Quotes from my notebook - A log of business lessons

I have a notebook of my favourite quotes and ideas and as I reflected on them recently, I though I'd share them with you.

Unlike red wine, very few things get better with time. Facts don't stop being facts just because you ignore them. When emotion goes up, intelligence goes down. The mind, like the parachute, only works when it's open.

Mistakes are inevitable. Admitting to them and learning from them, is optional. 

It’s crazy to think that raw effort, intelligence and long hours can overcome a tough economy or a bad business model. They can't. 

Success will not make you invincible or bulletproof, but success can and will make you stubborn, complacent and egotistical - a dangerous cocktail that often ends in major defeat. You get what you tolerate in business and in life. Never wait to address personal or substandard work performance, they're either doing a great job or they aren’t. The cost of tolerating poor performance is far greater than the discomfort of having a tough conversation.

Every opportunity comes with a cost.

Just about anybody can make money in good times but poor cashflow is Kryptonite.

It kills.

No cash, No business.

Cash is King and Marketing is Queen. 

It takes three good business decisions to make up for one bad one, so set cash aside every week, especially during good times. One day, you’ll be glad you did. 

Debt gives the illusion of wealth. But real wealth is built on great cashflow, assets and manageable (minimal) debt. 

When the climate gets tough, capability matters.

You can't outrun a bad economy with weak people.  Every-time you make a hire it should lift the average of the team. 

You cannot babysit your way to a successful business - skill, performance and willingness are non-negotiable.

Always upgrade your talent base and never be afraid to pay well for the right team because love along won't get the job done.

Great leaders and coaches guide, encourage and teach. Not all progress is measured by wins, sometimes progress is measured by the mistakes you avoided.

New cars, lots of 'stuff' and chasing silver lures are all a sign of importance, not real success. True success is quieter. It looks like peace of mind, balance and good decision making.

Invest in yourself, it’s the key to growth and wealth. 

Plan and run all meetings only on outcomes and for results use scoreboards and scorecards. 

Start fewer tasks, finish more things. 

One of my mentors long ago said:
“There is hope and there are facts. When these two things collide, facts win every time.”

Every time my business said it can’t get any worse, it invariably did get a whole worse. 

The dumbest thing management can do is announce a big, shiny goal “We’re going to hit two million this year!” without a clear plan for how it’s going to happen, who’s responsible and by when.

Having the right answer is smart. But having the right question is genius. 

The riskiest moments in business is when you think you are right. 

In the end, great cashflow and steady profit can fix almost anything in business but only if you stay humble enough to keep learning, questioning and adjusting along the way.

All the best,

Kelly Adam