If you own a business or are thinking of owning one, there are things you need to know if you want to make your money last like Bill Gates. There are five ways that you could use to make your money last which could help in this aspect.
Penetrate the Market with products that meet a need and keep it simple
The thing about Microsoft windows is that at its inception it was needed and was simpler for users when compared to anything else at that time. Why create complicated products if you want them to last especially if people need them. If history teaches us a lot of things then one of the things it teaches us is that complicated does not last for long because simple will always win the case. If you introduce complicated things eventually someone will find something simpler to beat whatever it is you have to offer. So, if you want to keep people interested, make sure your product is simple and your chances of making your money last will increase astronomically.
Keep introducing something to adopt to the times
We are human, we love fresh things, so keep introducing a new version, a new look, new packaging and people will keep buying, this is all that Apple, Samsung, Microsoft and others do. If you lose sight of this and rely on that one product, then you will quickly lose out to those who know how to keep things fresh.
Not necessarily perfect but very usable
No Windows product is perfect and we all know that, hence all the many windows updates, however to say it is not usable would be lying. Most of the Microsoft products have been usable in their lifetimes. Why would you release a product which people will spend most of their time calling contact centre for help on how to use it? Combine point one where we said keep it simple but most of all make it usable.
Don’t compromise on who you hire
Your company or future company is the sum of the people that are in it. The greatest marking strategy can be given to any company in the world, but if the employees do not know how to use it then that strategy will be of no use. Big companies don’t fall because they lose out it’s because they would have compromised on the employees that they would have hired. So if you want to make your money last in business then hire the best there is to hire. If you are not the best CEO then get the best CEO for your business.
Do something worthwhile to give back to the community
Bill Gates gives away lots of money, not buckets but mountains of money. His foundation does more than some governments when it comes to humanitarian needs. The key in this is that you have a reason to keep money that is higher than just eating and sleeping. Find something that you will do for others in your lifetime. Most people forget this aspect and make money and never share what they make with anyone.