Thursday, October 28, 2010

Checklist for sustainability

by Sally J. Patterson

Funders always want to see evidence of long-term viability from their grantees. But now, with funds tighter and needs greater than ever, demonstrating sustainability is critical. Use Sally J. Patterson's 21-question checklist to see how your organization measures up.

Clear vision

Does the organization have a clear mission, guided by a clear set of values and embraced by all?
Does the organization have a shared vision of where it is headed set down in a strategic plan?
Does the organization have a clear sense of what differentiates it from others that provide similar programs and services?

Strong leadership

Is the board fully engaged and supportive of the organization?
Is the board representative of all stakeholders served by the organization?
Does the organization have a strong executive director and senior leadership team?
Do members of the leadership team embrace the same principles for managing the current economic situation?

Solid financial footing

Does the organization have diverse funding sources?
Is the organization not overly dependent on a single funding source?
Has the organization explored alternative funding sources?
Does the organization have good relationships with its funders based on mutual respect, integrity, and transparency?

Essential programs and services

Are current programs and services based on the strengths of the organization?
Are current programs and services the most important for meeting the needs of clients and constituents?
Has the organization considered partnering or sharing responsibility for existing programs and services with partner organizations?

Partnerships and collaborations

Has the organization identified key partners that share its mission and vision?
Does the organization work closely with other nonprofits to expand its capacity and gain access to resources that are not available within the organization?
Has the organization developed a plan of action for collaborations that stresses the mutual benefits of working together and defines specific roles and responsibilities?


Does the organization have a communications plan for keeping all of its stakeholders informed during these tough economic times?
Is the organization striving for an open discussion and transparency to build trust with its key stakeholders?
Has the organization involved the board and other community partners in its communication outreach?
Have feedback mechanisms been instituted to ensure that the dialogue is a two-way communication with those who are invested in the organization?

Wednesday, October 06, 2010

How to Wield Power at Work

By Dennis McCafferty on 2010-10-04

"Power is the ultimate aphrodisiac," Henry Kissinger once said. But how do you get it? You need a long-term, focused series of strategies, according to Jeffrey Pfeffer, author of the new book, Power: Why Some People Have It - and Others Don't (HarperBusiness/available now). Pfeffer explores the techniques of power players like Kissinger, the Clintons, and Jack Welch to reveal common traits. For starters, none of these figures let daily distractions steer them off course. "It pains me to see talented people get left behind in a game where they don't know the rules to play successfully," Pfeffer says. "And it's worse to see them follow success tips based upon wishful thinking. Power is like any other kind of kinetic force - energy provides momentum. The effort required to succeed against opposition in addition to focus ensures that such energy is not diffused across too many people or objectives." Pfeffer is a professor of organizational behavior at the graduate school of business at Stanford University. For more about him and his book, click here.

Understand the Game
Professionals with "very good" performance ratings are only 12% percent more likely to be promoted than those who receive "good" ratings.

Be Brutally Honest With Yourself
"A man's got to know his limitations," said Dirty Harry. Don't pretend to have skills you don't

Get Out of Your Own Way
Don't volunteer or allow yourself to be volunteered for projects that will highlight on your shortcomings.

Satisfy Your Superiors
Find out what matters most to those who can give you more power, and make their agendas your agenda.

Deflect Credit Upward
Let the boss own success. Your role will be clear enough in time, and your managers will appreciate your grace.

Don't Be Too Modest
Highlight your accomplishments in appropriate ways when organizational plans are discussed.

Emerge as an Expert
Find opportunities to speak before work-related groups; gain visibility with a thoughtful blog or Twitter account.

Stroke Your People
Make those who work for you feel good about what they do. They'll perceive you as a leader and encourage your advancement.

Add Value
Angle for roles on high-profile projects with big payoffs for the company.

Act Like You Belong
Speak with authority. Be direct and firm, but not harsh, angry or easily rattled.

Embrace a Crisis
Problems are chances to show off your leadership IQ by staying cool and focused upon the task at hand.

Choose Your Battles
Professionals increase power when they are willing to walk away from an opportunity if terms fall short of their needs.

Don't Give Power Back
Appeasement leads to more demands. Stand your ground.

Believe in What You Do
Just getting ahead is not a worthy objective; keep a moral compass.

