Phil Ruffin, the owner of the Treasure Island Hotel and Casino in Las Vegas, often talks to employees in the businesses he’s thinking about buying to learn what they think. They tell him what’s good and what needs improving: they work with and talk to customers directly every day and have unique insight into what’s working or not. That kind of knowledge and understanding is invaluable when buying or running a business. Teaching managers to talk to their employees and listen to what they have to say is important: it helps form what they know and improves their ability to make appropriate decisions. Tell your leaders it’s okay to admit they don’t know everything, encourage them to be curious, and coach them to interact with employees and customers effectively. You and they should be aware of what you need to know and want to achieve, take time to fully understand it, and use that full understanding to then do what’s best. Be inquisitive, insightful, and right today.
Malcolm Forbes (1919 – 1990): American entrepreneur known as the publisher of Forbes magazine, and an avid promoter of capitalism and free market trade
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