Today you have to run faster to stay in place.

The best way to hold customers is to constantly figure out how to give them more for less.

Requiring the payment of higher wages will lead to a loss of some jobs and a raising of prices which drives companies to search for automation to reduce costs. On the other hand, those receiving higher wages will spend more (the marginal propensity to consume is close to 1 for low income earners) and this will increase demand for additional goods and services. Henry Ford had the clearest vision of why companies can actually benefit by paying higher wages.

Companies pay too much attention to the cost of doing something. They should worry more about the cost of not doing it.

The size of the U.S. middle class has been shrinking. Wages have been stagnant. We don't have those factory jobs that paid a living wage and enabled a family to have a home where the wife did not have to work. But we sent our factories abroad and there is no likelihood of getting them back. Equally worrisome is that some managerial jobs and professional jobs (such as lawyers) which support middle class life are threatened by automation.

Good companies will meet needs; great companies will create markets.

Competitive advantage is a companys ability to perform in one or more ways that competitors cannot or will not match.