Friday, October 01, 2010

6 Ways Tech Can Grow Your Business Now

By: Jeffrey L. Wilson

Drawing from the real-world experiences of six our's recent SMB Innovators, here six great technology tips for growing your business

Facebook. Formotus. Twitter. Venmo. Vimeo. Zendesk. Some of these names will sound familiar, others may not, but they all have one thing in common: they can help you grow your business. Spanning social networking to mobile payments to customer service care, these services can give your company the extra pop that it needs to succeed. Drawing from the real-world experiences of six our PCMag's recent SMB Innovators, here six great technology tips for growing your business.

#1 – Upgrade Your Customer Support Software
Featuring clientele who produces more than 4,000 episodes a day, Blip.TV, a small, 30-person company, discovered that taking care of its customers' needs would be no easy task. Realizing that it needed assistance in managing customer care, Blip.TV turned to Zendesk, a help-desk company that serves more than 5,000 businesses, including MSNBC and Twitter. Learn how Zendesk has helped Blip.TV smoothly tackle customers' issues, and how it can help you, too.

#2 – Make Payments Mobile
Aaron Blanco, owner of The Brown Coffee Company (a tech-savvy cafe in San Antonio, Texas), uses multiple means of communication to reach out to customers. Blanco uses Twitter to inform them of when he's switching brews, Google Places to offer clients a free drink, and the most innovative tool, Venmo (a free, easy-to-use, SMS and Web-based payment network based on a concept of mutual trust) to deliver mobile payments. Find out how how mobile payments can benefit your company.

#3 – Use Social Networks Services to Engage Customers
Many restaurants offer freebie discounts to FourSquare and Groupon users, but if you're catering to a high-end crowd, you may want to go a more high-end route. Kittichai is one such business; it uses Facebook and Twitter updates to promote sales, and a Web site that gives visitors a virtual tour of the location. The result? A restaurant that sees 60% of its reservations come from the Web. Free Wi-Fi, a forthcoming iPhone app, and a Village Vines partnership looks to promote additional growth. If you've considered dabbling in social network, but have yet to make the jump, Kittichai's story may prove intriguing.

#4 – Don't Overlook an E-mail Campaign
E-mail may no longer be seen as cutting edge, but it can prove a valuable tool. Croft Global Travel, a tech savvy travel agency, sends out monthly e-mails to over 600 subscribers describing upcoming trips, and its proven to be an effective motivator (other than repeat customers), to get potential travelers to book trips. Read on to discover how a simple e-mail newsletter, when used properly, and net big results.

#5 – Engage Customers Using YouTube and Web Forums
Bolstered by affordable software, Web forums, and online video, Mark Mankiewicz's String Theory YoYo has carved out a successful niche selling premium yo-yos. Mankiewicz' unveiled two new yo-yos on String Theory YoYo's Facebook page, mixes it up with fans in online forums, utilizes YouTube and Vimeo to spotlight his sponsored yo-yo team's skills, and occasionally uses Twitter to make announcements—although he's admittedly not much of a fan of the service. Check out how to communicate better with customers using video and forums.

#6 – Save Money, Time, and the Environment by Going Paperless
Bayview Plaza Pharmacy is moving toward a completely paperless business, and in doing so, is saving time, thousands of dollars, tons of trees, and maybe even a few lives. The company uses Formotus and SureScripts to create custom forms and send them over an e-prescription network. Not only does this eliminate the need to rifle through 6 to 8 cases of paperwork (totaling 30,000 to 40,000 sheets every couple of months), but it helps Bayview Plaza Pharmacy stay competitive with big guns like CVS and Wal-Mart by offering free delivery to its customers.

Thursday, September 30, 2010

Four Key Areas Where IT Drives Business Results

By Ericka Chickowski on 2010-09-27

Researchers from the McCombs School of Business at the University of Texas and Sybase explored the relationship between data management and business results. Improvements in variables including quality, usability, intelligence, remote accessibility and sales mobility were linked to improvements in metrics used to assess financial performance at Fortune 1000 companies. "Despite decades of IT investment in information technology, the direct correlation between those investments and the financial performance of the business has eluded senior decision-makers," Anitesh Barua, distinguished teaching professor and lead researcher at University of Texas at Austin, said in a statement. "This is the first study that quantifies the relationship between incremental improvements in data and key performance metrics of businesses today. Previous studies tell us neither the magnitude of the effect on performance nor what it takes to improve the attributes of data. We are encouraged by our findings and expect the business community to take notice."

