What you can learn from the Mafia: Run your business like THE BOSS!

Want to run your own criminal empire?! Just kidding. I’m absolutely not recommending that you go out and start your own mafia empire. But along with all the illegal activities, the mob knows a thing or two about how to run a tight ship when it comes to business.

If you look past the violence and turf wars that make the news, there are some very legitimate principles that make sense for every business owner:

Al Capone: Business advisor?!

1. Keep it in the family

Not all mafia families are blood relations. But one thing they all do is look after their own. The same rules should apply to your business. If you treat your people right, they’re less likely to strike out on their own and steal your turf! 

If you’ve got a rising star in your business, do as the mob do and ‘neutralise the threat’. You don’t have to kill anyone, obviously! But recognising talent, and rewarding it with a bigger share of the take is going to keep your best people more loyal in the long run, and invested in building your business, instead of trying to compete with you.

2. Have a man on the inside

The old rule goes ‘Keep your friends close, keep your enemies closer’. It makes sense to keep up to date on what your competition is doing, whether you’re looking to stick up a bank, or just bring a new product to market. 

The more you know about how your competition is operating, the better chance you have of being able to compete with them. It’s not about undercutting your competitors either – the mob has always had rival factions, but the real bosses understand that keeping the peace so that everyone can have a share of the pie is what matters. That’s why the punishments are so harsh when someone steps out of line – it puts everyone’s profits in danger.

In business, if you’re smart and stay up to date with what your competitors are up to, you can make sure that you’re differentiating yourself enough to stay ahead.

3. Your consigliere matters

What’s a consigliere? The word literally means ‘counsellor’. In the mafia, the consigliere is the guy who has seen and done it all, and has just enough detachment from a situation to be able to give sound advice. It’s the person who can tell you to cut the bullshit. Someone who you can trust, and who has the smarts to see what’s needed. 

If you try to run your business without listening or learning anything from people smarter than you – you’re setting yourself up to fail. So choose your consigliere wisely!

4. Learn to take a beating

As they work their way up through the mafia hierarchy, it’s inevitable that mob members are going to have to take a beating from time to time – sometimes literally! The strict codes in the mafia mean that anyone who steps out of line is punished. The punishments are there to teach everyone else about who’s in charge, and how things should be done.

In business, you’re also going to have to learn to take a beating from time to time. Hopefully, this won’t be as literal as the mafia style, but if you’re taking risks and pushing yourself, there ARE going to be times that you fuck it up. Everyone makes mistakes. You’ve got to learn to deal with the consequences, dust yourself off, learn from your mistakes and get back on it!

 5. Reputation is everything

The real power of the mafia comes from their reputation. Get it right, and a name alone can be enough to strike fear into your competition! So how does a mob name have this power? It’s about the ACTIONS that go along with it. If the mafia order a hit – it happens!

To succeed in business, you have to back up your brand with the right action every time too. Be who you say you are. It’s no good promising the earth and then under-delivering, because your customers are going to see straight through you, and you’ll lose any credibility you ever had.

Mafia families are clear about their principles. So should you be. Build your brand and stick to it. Your reputation is everything!

So have you got what it takes to build your own empire? I deal with hundreds of entrepreneurs who are looking for the funding they need to grow their own businesses – so why not you?

If you’ve got a plan to make some serious money and need the funding to get it going, then get in touch and let’s talk!

matt@fundingguru.com

Copyright © 2019 Matt Haycox Consulting, All rights reserved.

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