MACHINE, MEN AND MANAGEMENT AS REGARDS TO WEALTH CREATION

With regards to the machine you should know something about Terotechnology- that is the “life-cycle” costing. Terotechnology is the name given to a method of controlling and evaluating the overall capital cost plus maintenance cost of equipment. It covers-design and specification cost, procurement cost, installation cost, operation cost and maintenance cost; then constantly find out the machine that will give you optimum result at minimum cost and minimum maintenance/overhead expenses.
Material can be looked at from two extremes- that is the raw material and the finished good material/stock. It is the raw material that converts to finished goods stock (materials). You have to ensure that the money expended on the material is justified and that the cost of conversion to finished goods (material) is reasonable. Above all, the quality of the product as perceived by the customers is right so that the market can accept the product with ease.
You saved some money to work for you. You acquired machines and materials, with the money you need to hire MEN (labor) to also work for you.
If the MEN (labor) do not fit into your vision, it will mean that a pin is being introduced into an inflated balloon of riches in your palm. There is no sentiment about it, your MEN must be right and in the right places. The right quantity and quality of MEN must fit into your establishment if you must be rich.
You, the proprietor/Managing Director are the coach of this business like the coach of a football match. If there is any weakness in the goal keeping or in the defenders, or in the midfielders, or in the attackers and the coach refuses to act promptly, the result of such a match may not be good enough. It is like this; in the home video industry, the characters must be right and in the right places otherwise, the film will not be of interest. If you need people to play the role of a school boy, an old woman, a pastor, a high priest, a criminal and so on, you must go for the people who can really play the parts successfully to make a complete and interesting film. In the same way, in your bid to be rich ensure that your business is made up of the right quantity and quality of men to realize your vision.
Management can make or mare all your efforts to be rich. If the management is not right, then all your efforts will be brought to naught. Money, market, machine, material, men and management are like a collection of sharp pins inflated into a balloon of riches placed on your palm; if per chance one of the pins is not in the right place and finds its way out of the collective vision and goals of the business, the whole balloon will go flat on your palm. So watch it and seek financial expert advice if necessary. Good luck!