The Down Times Test

Many people claimed to be
‘Buy and hold’ investors’
but when the markets took a dive,
the truth came out.
They didn’t hold,
they sold.

Faith is not faith unless it has been tested.
An entrepreneur is not truly an entrepreneur
unless she has gone completely broke
at least once.
A survivor is not a survivor
if she’s only survived happy times.

I could go on
but you get the picture.
If you’re going through tough times right now,
as many of us are,
the upside is
that you’re about to find out
what you REALLY stand for
and who you REALLY are.

Embrace this.
It may be a short term struggle
but, if you learn from it,
it will bring long term happiness.

Should You Give A Christmas Bonus?

I once worked in a company
where they gave out frozen turkeys
as a Christmas bonus.
Delivery was a nightmare,
getting it home still frozen was a challenge,
and for single people,
a 15 lb turkey was a waste.

Other companies are more practical
and give out cash.

So as an entrepreneur,
should you give out a Christmas bonus?

If the bonus is not tied to company performance…

No.

Yes, you might be able to afford it this year
but what about next year
or twenty years from now?
A consistent Christmas bonus is like pay.
Employees take it for granted
unless it is taken away
and then morale nose dives.

That means the bonus should be small enough
to be sustainable
which usually means it is too small
to make an impact.
It also does nothing to motivate employees.

If you’re going to make it
inconsistent,
then you might as well link it
to company performance.

Do You REALLY Need An MBA?

I believe in education,
I have a bachelors degree and
an accounting designation,
so my blanket answer to
‘Should I get my MBA?’
is usually yes.

Usually.
Not always.

A friend of a friend approached me.
She is one of those rare creatures,
a female engineer
working in a large consulting company.
She wants to get her MBA
so she can make the switch
from design to marketing.
This is not an executive MBA
(done after hours).
This is not being paid for by her company.

My advice?
There are easier ways to accomplish
her goal.

Like simply applying for the position.
Being a female engineer differentiates her enough
to land an interview.
It would be up to her selling skills to do the rest.

Seth Godin is offering another option.

Getting Off Your Ass

One month to the end of 2008.
Look at your goals for this year.
Have you accomplished them?

If not,
it is time to get off your ass.
Andrew at Lyved
has a checklist to assist you.

My favorite is
“Figure out what you want to do now;
not what you want to do forever”

Today, I’m editing a novel.
Last week, I was pre-auditing accounts.
The week before, I was programming code.
All were enjoyable
but I wouldn’t want to do any one task forever.
If I had to make that choice,
I’d still be deciding.

Do what you have to get done for today,
THEN worry about tomorrow.

And GET MOVING!

Should You Invest In Company Stock?

If you want a future in the company
and that company has an employee stock purchase plan,
then yes, you should.
At least a token amount.

Yes, I know the plan is supposed to be confidential
but the key words there are
‘supposed to be.’

Even if that information isn’t leaked,
you will be asked
(at some point)
and most people are horrible liars.
Sniffing out liars is an exec sport.

Also as a new business development gal,
I could never stand up in front of an exec team
proposing my solution as
best for the company
without owning a piece of that company.
That type of internal disconnect is a career killer.

You Are A Fraud

A friend of mine told me
she doesn’t consider herself a writer
but instead as someone who writes.
She feels like a fraud
calling herself a writer
because she has only had
one novel
(out of forty published)
top the New York Times Bestseller List.

I bill myself as a new business development gal
but the thing is,
I’ve only launched a few hundred products.
There are many people who have launched more.

We all think we’re frauds.

There will always be people who
have done more
or know more
in your chosen field.
That doesn’t mean you’re not worthy of the expert label.

Some clear indications that you’re worthy are…
– You are asked to speak on the topic
– Clients solicit your consulting services
(no pitch required)
– You attend a seminar on the subject
and know more than the presenter
– You give more back in knowledge
than you take

The Retirement Talent Pool

A loved one had an RFP for a high profile deal.
His current staff couldn’t handle the additional workload.
He didn’t have time to train a temp,
Instead, he offered a contract assignment
to
a newly retired employee.

She knew the systems.
She had the skills.
She even had contacts at the company
they were pitching to.
It was the perfect solution.

It is called double dipping,
an employee receiving
both retirement income
and employment income
from the same company.

It works out well for everyone.
The company gets a well trained temp
and the retiree gets a boost to her bank account.

Unfortunately,
45 percent of companies place restrictions
on rehiring retirees.

If your company doesn’t,
stay in touch with your retiring employees
(the ones you wouldn’t mind rehiring).
Keep them in mind for special projects.

The Right Attitude For A Recession

Tom Peters reminds managers

“**Banish gloomy from your personal demeanor—if it kills you!

(**”Sunny” is pretty stupid, too:
Who do you think you’re kidding.)

(**”Determined”-“Gettin’ on with gettin’ on” is best.)

**The great juggling act:
PMA while preparing for the worst.
(Positive Mental Attitude—
but know the drill if the recession goes 24 months,
which it easily might.)”

We all know the sky is falling.
When we are hit with pieces every day
(the latest bad news),
we don’t need our managers also reminding us.

What we DO need is hope
and a plan.

Holiday Party Rules

It is holiday party time again.
Every year, I debate going over the rules
yet again
and then every year,
I attend a party
where a rising star crashes and burns
by breaking them.

First, treat this like business.
Because it is.
Holiday parties are
when execs and managers introduce
and then evaluate their star employees.
See all those execs huddled in the corner?
They’re talking about you.
Make sure that talk is positive.

Second, don’t drink.
Have a glass if you can handle it.
If in doubt, stick to soda or water.

Third, prep your date.
Tell him or her what your goals are
and
how you want to be perceived.
There is nothing more powerful
than a third party (your date)
singing your praises.
I was the spouse at a party two weeks ago.
On the Monday following,
the hubby was called into his manager’s office
and told that after talking with me at the party,
the manager added an extra percent
to his raise.

Actually, I lied.
There is something more powerful
than your date singing your praises
and that is
if your EXEC’s date sings your praises.
Don’t ignore spouses.
A good exec spouse
is doing exactly what your date is doing.
He/She is gathering information.

Most attendees don’t follow these rules.
That works out in your favor
because you’ll stand out when you do.

How To Deal With Recent MBA Grads

I was in a meeting with
a mix of recent Master Degree grads
and ‘experts’ in the field.

It was the most fun I’ve had in years.

The grads would ask questions
using long, complicated words.
The experts would respond back
with one syllable word sentences.
The equally well educated pros
had the hick routine down pat
and
the grads, being extremely intelligent,
quickly got the message.

The experts also
walked them through
the most popular (and rather useless) theories,
sharing why the theories wouldn’t work
in the real world.

We were all pompous asses
when we first graduated.
Be gentle.