1. Employee Productivity
Typically defined and measured by sales per employee, employee productivity grows 14.4% given a 10% increase in data usability.
The median sales per employee at organizations studied was $388,000; improving data management could increase by $55,900 per year.

2. Return on Equity
This key number increases by 16% when goosed by 10% jumps in data quality and sales mobility.
A company with the study's median income of $410.47 million would make an additional $65.67 million per year through better data management.

3. Return on Invested Capital (ROIC)
Efficiency in allocating capital edges up 1.4% with a 10% increase in sales mobility.
A company with $2.144 billion in capital would increase net income by $5.4 million every year through data management improvements.

4. Return on Assets
Efficient use of resources to generate income increases by 0.7 percent with a 10% improvement in intelligence and remote accessibility.
Better data management would net the average Fortune 1000 company an extra $2.87 million in income.

Generation Gap Yawns in Recessionary Workplace

By Brian P. Watson on 2010-08-24

Baby Boomers have responded differently from other generational cohorts to the recession-era work environment. While doing more with less has become a management mantra during the Great Recession, not all age-groups have reacted to this new imperative in the same way. Generation X and Generation Y are more prone to working to improve their own reputations with their employers by working harder and working longer, while Boomers – many of them wanting to begin winding down their careers — seem more stubborn in the face of change. A new study from IT staffing firm Robert Half Technology uncovers what each of these generations are doing at work in response to the Great Recession. The majority are taking action — trying to build more skills and their tenure within their company — while many others are holding firm, and a brazen few are actually working less. The study, titled “Workplace Redefined: Shifting Generational Attitudes During Economic Change,” records responses from more than 1,450 North American workers, including 502 hiring managers.

Your Response to the Great Recession?
Enhance My Skill Set
Generation Y: 35%
Generation X: 38%
Baby Boomers: 28%

Build Tenure With My Company
Generation Y: 29%
Generation X: 33%
Baby Boomers: 31%

Look For New Job Opportunities
Generation Y: 36%
Generation X: 30%
Baby Boomers: 24%

Strive For a Promotion
Generation Y: 31%
Generation X: 24%
Baby Boomers: 17%

Work More Hours
Generation Y: 25%
Generation X: 25%
Baby Boomers: 16%

Go Back to School
Generation Y: 20%
Generation X: 19%
Baby Boomers: 10%

Make a Career Change
Generation Y: 20%
Generation X: 15%
Baby Boomers: 12%

Work Fewer Hours
Generation Y: 4%
Generation X: 4%
Baby Boomers: 6%

Will Not Make Any Changes
Generation Y: 16%
Generation X: 21%
Baby Boomers: 29%

Wednesday, September 29, 2010

Spammers Target LinkedIn Members with Malware

By: Fahmida Y. Rashid

Cisco Systems says spammers targeted LinkedIn members with fake connection requests that downloaded a worm known for stealing user bank account information.

Malicious cyber-criminals aren't just targeting Twitter users; LinkedIn members are in their crosshairs, as well.

LinkedIn members were reportedly deluged with spam e-mail messages masquerading as connection requests from the career-oriented social networking site Sept. 27.

Clicking on these requests sent users to a Website that displayed "PLEASE WAITING...4 SECONDS" before redirecting them to Google. During those 4 seconds, the Website downloaded Zeus data-theft malware onto their PCs, according to Cisco Systems.

Zeus, which embeds itself in the victim's Web browser and captures personal information such as online banking credentials, is widely used by criminals to pilfer from commercial bank accounts.

These messages accounted for as much as 24 percent of all spam sent within a 15-minute interval in the morning of Sept. 27, Cisco said. Cisco recommends that IT administrators warn users to delete connection requests, especially if they do not know the name of the contact.

Social networks are increasingly becoming a target for cyber-criminals. Twitter was hit over the weekend by a worm associated with a "WTF" tweet and a link, as well as the cross-scripting exploit that crippled the week of Sept. 20. Facebook users have not been immune, either.

Spam remains a popular form of attack, as with the "Here You Have" e-mail worm that wreaked havoc earlier in September. Cisco expects to see more spam messages containing malware sent to organizations to collect personal information.

LinkedIn has not yet publicly acknowledged the spam attack, nor warned users about the messages.

Worst. Bosses. Ever.

By Dennis McCafferty on 2010-09-28

J. Edgar Hoover
FBI's first director fired people freely, losing key personnel. Pursued personal agendas, inspired 10-year limit on director's reign.

