come into the office and, by force of my person and bravado, try to move the company by myself. It worked until we had eight offices on five continents. If I had had more humility and been more principled in how I treated other people, I would have built an organization with depth. No CEO is good at everything, but when people perceive you are selfish and greedy, the holes remain exposed and don't get closed. When you have a strong character, people rally behind you in a way that plugs those holes."
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