Unlike Red-Wine very few things ever get better with time. Facts do not cease to exist just because you ignore them. When emotion goes up, intelligence goes down. The mind, like the parachute works a whole better when it open.
Making mistakes is absolutely inevitable but admitting to them and learning is optional.
It’s nuts to think, believe that our ability, intelligence, and hard work can overcome a tough economy or a bad business formula.
Success will not make you invincible or bulletproof, success can and will make you stubborn, complacent and egotistical by themselves this is a cocktail for a major defeat. You get what you tolerate in business and in life. Never wait to address personal or substandard work performance, their either doing a great job or they aren’t. The cost to the business of tolerating an incapable or transgressing employee is far greater than the discomfort of having a tough conversation and a swift sword termination.
All opportunity comes with a cost.
Just about anybody can make money in good times. Poor cashflow is like Kryptonite to any business. It kills. No cash, No business, Cash is King and Marketing is Queen. It takes three good business deals to make up for one bad one. Put cash aside every week, especially during good times. Someday you’ll be grateful you did. Debt always gives the illusion of wealth. Real wealth is built on great cashflow, assets and very manageable (minimal) debt. The tougher the economic climate, the better capable you will need. It’s impossible to outrun or survive a tough market with weak people.
- Every-time you make a hire it should be lift the average across the organisation.
- You cannot babysit your way to a successful business, performance or accountability.
- Always upgrade your talent base and never be afraid to pay them what they require.
- Love doesn’t always get the job done, if it did then why are there so many screwed up people.
- Great leaders and coaches guide, encourage and teach.
- Not all progress is measured by meterage gain; sometimes progress is measured by losses avoided.
- New cars, lots stuff, over expansion, chasing silver lures are all a sign of importance, not real success.
- Invest in yourself, it’s the key to growth and wealth.
- Plan and run all meetings only on outcomes and for results use scoreboards and scorecards.
- Start fewer tasks, finish more things.
- One of my mentors long ago said
“There is hope and there are facts. When these two things collide, facts win every time.” - Every time my business said it can’t get any worse, it invariably did get a whole worse.
The dumbest thing management can do is announce a new lofty target for the year (Our revenue target is 2,00,000 million this year) without a solid working plan of how it’s going to be achieved and then there is the execution… who doing what and by when.
Having the right answer is smart. But having the right question is genius. The riskiest moments in business is when you think you are right.
Great cash-flow and profit can fix most problems within a business.
Take Care
Mark Selbst
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