The Ten Commandments for Business Failure In Chicago<\/p>\n
Commandments 5-10<\/p>\n
By Philip Elworth<\/p>\n
I recently read an interesting book by Donald Keough, who was chairman of Coca Cola Company during the introduction of New Coke.\u00a0 He has some intriguing insights into business failure.\u00a0 What I find most interesting is the number of companies I have seen who are following at least some of these commandments.\u00a0 This is the second part of this story and covers commandments 6-10.<\/p>\n
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#5 Play the Game Close to the Foul Line.\u00a0 <\/strong>I was recently in a meeting with a banker on a turnaround situation.\u00a0 The banker stated that as long as we played straight they would work with us.\u00a0 Play games however and they are through.\u00a0 This is tough language when a business is on the line but what better way to fail than to play games.\u00a0 You need to understand that your employees see this behavior and it is often observed by customers and vendors as well.\u00a0 The bottom line is that trust is still the glue that holds things together.\u00a0 I have never lost sleep over honest behavior.<\/p>\n <\/p>\n #6-Don’ take time to think<\/strong>.\u00a0 The term in-box shock or information overload applies here.\u00a0 It is well documented that we are bombarded with information all day long.\u00a0 Is it any wonder we can\u2019t sit back and ponder what is going on around us?\u00a0 I was recently at a seminar where the speaker, an expert on organization, was showing his empty e-mail inbox.\u00a0 His point is that the only thing that should be in your inbox are specific issues you need to follow up on.\u00a0 A cluttered in-box is as bad as a cluttered desk.\u00a0 It leads to a cluttered mind and a cluttered mind cannot see the real issues before it.\u00a0 You must take the time to think through the issues that are before you.<\/p>\n <\/p>\n #7-Put all your faith in experts and outside consultants<\/strong>.\u00a0 Ouch, this one hurt since being an outside advisor is what I do.\u00a0 However his words are valid.\u00a0 I give my clients advice, but I also try and show them alternatives.\u00a0 There is rarely only one way to accomplish something.\u00a0 As a business owner you must always apply the advice you receive against what you know to be true.\u00a0 When dealing with consultants always separate the presentation from the presenter; beware of flattery.<\/p>\n <\/p>\n #8-Love your bureaucracy.<\/strong>\u00a0 Remember that administration is there to facilitate work being accomplished, not to run the show.\u00a0 I am a strong believer in outsourcing.\u00a0 If a particular function is not core to your business and by its nature a differentiator, then look to outsource it to some one who knows what they are doing.\u00a0 There is a tendency for noncritical functions to try and make themselves more important by controlling information and workflow, often to the detriment of the organization as a whole.<\/p>\n <\/p>\n #9-Send mixed messages<\/strong>.\u00a0 Have you ever requested something be done by one of your employees only to find out it was not completed?\u00a0 What did you do?\u00a0 It is always the job of the communicator to make sure the message is received and understood.\u00a0 Are you doing this each time you communicate?\u00a0 If so and you are not being heard, than apply accountability to the communication.\u00a0 But be prepared to follow through on the consequences or you are sending a mixed message.<\/p>\n <\/p>\n #10-Be afraid of the future<\/strong>.\u00a0 To stop taking risks is in itself a major risk.\u00a0 I refer back to the first commandment.\u00a0 Every business must keep moving forward or risk a decline.\u00a0 I do not know of any company that is growing without trying something new.\u00a0 You do not have to bet the farm, just keep looking for ideas that will pay off over time.\u00a0 Ball games are won with singles and doubles.\u00a0 You don\u2019t need to go for the fence on every deal.<\/p>\n <\/p>\n If you would like help with applying these points to your business I am available and can be reached at pelworth@b2bcfo.com.<\/p>\n","protected":false},"excerpt":{"rendered":" The Ten Commandments for Business Failure In Chicago Commandments 5-10 By Philip Elworth I recently read an interesting book by Donald Keough, who was chairman of Coca Cola Company during the introduction of New Coke.\u00a0 He has some intriguing insights into business failure.\u00a0 What I find most interesting is the number of companies I have…<\/p>\n","protected":false},"author":27,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_editorskit_title_hidden":false,"_editorskit_reading_time":0,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","cybocfi_hide_featured_image":"","footnotes":""},"categories":[16],"tags":[],"class_list":["post-2821","post","type-post","status-publish","format-standard","hentry","category-other"],"acf":[],"yoast_head":"\n