Category: Good habits

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The Ten Commandments for Business Failure

Why is it that some brands fail, while others stand the test of time?

“In the 1980’s alone 230 companies disappeared from the Fortune 500. In fact, only sixteen of the 100 largest companies that were around in the early 1900’s are still with us.”These words are from Donald R. Keough’s 2008 book ‘The Ten Commandments for Business Failure‘.

Coke is one of those brands. Introduced in 1886, Whether you like Coke or not, it’s difficult to deny the brand’s, ubiquity, staying power and success through the years. Coke is recognized at one of today’s most valuable brands.

You may never have heard of Donald Keough, but he is at least partially responsible for the The Coca-Cola Company’s longevity. Mr. Keough was first associated with the company back in 1950, and still sits on its board 65 years later. He has served as the company’s President and Chief Operating Officer and retired from his position as Chairman of the Board of Coca-Cola Enterprises in 1993.

Donald Keough has also served on boards of several other distinguished companies including The Washington Post, H.J. Heinz Company and Berkshire Hathaway. He holds five honorary doctorates, including ones from Trinity College in Dublin, Ireland and his alma mater the University of Notre Dame.

Legendary investor and one of the richest men in the world, Warren Buffet, documented his resounding endorsement in the foreword. “It has been an article of faith for me that I should always try to hang out with people who are better than I. There is no question that by doing so, you move yourself up. It worked for me in marriage, and it’s worked for me with Don Keough.” As if any further endorsement were necessary, Microsoft co-founder, Bill Gates, and Jack Welch who led GE for 20 years as Chairman and CEO also sanctioned the book on its front cover.

In a charming and often self-deprecating style, the author takes us through the tongue-in-cheek Ten Commandments, for Failure, which are as follows:

1. Quit Taking Risks

Creating profits in the long-term requires innovation in the now. Business leaders are paid to “be discontented”, to take the calculated risks that will ensure the company’s success in the future. “When you’re comfortable, the temptation to quit taking risks is so great, it’s almost irresistible”, but it is the number one way to seal your fate and fail. Mistakes and miscalculations, even very costly ones, are simply the price of staying in business.

2. Be Inflexible 

The “if it ain’t broke, don’t fix it” mentality is the second best way to secure the demise of a business. There is no one formula for success that will continue to work always; leaders must constantly challenge themselves to change. “Flexibility is a continual deeply thoughtful process of examining situations and when warranted, quickly adapting to changing circumstances.” Darwin’s concept natural selection is applicable not just to organic species, but to the survival of businesses as well.

3. Isolate Yourself

Staying in touch with customers, distributors, managers and staff is essential to continued growth and success. It is temptingly easy to physically isolate yourself from “distractions” in the comfort of leather sofas and plush carpets in corner offices on high floors guarded by layers of Personal Assistants. Creating your own “executive bubble” is a great way to be the last to know when anything is going wrong. Answer your own phone, make your own coffee, know the names of your people – walk around and find out how they are doing and what the Company needs to be doing better.

4. Assume Infallibility

Another great way to fail successfully is to never ever admit a problem or a mistake. Develop the artful skill of finger-pointing. Blame external forces such as currency fluctuations or the unusually active hurricane season. Cover up mistakes for as long as possible without admitting that anything is going wrong. It’s best to wait until there is a full-blown crisis and then say “mistakes were made…” (but not by me).

5. Play the Game Close to the Foul Line

When you consistently “play it close to the foul line”, your employers will not trust you, and neither will your customers. If you achieve success by destroying your principles in the process, it will not last. Build a reputation for doing the right thing – to be forthright, honest and fair. Build trust. Honor and decency are virtues which never become outdated.

6. Don’t Take Time to Think

“Thought is hard” ~Goethe. In many ways technology often adds to the complexity of life without providing appreciable advantages. With the steady stream of data constantly bombarding us, it is appealing to believe that being busy is the same as being effective. Base decisions on careful evaluation. Objectively analyze mistakes; they are a powerful opportunity to see what went wrong. Making time to think is essential for success.

