The Speed of Prosperity
1) A Restaurant was serving only Dinner at one point in time
2) Then it decided to serve both Lunch and Dinner
3) And after a few more months passed, the owner of the restaurant decided to serve breakfast too
4) Then a few more months passed by
5) He now decided to serve High Tea as well around 4 pm
6) Finally he got a brainwave to serve midnight dinner to a new segment
7) Then someone told him that he should start all day home service (food in parcels)
8) Then he realised that a community works in the night (BPO employees) who connect with the Western World plus people involved in Security Services
9) So he decided to have a Food Service (Parcel) 24 hours
10) No doubt he had to hire more staff and raw material
11) But his physical infrastructure remained the same and his Brand and Goodwill too remained the same
12) This is how he could turnaround his business output several times in 24 hours
13) If you compare it with his original single dinner offering, now he was in a sense serving equivalent of 10 dinner nights or more in a single day
14) This is called throughput enhancement or enhanced productivity
15) All businesses can think in similar terms
16) This multiplies output by 500% or more; a disproportionate rise
17) Even economies seek to enhance their GDP based on enhanced productivity
18) Technology made Work From Home not only feasible but more productive
19) The world is limping back into normalcy but it is unlikely to revert to the times that we experienced pre Pandemic
20) A huge change in work culture like Work From Home, Online Meeting, Online Education will define the new world as a Hybrid World
21) Getting the maximum output out of the same input is the only way to manufacture time for yourself
22) It allows you to make your wealth fast so that you can live a life in the future with all the time at your disposal
23) When the Airline Brand Southwest, started focussing on the turnaround time at airports, they could manage to fly the same aircraft between 2 locations more number of times
24) Earlier if aircrafts took 40 minutes to refuel, restock, offload and onload passengers, the airlines tried to be more efficient and reduce this time to 20 minutes
25) This added 20 minutes x 2 = 40 minutes per trip between 2 destinations
26) So if the duration of the short flight was 40 minutes, the saving of time nearly doubled the capacity handling and this nearly doubled the net revenue and made the Airline more productive
27) So every business can increase its turnaround time, throughput and turnover
28) Basically this is nothing but the concept of velocity of money
29) The higher the velocity of money, the higher the wealth creation potential and higher the productivity and efficiency levels
30) This can be achieved by rethinking your business
31) By Designing Processes, Systems, Automation, Technology etc
32) And above all building a Brand and making your Business a Magnet that attracts customers and saves time that would otherwise be spent in Marketing and Sales
33) Thus Speed of Money is the essence to Wealth Creation
I rest my case