Marge Schott
The Cincinnati Reds owner was so notoriously cheap that she didn't want to hire scouts; her overt racism earned a ban from Major League Baseball.

Henry Clay Frick
Industrialist behind U.S. Steel oversaw brutal strike response that killed nine workers; famously dubbed "America's most hated man."

Stonewall Jackson
Legendary general, but notorious for keeping battle plans from key subordinates, who hated being out of the loop.

Ken Lay
Lack of oversight led to Enron's dramatic demise; sold much of his company stock while urging employees to buy it up.

Roger Smith
Beyond "Roger and Me" notoriety, his decisions helped GM lose big chunks of market share; $7 billion GM10 program saw $2,000 loss on every car produced.

Warren Harding
His administration was among the most corrupt and scandal-charged in U.S. history; routinely ranked at or near the bottom of US Presidents.

John Patterson
NCR founder toyed with subordinates, careers, egos; health obsessed, had employees weighed and measured and fired some for poor horsemanship.

Tuesday, September 28, 2010

Obamafunding Will You Get Your Share?

Written by Dave Lavinsky

On Monday, President Obama signed the Small Business Jobs Bill. The bill provides $42 billion in loan incentives and tax cuts for entrepreneurs and small businesses.

Specifically, the Bill does a few important things:

1. The Bill increases the government guarantee on the SBA’s 7(a) loans to 90% through December 31.

Some explanation for some of you who are new to raising funding:

The SBA is the United States Small Business Administration. The SBA doesn’t lend money to entrepreneurs. Rather, local banks give out the loans, but the SBA guarantees a certain percentage of the loan amounts (so if the entrepreneur defaults on the loan, the SBA pays the bank 80% to 85% of the loan amount). With the new program, the guarantee is being raised to 90% which makes lending less risky to the banks.

The SBA’s 7(a) Loan Program is its primary program “to help start-up and existing small businesses obtain financing when they might not be eligible for business loans through normal lending channels.”

2. The Bill includes a new $30 billion lending fund that community banks can use to make loans to entrepreneurs and small businesses.

3. The Bill includes $12 billion in tax breaks for small businesses.

Overall, this is great news to entrepreneurs and small businesses who gain 1) more access to funding, 2) better funding terms, and 3) tax breaks.

This is also positive news for the US economy, as entrepreneurs and small business owners have historically created the majority of jobs and job growth in our country.

(Note: Want to tap into this new funding from the Small Business Jobs Bill? Growthink’s Step by Step Guide to Raising Capital From Banks and SBA Lenders will teach you how to quickly and easily get the right SBA and/or bank loan to fund your business.)

How to Conduct Effective Sales Team Meetings

by Alan Rigg

If you have a sales team or are considering building one, at some point you will need to figure out how (and whether) you want to conduct group sales team meetings.

This article answers some frequently asked questions about sales team meetings.

How often should sales team meetings be held?

I'm not a big fan of regularly scheduled sales team meetings. I find it boring to go person-by-person and discuss the status of specific opportunities, the percentage each individual is to quota, etc.

It's one thing if a salesperson is doing something unusual or unique in pursuit of an opportunity and sharing what they are doing would constitute a good learning experience for other salespeople. However, I usually find that most discussions concerning individual opportunities are not very enriching for the other sales team members.

My philosophy is I prefer to bring the sales team together on an ad hoc basis when there is something to discuss that would be of benefit to the entire team. This could be for sales training, product training, important announcements, etc.

With that said, if a sales team is more junior, or if you are in the process of changing your sales culture, or if you want to teach all of your salespeople a specific new skill, then regularly scheduled training meetings can make sense. However, if a sales team is more seasoned, or if it has a mix of people with substantially different levels of knowledge and experience, working with salespeople one-on-one tends to be more productive than group meetings.

How often should I meet individually with salespeople?

If a salesperson is achieving or exceeding quota, I like to schedule a weekly, one-hour meeting. The focus of this meeting is to:

Discuss the progress (or lack thereof) of pipeline opportunities
Discuss new opportunities that have been identified

Strategize how to best pursue key opportunities
Often the greatest value a sales manager can add when dealing with a productive salesperson is suggesting creative ideas for advancing opportunities through the sales cycle more quickly.