7. Put All Your Faith in Experts and Outside Consultants

“It is better to know some of the questions than all of the answers.” -James Thurber. Putting too much faith in outside expertise can lead to disastrous consequences. Quite often, managers insecure in their authority blame restructuring, layoffs and other unpleasant decisions on plans drawn up by outside experts. This is just another cowardly way of passing the buck. Good business leaders take responsibility for the future of their businesses, they don’t farm out important strategy decisions to third parties.

8. Love Your Bureaucracy

If you want fail spectacularly, put administrative concerns ahead of everything else. Chains of command, paper pushing, and general red tape can lead to endemic dysfunction. Bureaucracy within organizations causes responsibility to become so diluted that the managers become incapable of making objective decisions. Action becomes  impossible. In a crisis, the results can be catastrophic.

9. Send Mixed Messages

Communication does not occur unless the message is both heard and understood. For example, rewarding employees who have not met performance targets sends the message that the targets really don’t matter. Be consistent in the message you send. Apply accountability and follow through with the consequences.

10. Be Afraid of the Future

If you want to paralyze your business, start proceeding with caution all the time, allow pessimism to thrive. Unquenchable optimism is the spirit the engenders achievement and success. Move boldly ahead – approach the future with optimism – especially when the circumstances are unfavorable.

11. Lose Your Passion for Work, for Life

To fail, just continue to set low expectations for yourself and everyone around you; keep saying “that’s good enough”, or “that’s not my job”. All achievement requires passion. Work is hard, but it is worth the effort to those who are convinced that they are capable of being better. It is the strong desire to do better and solve problems that should drive your passion to work harder. Successful people perform at a higher level, just for the satisfaction of doing it. Passion can be cultivated; form a strong emotional connection with whatever you are doing, and never stop.

 

In many ways, Donald Keough’s book is a story of failure, with lively anecdotes illustrating each commandment, the author details the perilous mistakes of Xerox, IBM, Ford and especially Coke. Companies don’t fail, people do.

It is also a tale of success.  Great leaders don’t allow themselves to be dragged down by failure, they recognize the mistake, admit their errors and find a way to move on.  This amazing little books gives us a glimpse into how a product established in 1886 is still with us today as one of the strongest and most loved brands in the world. It is as refreshing and stimulating as an ice-cold glass of Coke Zero on a hot summer day. I highly recommend it.

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10 Little Things I’ve Learned as a Female Executive

Here are some of the lessons I’ve learned over the years, and continue to learn every day.

1. Work Hard

There really is no substitute for hard work. The law of sowing and reaping and Newton’s third law hold true in nature, and are equally applicable to everyday life. Don’t expect to ever get more than you put in. Don’t expect to ever be paid more than you deserve. And if it happens, don’t expect it to last long. Compete only with yourself; strive every day to be better than you were the day before.

2. If You Don’t Ask, the Answer is Always “No”

One of the main reasons some women succeed at landing the tough assignments and earning salaries comparable to those of their male counterparts is because they’ve learned to speak up. Life is not fair and neither is the work place. Take an active role in making sure you convert your diligence into rewards — this will not happen automatically. Ask how you’re performing, ask for more responsibility, let others know when you’re being treated unfairly and toot your own horn.

3. Don’t Scratch with the Chickens

Choosing the wrong people to keep company with at work can really drag you down. Gossips are great at identifying who did what wrong, but don’t put any energy into making things right. Similarly, complainers cast blame, but take no personal responsibility. Both consistently expect the worse and both tend to consistently get the worse. When you’ve suffered a set-back, take it in your stride and move on. It is a mistake to whine or bitterly complaining to whoever will listen. Hone your skills and keep your eyes peeled for the next available opportunity. Prepare to soar with the eagles instead.

