If you think about Las Vegas, the gambling and hotels, one company dominates the top  line hotels Steve Wynn’s Wynn Resorts. Over the years, Mr. Wynn has given advice of how he has been successful in the business.

1. Love the Process – every industry has its ups and downs, if you love the industry through the cycle you will do well.
2. Do Not Be Reckless – it seems strange from a gambling house owner that his second rule is do not be reckless, however in business you need to fly with a net. In order to do that for major projects – check and recheck your fundamentals and options so that when (not if) the cycle of your industry happens you can continue to finish the project. Put in a capital structure that allows you not to bet the farm on the project.
3. Raise People’s Esteem – in business you will have people working for you, if they feel good about working for you they will be more productive. One method is to celebrate their stories – in the case of Mr. Wynn he runs hotels, what is the difference between his hotel and another one? its people. What he does is anytime someone goes beyond the call of their normal duties – it is celebrated and recognized for all employees in the lunchroom, the employee website, everywhere possible.
4. Try New Ideas – start small, but be open to new ideas, over time your business will be different.
5. Give the Best Guest Experience – Mr. Wynn is in the hotel business and gambling in one example 55% of his revenues came from gambling; the other 45% from hotel and food operations. Giving people the best guest experience allows for repeat visits.
6. Be Consistent – for both staff and guests the policy for all parts of the economic cycle is consistent good service. It is easier if the economy is doing well. people feel better, however the guests still need to be served in the down times.
7. Love What You Do – if you enjoy your work and frame it to helping the customer life is easier
8. Help Others – use your business to help people in the community
9. Stick to Simple Ideas – make the experience a WOW one consistently.
10. Create a Family – when you survey the people working for you, the reason they work is for a job, the reason they stay is …..

Linking to dividend paying stocks, Mr. Wynn gives good rules that any business can duplicate for all business have guests and employees. For Mr. Wynn it means to live those values on a daily basis and you can see or check to see if his company is doing it. For the companies you invest in – they all have customers and need repeat business and you can see if the companies are who the customers want to continue doing business with. If they are, that is good; if they are not if alternatives come in the marketplace people will gravitate towards them.

There are more questions than answers, till the next time – to raising questions.