For salespeople who are NOT achieving quota (including new salespeople), I suggest that management schedule one-hour meetings as frequently as necessary (including daily) to help the salesperson get on track. Going on "buddy calls" also provides great opportunities to observe the salesperson in action. In these cases the focus should be on determining:

The quantity and quality of the salesperson's activities
Whether their activities are producing the desired results
Sources of and solutions for any roadblocks they are running into
When performance issues are identified, conducting repetitive role plays is often the most productive way for management to help the salesperson become more comfortable executing specific skills and approaches properly. As the salesperson becomes more comfortable with, and more effective at executing, key steps in the sales process, meeting frequency can be reduced until you get to a single, scheduled, one-hour meeting each week.

Should members of the marketing team attend sales team meetings?

Absolutely... especially if you are tryng to instill a "one team" mindset.

When hosting a joint meeting that includes both Sales and Marketing representatives, try to focus the meeting agenda on information that will help the members of the two organizations understand each other better and work together more effectively to produce the desired end result (which is usually increased sales, higher profits, etc.). For example:

If marketing is conducting a campaign to generate sales leads, there should be discussion about what constitutes a qualified lead
If marketing would like the sales team to report information to help marketing gauge the effectiveness of a campaign, there should be discussion about:
The information that is being requested
Whether the sales team is the best resource to provide the requested information
Why marketing needs the information
The accountability sales management will ask the salespeople to accept related to providing the requested information
The frequency with which the information needs to be provided
How sales management will inspect to ensure that the necessary information is being provided in a consistent and timely fashion
There could be many other agenda items, but they will generally fit under one of two umbrellas: (1) helping Sales and Marketing understand each other better, and (2) helping Sales and Marketing work together more effectively.


You have probably attended many meetings that did not feel like productive uses of your time. Don't repeat this mistake with your sales team! Be very clear about your desired outcome(s) for each specific meeting. If you keep the desired outcome(s) firmly in mind, it should be relatively easy to determine who should attend each meeting and whether it should be a group or individual meeting.

©2010 Alan Rigg

The Shift Toward Customer-Focused Assortments

Assortment management is an ever-evolving field. Many in our industry are old enough to remember the development of the supermarket format, its mission being to provide all things to all customers. The last decade saw the coming of age of a more consumer-centric discipline that, with the help of new science, is now achieving widespread acceptance.

Certainly, every large retailer still wants to show its shoppers a selection that eliminates any reason to go to another store to meet all their needs. But they've learned -- and the Recession has been a tough instructor for some -- that maximizing variety can lead to diminished returns.

Three Trends Leading Assortment Planning into the Consumer-Centric Future
Assortment management has traditionally been focused at the product category level, the aim being to provide a depth of assortment across a wide variety of categories. But this view of categories is moving steadily in a consumer-centric direction. Three trends exemplify this change:

Categories used to be defined primarily by product attributes -- purpose, ingredients, temperature ... even package form. Now the mindset is evolving toward a focus on solutions and consumer need states.

Merchants and manufacturers continually ask the question:

What does the shopper really need and what different products can address that need?
Where the shopper need used to be "fresh chicken," today it may be "convenient meals." Where it used to be "liquid floor cleaners," now it may be "home cleanup solutions."

Retailers are increasingly looking at groups of categories in an effort to provide shoppers with solution centers.

Retailers are revisiting the basic business question:

What other categories should I be offering?
Category space allocation has been relatively stable for quite a few years and, as a consequence, so has the number of categories offered.

In years past, merchandisers and grocers added whole departments, like florists, banks, video rentals and dry cleaners, to name a few. Now, more are asking what other items should be offered to better meet shopper needs. Are there new opportunities in nontraditional categories, like jewelry, green products, kids’ clothing, gift cards, hardware?

A new emphasis on "big picture thinking" gets to the core of Space and Assortment and how they are intertwined. Retailers are reconsidering how much space to give to each category or solution area, and how to manage variety within that space.

In order to get at that question comprehensively, they need to understand the marginal benefits from each new category and each item within each category.

Instead of making assortment choices solely within categories, they take a comprehensive, cross-category view. The new question becomes:

How much profit do I get out of one more SKU in this category versus one more SKU in the next category?
Only by understanding the marginal contribution of each SKU can retailers reallocate space to be more efficient -- on a section, aisle or store basis.

Shelf space is a finite resource. When considering which SKUs to add or eliminate, retailers run directly into dimensional constraints. Different SKUs may occupy different amounts of space. Faster-turning items may require more facings to meet demand.