4. Flaunt Your Skills, Not Your Sexuality

Make the office a strictly “no-flirting” zone. Being inconsistent on this point may land you in compromising situations that may be difficult for you to recover from. On the other hand, celebrate the fact that you’re a woman. There is no need to forgo lipstick or try to “be one of the boys” to be taken seriously. Maintain a balance; people will find it easier to listen to what you’re saying if they aren’t being blinded by your fluorescent blue eyeshadow.

5. Lighten Up

Take the time to get to know those around you. Don’t be afraid to share a laugh or have fun at work. Embrace the concept of LBWA – leading by walking around. When people like and connect with you as an individual, they will be much more likely to support you when you really need it.

6. You Can’t Fix Everything

Being a perfectionist is an incredible waste of time and energy. Get your priorities straight, and make a habit of always working on your most important tasks first. Make a list every day. If you start your day tackling the easy stuff and then reacting to every email that pops into your in-box, you will find yourself both inefficient and over-stressed. Always put first things first, and learn to delegate or drop the things that aren’t worth your immediate time and energy.

7. Trust Your Passion

The more you enjoy what you do, the greater the likelihood of being successful and enjoying that success. Figure out what you enjoy and find ways to do more of the things you love in your job. It won’t necessarily happen overnight, but create a plan and work with it.

8. Make Time For You 

Make time to enjoy your life, and be happy and healthy. Cultivate interests outside of work – stimulate all your senses, eat well and move your body. Most of all, spend quality time with your friends and family.

9. It’s Okay to Cry

Frustrations will come, and so will the tears. When you break down emotionally on the job, it leaves people wondering if you can handle the task you’ve been entrusted with. Crying in front of bosses and coworkers will make you to lose credibility fast. Be tough on the job and save the tears for the drive home.

10. Never Stop Learning

My boss shared this gem with me just recently in a rare one-on-one moment. I embrace learning by reading voraciously on subjects that interest me. What he was talking about was learning the art of extracting ideas and solutions from everyone around. Asking others “what would you do?” is not a sign of weakness, it is a sign of real strength. It could make the difference between success and failure, particularly in really challenging times.

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The Optimist’s Creed: I Promise Myself Today


I am not naturally a morning person. In fact, I am the opposite. I am something of a forcibly reformed night owl. My alarm goes off at 5:30am seven days per week. Seven days per week, I hit the five-minute snooze button at least once, and often several times before reluctantly accepting that another day must now begin. That said, I have to admit that mornings are wonderful. They give us a chance to start each new day afresh.

Every morning, I reserve a few moments—before bounding (or crawling) out of bed—to be quiet. During these quiet moments, I meditate on, read and listen to words which will uplift my spirit and bring perspective as I start another day’s adventure. I reserve a few moments to be grateful. I focus on all the wonderful people in my life, the blessings I enjoy, and the people I admire. I remind myself of my goals and the person I would like to become.

One of my most meaningful morning meditations is Christian D. Larson’s ‘Optimist’s Creed’. Treasured by millions for almost one hundred years, the Optimist’s Creed challenges me to take full responsibility for my day, for my own actions and for the day’s outcomes.

By replacing the words “Promise yourself” with “I promise myself today” in each line, I picture myself living up to these timeless affirmations. I’m sharing the adapted version I recorded for myself with you. I hope that as you listen, these beautiful words will enrich your life as much as they have enriched mine.

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Thank You, Steve!

David Suchet as M. Hercule Poirot

As a child, between the ages of eight and ten years old, I devoured books. I have a natural love of learning, and the reading program introduced at my elementary school really stirred this. We were treated to weekly visits to the public library, and our parents were given the opportunity to purchase in bulk from Scholastic books. The rich and imaginative world of literature opened up to me as I read classic children’s novels such as ‘Veronica the Showoff’ and ‘The House on the Hill’ and every Nancy Drew and Hardy Boys mystery novel I could get my little fingers on. I read Agatha Christie, and fell in love with Monsieur Hercule Poirot – detective magnifique! I also kept long lists of the books I’d read, and wrote book reports about my favorites in my journal.  I was even selected winner of a book report competition I entered and had the chance to read one of my reviews on the radio.

