This little gem is the best business book I’ve ever read. In fact, I reread it periodically. Unlike most business books, it is not merely a collection of bumper sticker wisdom where all the best parts are collected for you in the Table of Contents. No, this is a book you should read carefully and slowly, with pen and paper handy for notes.

In one of my favorite parts, Bob Pritchett explains that a business has to choose between pricing (as in, how low can you go), service (as in, waiting on people hand and foot) and quality (as in, the latest labels or trends). Indeed, this is a problem I see business owners fighting on a regular basis. An IT guy will try to beat the perceived competition on price while still offering employee-level service…and go broke. A gift shop will scour the world for unique items, sell them at near-break-even prices…and wonder why they can’t pay the rent. Face it: you can’t compete on all 3 levels at the same time. That is, not if you want to succeed!