Holed up on a rainy Memorial Day Weekend, we began watching The Godfather Trilogy, and jokingly discussed the principles of business and strategy portrayed with some friends and family. Thought this would be a fun piece to lighten up the work day, while providing some valuable thoughtware…
So, what can we apply from The Godfather to make us more successful in business and life?
- Loyalty and Relationships are key. The Godfather emphasizes the importance of loyalty and building strong relationships in business. In the movie, the Corleone family thrives because of the trust and loyalty they foster among their associates. Similarly, in business, cultivating long-term relationships and earning the trust of customers, employees, and partners is crucial for success.
- Strategy and Planning. The Godfather highlights the significance of critical thinking and strategic planning in business. The Corleone family carefully analyzes situations, weighs their options, and uses data to make calculated moves and maintain power to protect their interests. In business, strategic planning helps in identifying opportunities, minimizing risks, and making informed decisions to achieve long-term goals.
- Accurate Bookkeeping and Controlled Financial Management (imagine this made it to the list - HA!). A sound Accounting and Finance infrastructure is critical for running a successful business. As the Corleone family business scales, they never short-cut the accounting or bookkeeping in their ventures. In fact, one could consider accounting and finance to be a profit center for the family businesses, as they are able to consolidate operations and analyze the contribution of profit from each division.
- Keep it above board, do it right the first time, find the right balance in life. At the end of the story, Michael confesses the sins of his past and looks for redemption to right his name and his wrongdoings. Greed and power turned Michael Corleone into a person he never wanted to become.
This may have you thinking about some other “out-side the box” ways to bring legitimate management and leadership philosophies into your business.
If your business isn’t generating the profit you’d like it to, or you’re just not having fun with it anymore, give us a call. We’d be happy to bring the fun - and a whole bunch of experience - to help you continue your journey of building a sustainable business to support your lifestyle.