The Money Makers, by Anne-Marie Fink
Review by W. J. Rayment / ConservativeBookstore -- Anne-Marie Fink has worked in J.P. Morgan Asset and Wealth Management for over twelve years. In this capacity she has had the opportunity to assess and work with a variety of companies, and from her objective position analyse what it is that makes a company a success or a failure.
In her book, "The Money Makers: How Extraordinary Managers Win in a World Turned Upside Down (11 Myth Breakers for managing Your Business), she employs her experience and acute powers of observation. Ms. Fink details the eleven factors she sees as contributing to success. These range from the seemingly obvious one of improving information sources, to the almost counter-intuitive "the best companies are the worst to work for".
What is especially nice about "Money Makers" is that Ms. Fink is not content to merely lay out her general principles. She gets down to business by naming names and spelling out illustrative true-life examples. It is well enough to say that a company should concentrate on Return on Investment, especially by reducing the amount of investment to return a better profit. She shows how Southwest Airlines has been a success for so long by reducing the ground time of each airplane. Planes that turn around more quickly stay in the air longer, meaning fewer planes are needed to service more flights. There are many such examples, and Ms. Fink has a real talent for telling the story. She is able to relay all the salient points in a way that holds the reader's interest. "The Money Makers" does not read like a textbook or a prospectus, but more as an engaging and informative conversation between the author and the reader.
Ms. Fink's 11 myth-breakers will challenge the thinking of many managers on best practices. Although most of the examples are from big corporations and high-profile CEOs, most of the lessons in this book can be applied even in the smallest business. The 11 factors are:
- Think like an investor to establish your edge.
- With Information "Roach Motels" problems won't check out.
- Avoid the trap of profitless growth.
- Don't be a customer fanatic.
- Get more reward for the risk you take.
- Economics trumps management.
- The best companies to invest in are the worst to work for.
- Good performance requires inefficiency and duplication.
- Megatrends start as ripples.
- Use small steps to achieve big results.
- Shrink to grow and take other backward steps to go forward.
I am not giving away the farm here by listing off the 11 myth-breakers. Each one has a chapter dedicated to it, and it must be read to be appreciated and fully understood. Not that the ideas are all that complex. In fact, they are deceptively simple in the way all great ideas seem simple once they have been properly enunciated.
"The Money Makers" is a book that will be appreciated by managers, investors, and entrepreneurs. It is a fascinating read, and is a great guide in all economic environments.
The Money Makers, by Anne-Marie Fink is available at Amazon.