12 Guiding Principles:
I INVEST IN ME
The more you value you, the more others do, too.
Companies know the secret to success: recognizing, increasing and providing value. They know they have something to offer and utilize tools to increase value for customers and investors. Just as companies make decisions each day that either increase or decrease their value, we do, too! To increase our value, we use the right tools, make thoughtful decisions, take action and reap the rewards of our efforts.
We have the power to make decisions that consistently increase our value. As we do this, we will see our lives change. We will grow and flourish! Our return on investment will be better relationships with ourselves and others and a life of abundance!
LET'S GET STARTED
MY MISSION STATEMENT
Organizations develop a mission statement to clarify their identity and purpose. Think about your top 5 characteristics and talents. What do they say about you? How do they shape your mission? What are you passionate about? If you don’t know, explore. Your natural gifts and passion lead you to your purpose. Now capture it in the creative form that works for you – words, pictures, music or whatever!
I AM THE CEO OF
I am the Chief Executive Officer of my life. Ultimately it is me who determines my success. My role is to make good decisions, be responsible, and achieve the results I want.
Set Goals: Decisions determine destiny so we set goals consistent with our mission statement and business plan. Focus on what will help you achieve those goals, believing that you will.
R&D: Research and development is a key factor leading to success. We do our due diligence in all aspects of our lives. We collect and analyze information. Any information we lack, we get to develop the product we envision.
Develop your product: What do you have to offer the world? Many things! What is your purpose? What is your mission? What are you developing to take to market? Enjoy the creative process of discovering and developing your product.
Forecasting: What is needed to make your product available to others? How can you meet the demand? When inventory and resources are running low, what must you do to ensure your resources are not overtaxed and your product goes into backorder status? What are your long term goals and the results you expect? Are you on track?
Take it to market: Look at what you have created. Appreciate it. Take pride in your achievement. Share what you have to offer!
Inventory: Do I have enough to satisfy the demand? Do I need to discontinue some products? Is it time for new products? We assess and determine whether or not we can or must produce more of our product(s). This is an ongoing, dynamic process. And we are careful to distribute only the amount of product available, nothing more. That’s good business – in the corporate world and in life.
Audits and when to do them: Audits are regular assessments of what is working and what is not. They help us see when course corrections or changes need to be made. We can ask ourselves if things are working the way we want them to. If not, what do we need to change?
Who’s doing your math? Something to consider is whether you make changes based upon your observations or those of others? We do both, of course. That’s one reason for selecting the right Board of Directors. Consider on your own and with your trusted advisors: What’s my revenue, expenses and profits? Am I meeting my goals? Am I taking a loss? Where is the loss coming from? What is the cost? How do I minimize or cut out the thing causing the loss?
TAKING INVENTORY & REGULAR AUDITING
Businesses utilize a variety of tools to analyze whether or not their decisions will result in the desired dividends. You’ve heard of these tools and use them every day: Cost-benefit analysis, SWOT analysis, and determining then measuring factors impacting your ROI (Return on Investment). When deciding what action to take, be wise. Consider facts. Be objective. Emotion is important to consider, but must be balanced. Be prepared. Be open to possibilities. Be thoughtful and deliberate. Consult with your Board. Do your homework. Put yourself in the best position for success. Then, decide whether the risk is worth taking.
All organizations encounter unplanned events that impact their value. Sometimes there are devaluations in currency, labor strikes and other roadblocks to success. Sometimes there are merely delays and patience and workarounds are required. And sometimes the market shifts so that what you have to offer is exactly what is in demand and your stock value skyrockets! The ebb and flow of the process is natural. Do what you can to prepare. Investing in yourself is the first step!
TAKE CALCULATED RISKS
PREPARE FOR MARKET CHANGES & OTHER UNPLANNED EVENTS
GOALS, R&D, PRODUCT DEVELOPMENT + FORECASTING
I love and appreciate myself: Women are naturally nurturers of others so we invest in our family, friends, significant others and leave what little is left, if any, for ourselves. Investing in ourselves first makes it possible to support others. Loving ourselves first is not selfishness – it is self-appreciation! We nurture and give love to ourselves first. I invest in me = I love me!
Business plan: We create a plan and make decisions based upon our individual capital, mission, needs, and the results or dividends we want to receive.
This is what organizations have to start with to make their mission a reality. For you, this is your inherent value and what makes you - you! There can be many sources of capital. Here are a few:
I SELECT WHO IS ON MY BOARD OF DIRECTORS
I am Chairman: How big is your Board of Directors? How many people provide their input on your life and life choices? Should they? Are they worth listening to? Are you listening to them? Are they really helping you make decisions in your best interests and that will help you achieve your purpose and goals? If not, vote some out! Trust yourself and your instincts first! You be the Chairman of the Board!
Brain trust: Thoughtfully build a group of supporting, nurturing friends and mentors with different areas of expertise who can give you honest feedback that contributes to your success.
Acquisitions: Profitable businesses acquire other businesses that increase their value, enhance product offerings, generate additional revenue and dividends, and provide the anticipated return on investment. What can you do to increase your value and be more lucrative or expand your product offerings? What can you acquire to receive your desired dividends and return on investment?
Divestitures: Sometimes businesses sell off product lines or business units that no longer contribute to their goals.
What can you get rid of that no longer supports your goals? What will not be a contributing factor in receiving the dividends you want?
Be willing to walk away from a bad deal. If something isn’t contributing to your goal achievement and helping you be your best self – whether it’s a bad habit, drama, a job, or a relationship – be brave and walk away! It frees up space for something better.
Becoming an Acquisition Target: When you have carefully invested in yourself, you become an acquisition target for others who notice and appreciate your value. Then you can thoughtfully consider what you can offer them, what they can offer you, and whether it is a wise choice to pool your assets.
Mergers: Have the end goal in sight: will merging accomplish your desired goals and dividends? Will it enhance and increase what you have to offer? Will merging truly be an act of investing in you and your goal of realizing your full value? If so, take a calculated risk. Mergers can be wonderful opportunities that provide a huge return on investment or they can be lessons learned.
ACQUISITIONS, DIVESTITURES AND MERGERS
MY OUTRAGEOUS DIVIDENDS
Hard work pays off! We can achieve our original goals and so many others that we did not anticipate when we set out. Businesses, successful or not, gather experience along the way that pays dividends. Things rarely occur exactly as planned, yet the path to achievement still yields great dividends. What are yours? Have a grateful heart. You’ll see the greatest challenges yielded the greatest dividends.
Successful organizations understand the importance of contributing to individuals, families and communities. This benefits society as a whole. Hard Rock Cafe’s motto is “Love All Serve All®.” What is your motto for contributing to humanity? What action will you take?