Henry Ford realized that high wages are a good investment not an extra expense.
This is going to be a short post, because it's not all that complicated an idea.
I recently came across a quote from Henry Ford, one of the greatest business minds of all time:
"There is one rule for the industrialist and that is: make the best quality goods possible at the lowest cost possible, paying the highest wages possible."
While most executives understand and follow the first two parts of Ford's "one rule," most ignore the third (and most important) part.
Most executives seem to think that the ideal worker is somebody whom should be paid the lowest wage possible.
Henry Ford knew what all too many executives have obviously forgotten--that that your employees are ultimately your customers.
If your customers are barely surviving, or sick, or worried to death about making ends meet, they lack both the time and money to buy what you're selling.
Like I said, it's not all that complicated an idea.
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GEOFFREY JAMES did a lot of business stuff and wrote a slew of articles and books. Now he writes this column. Preorder his new book, Business Without the Bullsh*t, by May 12 and get an exclusive bonus chapter and a signed bookplate.@Sales_Source