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I don't think I've ever posted a blog entry this long, but if you read it like I did, you'll forget about time and be so engaged that you read it all. It's from a friend (Schuyler Brown) who consults out of NYC. She graciously allowed me to publish this. More about her work at the end. Broadly, the subject of this is money and life, and based on the questions I've been getting recently, many of you are thinking about just that.
Like many Americans post-recession, I've been taking a close look at my relationship to money. To my surprise, what started simply as a responsible exercise turned into a deeply instructive philosophical journey.
I'd been ignoring the task of addressing my ideas about money for years, hiding behind an image of myself as Bohemian, an artist, a spiritual aspirant. Money seemed something too concrete to factor into my flights of fancy. Even as an entrepreneur I never stopped to think much about money. I worried when I wasn't making it and was jubilant when I was...it was a roller coaster.
It was my daughter's birth two years ago that unexpectedly initiated a shift in my approach to money, because she shifted my entire perspective on the future. Her presence forced me to imagine a future I'd been happy to leave to chance. One day, exiting the subway on my way home, I caught myself with a furrowed brow worrying once again about the numbers in our bank accounts...this time with no regard for my own needs, but for hers alone. I heard a steely voice of resolve somewhere deep inside say, "I never want her to suffer the burden of financial strain." At that moment, I felt my actual walk change. I became more directed.
But it wasn't until an incident this summer....Read More >
A great client recently asked me to outline my definition of success for their firm. I really enjoyed doing that, and below is a version that you can adapt to your own situation, putting your own stamp on it:
- Partner compensation equals or exceeds industry benchmarks.
- After that is achieved, you still 20% net profit.
- The more entrepreneurial employees are satisfied that their contribution to your gain is recognized and accounted for.
- Partners and employees in key roles will have already tasted competence in the area of your focus, or they will experience it within nine months of joining the firm.
- There will be few or no young employees who value variety over expertise.
- When employees talk about your firm, while still employed, their private comments will be complimentary.
- When partners and employees head out the door to work for the day, they look forward to the challenges, the companionship, and their participation in the overall culture.
- As a firm you will not require extraordinary people....
Forgive me for the ominous subject line of this email, but there are times when it's best to be objective and forthright. I've been talking with the executives of large associations and educational institutions in this field, hoping they'll drop the status quo and beginning offering real help to their members and graduates. So far I've made very little progress, so I'm just going to use my own platform (16,000+ of you).
Look around, think back through the last decade, and make a mental list of the firms you knew that are no longer around. Did any of them fail for lack of creativity? Even if you don't think they were that creative, the answer is a resounding "NO". Here is why those firms--and possibly yours, if you don't listen--will cease to exist, in descending order. I'm going to list seven reasons firms fail, and then seven things to keep a very close eye on.
What to Keep An Eye On
I'm 51, so I figure I'd better get this right pretty soon. :) I think about this a lot, though. The common thread through the last 25 years, though, is that I've worked for myself. That's a lot of years without a safety net, and it's also a lot of years to learn habits that would make it almost impossible for me to work for someone else.
About 20 years ago, though, I put together this list. At the time, I felt like most of my life was ahead of me and that I wanted as many options as possible. So there's very different from each other, and it was just me dreaming one day:Read More >