Business concepts and applications

Fred Factor

The premise of the Fred Factor is that by taking simple steps we can transform our lives from the ordinary to the extraordinary. The book is small but has a big mission: to help us make our lives meaningful beyond anything we can imagine! In a job that some may think monotonous, Fred sees an opportunity to make a difference to the lives of his customers.

Career Choices

The story of Fred is very inspiring for all the people stuck and bored in their work life and even for those who are about to enter the workforce whether white collar or blue collar. When a person works with passion then he forgets about the time and his work becomes his life and the rest, a part of it. It is the passion that can keep a person burning the midnight oil. Most people adopt different professions but slog through because of lack of real interest. At times, monetary incentives or other perks derive certain people to opt for a particular career but due to lack of appeal they remain unable to excel in the field they choose. Mediocrity not only hurts the individual but also the industry or economy in which the person is working. Therefore, it is imperative for a person to choose a field which stimulates him and his passion.

HR Improvement

The Fred factor can be an inspiration for every employee as well as management. Management can also take a lesson from the book and try to create a challenging work atmosphere and hence create impact on employee morale and performance. Managers must also be concerned with factors such as individuals' awareness about the work situation and systems as they influence learning and performance. Organizations that have social norms and values that support learning, experimentation and challenges can have a positive impact on an individual's performance also have this Fred factor inherent in their philosophy. If Fred factor pervades in organization at all levels then the concepts of ownership and empowerment can not be simply ignored and compensation cannot simply be considered.

Customer Service & Relationship Building

The book can be an inspiration for customer service and business development. Fred factor suggests that Customer service management, sometimes referred to as customer relationship management, is much more than attentiveness to customer satisfaction. Customers do not want to be merely "satisfied." They want the feeling that the organization considers their business to be important, essential, and vital to its operation. Fred factor emphasizes that businesses can become more successful by building strong relationships; create value for others without spending money.

Leadership Importance

It's a book for bosses and employees alike. Leadership is what builds the corporate culture. The culture should exemplify extraordinary management. Effective leadership builds a people-centered corporate culture. If the corporate culture is not people-centered, the organization is likely to lose large numbers of customers to its competitors, which means, of course, that leaders have the primary responsibility for the success of the organization and must learn some lessons from the Fred factor.