In my early teens, my insatiable appetite for books seemed to be diminishing. In high school, most of my friends had their noses buried in the Sweet Valley High series and serial romance novels. To me, these seemed like a waste of time, and I only ever managed to get through one of them. My love affair with books had come to an abrupt end.

Throughout my twenties, I read only while on vacation, between jobs or during other periods down time or transition. I had several bookshelves lined with books – most of which I actually did start reading, but never quite got around to finishing.

Fast forward to April 2009. Now in my mid-thirties, I received the gift of a sparkling new iPhone, a white one. Delighted, I quickly learned the truth that belied the catch-phrase “there’s an app for that”. It turns out there was an app to fix my twenty-year reading slump. Using the Kindle app, which I downloaded for free, I could buy and read the titles I wanted, whenever I wanted with just a motion of my finger on a sleek touchscreen. What a relief it was to no longer be at the mercy of the narrow offerings at the local bookstore. No more did I have to wait weeks for international shipping to the Caribbean.

Frisky on one of Antigua's famed 365 beaches

With my iPhone with me all the time, it became so easy to read in my spare moments. I took to reading in all while walking my dog, Frisky, early every morning.  As strange as it may sound, reading while walking my dog was not much of a challenge. As you can see, Frisky is a little terrier, with very short legs. At fifteen years old, she is content to walk quite slowly, pausing to sniff at  blades of grass, rocks or most anything that takes her fancy – every few paces.

When the new iPad was released, reading became even more of a pleasure.

Last year, on August 21, 2010, I added the most powerful weapon to my new arsenal – audible.com. Using Audible, I could now purchase audio books and devour them while driving, washing the dishes or getting ready for bed. Suddenly, the morning and evening commute moved from being largely an exercise in frustration, to real “me time” I could look forward to.

With these new gifts of technology at my disposal, I decided that it was time to catch up on the twenty years of reading I had missed. Even with the demanding job of running a company, I set myself a goal of reading 50 books in the course of the coming twelve months. I committed to reading about one book per week, no excuses.

It’s July, and I’ve surpassed my goal. I’ve consumed 77 books in less than a year. Some of them I have read using the Kindle app on my iPod touch or iPad, and some I have listened to via audible, but none of them has been made of paper. Thank you, Steve Jobs!

End note: If you love reading, but think you’re too busy to do it, now is the time to log on to www.audible.com and become a member. With a monthly subscription, Audible will deliver a minimum of one book credit per month. You will have the flexibility of being able to download and listen to your books on your laptop, blackberry, iPhone, iPad and a range of other platforms. You won’t regret it!

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Don’t Flip

Featured above is a newspaper clipping from syndicated cartoon strip ‘Rose Is Rose’  by Pat Brady, circa 2000. Rose, a usually mild-mannered and well-read housewife, is helping her son Pasquale with his homework.  The strip has been cleverly annotated in red ink by my very dear friend, Greg. He fast-forwarded to my future life as wife and mother, and labeled Rose – Joya.

Greg and I worked together in a Big-4 accounting firm at the time. I was a year or two ahead of him as a  Senior Accountant and often supervised him on client engagements. Part of my role was to review the work of the juniors and to make sure the audit files were up to standard. One day, he left this gem pinned to my cubicle wall. Rose’s acrobatic somersault reaction to Pascale’s homework errors, was to Greg (and possibly the rest of my junior team) a perfect representation of my over-reaction to their shortcomings. Apparently, I was a little “touchy about grammatical errors” back then.

People Won’t Care How Much You Know, Until They Know How Much You Care

I’ve kept this clipping all these years not only as a memento of funny and endearing experience. It was Greg’s way of telling me to “lighten up”, and it has served as a reminder to me that we never get the best out of others by flipping out over their mistakes.

That day, eleven years ago, I had one of many opportunities to learn one of the most important lessons in leadership and in living. Maya Angelou summed it up well: “I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.”