Analysis Of Benjamin Franklin's 'The Way To Wealth'

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In “The Way to Wealth,” the 1758 essay included in Poor Richard’s Almanac during its first few years of publication, Benjamin Franklin recounts a story whereby locals were gathered outside a merchant auction and complaining of “the badness of the times” to Father Abraham, an elderly man. “‘…[W]hat think you of the times? Will not these heavy taxes quite ruin the country? How shall we ever be able to pay them?” Father Abraham acknowledges their plight: “The taxes are indeed very heavy, and, if those laid on by the government were the only ones we had to pay, we might more easily discharge them; but we have many others, and much more grievous to some of us.” And with that, he implored them to take personal control of their situation: “…[L]et us hearken to good advice, and something may be done for us …” …show more content…

The advice offers relevant insights for convenience retailers, in light of sharply rising direct store operating expenses (DSOE), a primary industry “watch out” cited at last year’s State of the Industry Summit (SOI) in Chicago. Encompassing wages, payroll taxes, healthcare insurance, card fees, utilities, repairs and supplies, the category is growing quickly and on pace to surpass swipe fees. While government mandates make some of these expenses unavoidable, there are proactive measures you can take to mitigate their impact on your business. Borrowing from Father Abraham: “If you would have my advice, I will give it to you in short, for a word to the wise is enough

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