Richard Branson says now is the time to make your millions VIRGIN founder Sir Richard Branson says despite the gloomy outlook, the time has never been better to be like him. Sir Richard, a self-made millionaire, believes the economic downturn has provided entrepreneurs with their greatest opportunity in years, The Times reports. “Fortunes are made out of recessions. A lot of entrepreneurs get going in the economic depths because the barriers to entry are lower,” he said. “There are a lot of Richard Bransons that will come out of the next three or four years.” Sir Richard highlighted financial liquidity as the most important area for governments to focus on during the financial crisis. “We cannot allow perfectly decent companies to go to the wall just because they cannot get liquidity. And if your bank is behaving badly, then shout about it because no business can afford to lose that lifeline,” he warned. He also urged business leaders not to panic and cut jobs unnecessarily. Unemployment rose to 4.6 per cent in January with some of Australia’s biggest corporations, including Telstra, Pacific Brands and Lend Lease announcing thousands of job cuts in the past month. “That has to be an absolute last resort for any company,” says Sir Richard. Sir Richard also offered small and medium-sized business some tips on how to get through tough economic times. “You have to come up with imaginative ways of saving cash, like signing every cheque yourself. You would be surprised how much you can save even in large companies if the boss questions every purchase order that goes out,” he said. ——————— I absolutely insist on looking over a run down of every expense that goes out of my business every single day. That is not to say that I don’t trust any of my team, in fact I know each of them to be excellent at finding the balance between price, effectiveness and efficiency, but actually watching the money leave the business has it’s benefits. Not least of all is the fact that… Sometimes, it hurts! One of the simplest issues this daily practice overcomes is continuing to pay for products and services that are potentially no longer required or have been replaced by a different area of the business.
Archives for March 2010
The Power in Praising People Chris Widener One of the keys to success is to have successful relationships. We are not islands and we don’t get to the top by ourselves. And one of the key ways to grow successful in our relationships is to be “life-giving” people to others. Every person we meet, we either give life to or take life from. You know what I mean. There are people who encourage you and when you are done being with them you feel built up. Then there are others who you feel torn down by. Successful people are people who have mastered the art of building others up. One of the ways we build people up is to praise them. There is power in praising people! Something begins to happen in them, in you, and in your relationship when you praise someone. Remember a time when someone told you something about yourself in a praising manner? It was great, wasn’t it? You probably liked that person more after they praised you, didn’t you? Now I am not talking about praising people for the sake of praising people. I am talking about honestly looking for and praising positive character traits and action of others around you. Don’t lie to people. If they have done something wrong, correct it, but when they do something right, Praise it! With that said, here are benefits of and ways to start praising people. Benefits Your relationship grows. Life is about relationships. Family relationships, friends, and co-workers. When we begin to praise people for their positive aspects, our relationships grow. It puts them, and us, on the fast track. Your leadership and influence grows. Who is going to have greater leadership and influence capacity in the lives of their followers, the one who tears down or the one who builds up? Stronger relationships and loyalty. When the person is appreciated and praised, they become fiercely loyal, because they know that you care for them, love them, and appreciate them. This will take you to success. Happier, more fulfilled people. I truly believe it is our job to build others up and that they need it. It is a good thing, in and of itself to invest in the lives of others by praising and encouraging them. Even if we never get anything in return, it is the right thing to do to build up other people. Someone else will always come along to tear them down; the successful person will instill in them the power of praise! Some ways to praise Character traits. Is there someone you know who is joyful? Hard-working? Honest? Then let them know how much you appreciate that in them. You can do it with a word or a card, or a phone call. Say something like this, “You know Tom, I think it is great that you are such a hard-worker. It seems like you are always the first one here and the last one to leave. You really set a good example and I want you to know how much I appreciate that.” Simple! Action. Same idea as above. “Sue, I don’t know if anybody else has told you this, but your work on the Johnson account was excellent. You have a wonderful ability to communicate the vision of the project and that helps all of the rest of us out in our roles and tasks. Thanks for that. It is greatly appreciated.” Other ways you can show praise and appreciation is with a card, a gift, or time off from work. Make it your goal to praise at least five people a day. If you can, praise ten people a day. Or perhaps you can try to praise everyone you come in contact with. It will take work but it is possible. It just takes discipline and a little work. Any way you cut it though, there is power in praising people. First for them, then for you!
Thanks to Chris Widener for these fantastic words of wisdom…