Enough Is Enough Strategies for Change
Enough Is Enough Strategies for Change
First, Obama scolds Wall Street last week for giving themselves $18.4 billion in bonuses, the same amount they gave themselves in 2004 when the economy was quite strong. Many of these bonus-hungry firms are the same ones that have recently been in front of Congress with their hats in their hands looking for bailout funds.
Then we had John Thain, the now former CEO of Merrill Lynch and rapidly becoming the icon for Wall Street greed, being nailed for billing shareholders for $1million in his office renovations, including an $87,000 area rug. Next there was Citigroup’s last-minute cancelled order for a $50 million 12-seater corporate jet, paid in part by taxpayer bailout dollars.
And of course don’t forget the now infamous “Talented Mr. Madoff”, as the New York Times referred to him, and his estimated $50 billion scam.
Now while all of these examples are quite extreme, they shine the light on a basic human characteristic. And they can wreak havoc on our lives as well as others when left unchecked.
The key difference with these guys and most of us is they went completely unchecked and possibly in Madoff’s case, completely off the deep end.
So then, how do you know when it is time to change strategies, end the run (because it was either successful or you’re just not making it happen), or keep working it forward?
Here are the basic five components to knowing if you’ve had enough:
1.
Purpose—Get clear on why you are doing what you are doing. Is it just to make money (in business) or is there a higher goal in mind?
2.
Exit Strategy—In business it is extremely helpful to know when you are exiting the business. Examples: when we grow the business to $10M annually in sales, when I turn 65, when we go public, when I find a partner to take over, etc.
3.
Boundaries—this is very helpful for keeping things in check. How far are you willing to go with certain things? For example, how much money will you spend or how much time will go into making things happen, or how much debt are you willing to take on?
4.
Stop Limit—what is your threshold trigger mechanism? It prevents you from losing too much investment of time, money, etc. The term is used in investing in the stock market: when the stock you own hits a certain price it is automatically sold, automatically limiting your losses. Examples: I will invest (or loan) the business no more than $50K of my own money or this new product line must generate a minimum 10% net profit within six months.
5.
Accountability—Often times we cannot and do not hold ourselves accountable to what we know we should or will do. Often times we cut corners, sneak things in that are not in our (or the planet’s) best interest. Usually that is what board of directors, advisors, mastermind groups and coaches are for in business. Who will keep you in check?
Setting up these five components to knowing when to say enough is enough will help you to stay calm when things get crazy. As a form of insurance, it is there to protect you from doing things you might deeply regret in the future.
Action Steps for the Week:
Define, redefine or visit the purpose of your business or career. To what end are you doing what you are doing? What do you want it to provide you with? Most likely money is part of that answer. How much? What else is involved with the purpose of what you are doing? What difference are you making for others in process? For the planet?
Then define when you will leave the business or your career. How far are you willing to go to make your purpose a reality? What boarders are you not willing to cross?
And lastly, who will hold you accountable and keep you in check from yourself?
Enough Is Enough Strategies for Change - To learn more about this author, visit Stefan Doering's Website.
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It is rare I feel deep disappointment in my fellow New Yorkers. This past week was one of those times.
First, Obama scolds Wall Street last week for giving themselves $18.4 billion in bonuses, the same amount they gave themselves in 2004 when the economy was quite strong. Many of these bonus-hungry firms are the same ones that have recently been in front of Congress with their hats in their hands looking for bailout funds.
Then we had John Thain, the now former CEO of Merrill Lynch and rapidly becoming the icon for Wall Street greed, being nailed for billing shareholders for $1million in his office renovations, including an $87,000 area rug. Next there was Citigroup’s last-minute cancelled order for a $50 million 12-seater corporate jet, paid in part by taxpayer bailout dollars.
And of course don’t forget the now infamous “Talented Mr. Madoff”, as the New York Times referred to him, and his estimated $50 billion scam.
Now while all of these examples are quite extreme, they shine the light on a basic human characteristic. And they can wreak havoc on our lives as well as others when left unchecked.
The key difference with these guys and most of us is they went completely unchecked and possibly in Madoff’s case, completely off the deep end.
So then, how do you know when it is time to change strategies, end the run (because it was either successful or you’re just not making it happen), or keep working it forward?
Here are the basic five components to knowing if you’ve had enough:
1.
Purpose—Get clear on why you are doing what you are doing. Is it just to make money (in business) or is there a higher goal in mind?
2.
Exit Strategy—In business it is extremely helpful to know when you are exiting the business. Examples: when we grow the business to $10M annually in sales, when I turn 65, when we go public, when I find a partner to take over, etc.
3.
Boundaries—this is very helpful for keeping things in check. How far are you willing to go with certain things? For example, how much money will you spend or how much time will go into making things happen, or how much debt are you willing to take on?
4.
Stop Limit—what is your threshold trigger mechanism? It prevents you from losing too much investment of time, money, etc. The term is used in investing in the stock market: when the stock you own hits a certain price it is automatically sold, automatically limiting your losses. Examples: I will invest (or loan) the business no more than $50K of my own money or this new product line must generate a minimum 10% net profit within six months.
5.
Accountability—Often times we cannot and do not hold ourselves accountable to what we know we should or will do. Often times we cut corners, sneak things in that are not in our (or the planet’s) best interest. Usually that is what board of directors, advisors, mastermind groups and coaches are for in business. Who will keep you in check?
Setting up these five components to knowing when to say enough is enough will help you to stay calm when things get crazy. As a form of insurance, it is there to protect you from doing things you might deeply regret in the future.
Action Steps for the Week:
Define, redefine or visit the purpose of your business or career. To what end are you doing what you are doing? What do you want it to provide you with? Most likely money is part of that answer. How much? What else is involved with the purpose of what you are doing? What difference are you making for others in process? For the planet?
Then define when you will leave the business or your career. How far are you willing to go to make your purpose a reality? What boarders are you not willing to cross?
And lastly, who will hold you accountable and keep you in check from yourself?
Enough Is Enough Strategies for Change - To learn more about this author, visit Stefan Doering's Website.
Like this article? Share it with your friends
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George LudwigGeorge Ludwig is a recognized authority on sales strategy and peak performance psychology. An international speaker, trainer, and corporate consultant, he helps clients like Johnson & Johnson, Abbott Laboratories, Northwestern Mutual, CIGNA, and numerous others improve sales force effectiveness and performance. Though it's George's strategies and processes that help corporations increase productivity and performance, it's his tremendous energy and dynamism that spark the transformation. Again and again, clients remark on his amazing ability to unleash human capacity and inspire men and women to break out of their comfort zones. The result is a whole new type of salesperson. His customized presentations teach achievers to make stunning advances in their lives. From helping salespeople realize cherished dreams to helping corporations exponentially accelerate revenue streams, George Ludwig leaves audiences and individuals empowered, emboldened, and clamoring for more. George is the best-selling author of Power Selling: Seven Strategies for Cracking the Sales Code and Wise Moves: 60 Quick Tips to Improve Your Position in Life & Business. - Visit George Ludwig's Website |
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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