Business Wisdom 103

Biz Wiz 101, 2 & 3 from CEOs & others. Compiled by Peter/CXO Wiz4.biz 9/12

“Good things to Know”

1. Secret of Success is doing enough right things to survive, until you get lucky. How? a) Deal with good people you can trust, b) manage your Cash Flow to survive until you succeed, c) be Lean & Mean on expenses, d) get out at the right time (ie, when its growing like a weed & its not challenging anymore) or you’re not finding the Market you thought was there. Cut your losses. Move on.

2. Buy Quality that lasts. Its life cycle cost will probably be better then the cheap thing.

3. Travel light. A Turtle travels slow, because it carries everything with it. Dump what doesn’t work for you. It’ll open up new possibilities of better things.

4. Never Burn your Bridges. You never know when – what seems like a bad connection – will turn out to be good for you. Always express appreciation in writing to both those who have helped you & hurt you. Tony Hoyt, VP, Hearst

5. Carefully consider the Consequences of significant decisions. Write down the Pros & Cons. Weigh which factors are most important. This way, you’ll make a more objective decision. But don’t forget to ask yourself, how you “feel” about it? Let that be the deciding vote. Trust your instincts.

6. Use “1st Movers” Advantage to stay ahead. When your Customer thinks of your product/service, they think of you first. A competitor has to significantly beat you to get in. Keep innovating to keep the lead. Steve Jobs, Apple

7. Learn everything about your Market/ Customer before you try to meet the needs. That way you know, you’re hitting the right target. Joe Green, GM, ABC

8. Delight in Diversity. Pick a wide spectrum of experience & youth, majorities & minorities, when choosing a Team. You’ll get a diversity of ideas to chose from which makes for better decisions.

9. Accept Change when it’s needed. Investigate to be sure it’s the right thing to do, then figure out the best way to do it and how to get “buy-in”.

10. Information is Power. If you know more that most, before everyone else, you’ll be able to make the best decisions, and get your way/Customer, because – right or wrong – it’s perceived as the “best” way. Jeff Klein, CEO, LA Times

11. Listen to your Customers. They may have thought of improvements, new apps or a product that you hadn’t thought of.

12. Passion. Don’t try to promote your Product/Service unless you have passion for it. Have the fortitude to stand up for what you believe in. If you’re not passionate, Customer wont think you believe in your product.

Comments: Anything you can add to this?