It is evident that retailers need a space-aware assortment process. This objective is greatly aided by tightly linking assortment planning tools and methods with space planning tools and methods.

Creating a Unified View of the Customer

Whether in-store, online, via catalog or smart phone app, consumers draw on all touch points when formulating an overall image of a retailer. Can retailers say the same about their multi-channel customers?

To provide what customers demand -- a seamless experience across all channels -- retailers need a unified view of their customers. Retailers should, for example, be able to draw on behavior learned about a customer in one channel and apply it to a targeted offer relevant to the shopper in another. And so, a successful multi-channel strategy must not only provide a comprehensive view of the shopper's activities but enable the deployment of cross-channel tactics. In essence, what is needed is a unified customer engagement platform.

Many chain retailers have been building out their online (and now mobile) commerce efforts over the last decade. How are they doing so far with their cross-channel integration? According to the 2009 RIS Cross-Channel Tech Trends study, over half (55 percent) of retailer respondents say they have no integration of their CRM/customer database across brick and mortar and online channels. Another 36 percent say they maintain only a loose integration. And for loyalty applications, 36 percent have no integration, while 43 percent have loose integration across these channels.

ACTION ITEMS: Unified Customer Engagement
In the recent RIS White Paper, The Cross-Channel Imperative, the following action items are recommended for retailers looking to develop a unified customer engagement platform:

#1: Work toward a single customer view.
Bridge departmental silos to create a single database that captures customer preferences and transactions across channels. That's accomplished by ensuring customers can enroll in, and gain access to, the unified customer database from whichever channel they frequent. Tagging all transactions with a unique customer ID marker is an important component of the process.

#2: Concentrate on actionable analysis.
Retailers can leverage business intelligence and customer analytics to: determine which items customers are most loyal to, channel by channel; improve personalization of offers; and engage in relevant and timely conversations with customers across channels. Further, a unified customer engagement platform can feed the analytical results into other enterprise systems, including merchandising, inventory and promotion, thereby creating greater value for the customer.

#3: Unify infrastructure around customer engagement data.
The unified customer engagement platform can be used to map points of integration with customer touch points in the store, online, catalog, call center and the mobile channel. In this way, retailers can develop web services, composite applications or services-oriented architecture to seamlessly cross channel boundaries (e.g. a cross-channel search function).

#4: Provide a single view of the retailer to the customer.
Standardize the view that the customer gets of the retailer across all channels, thereby improving customer convenience and ease of use. The same must apply to the customer views of promotions and communications from the retailer in all channels, while also leveraging the uniqueness of each channel.

Think Like a Rich Person

By Dennis McCafferty on 2010-09-22
Books about getting rich often seem to work better for authors than readers, so any tome on the subject should be approached with considerable caution. But a new book, How Rich People Think (London House/Available now), provides a fresh perspective on this well-worn topic. Author Steve Siebold isn't pretending to unearth the secrets of the next big investment boom, or hawking some new Ponzi scheme. How Rich People Think is more about understanding the philosophical grounding and practical mindsets of the wealthy, in order to get a sense of how their intellectual and emotional DNA is programmed for financial success. Unlike other classes of society, Siebold writes, rich people aren't afraid of money or ashamed of it. They don't believe that luck plays much of any role in success, and they don't expect to be rescued by a guardian angel if they get into a tough spot. Siebold is a consultant for Fortune 500 companies such as Johnson & Johnson, Procter & Gamble and Toyota. Here are his nine realities of achieving wealth:

1. Middle class people wait for their ship to come in; rich people buildtheir own ship.Fortune smiles upon those who create their own opportunities. Adapt an action mentality, not a lottery one.
2. Success comes from working for fulfillment, not survival.Those who excel do so because they love work, as opposed to just earning apaycheck. Donald Trump and other players have a passion for the deal.
3. Money isn't about education. It's about knowledge.Target training and advanced degrees for the end result of maximizing yourvalue in the market.
4. Hard work doesn't equate to money. Leverage does.Tap your greatest strengths and pinpoint how to make them more salable.
5. Referrals create millionaires.Use success with one relationship to create 10 others just like it.Encourage a referral system to deliver opportunity upon opportunity.
6. Money is a tool that must constantly be re-used. Money is infinite. Accomplishing a financial milestone should immediately befollowed by a re-investment plan to make more.
7. Logic, not emotion, guides wise investment decisions.Use panic-inspired market sell-offs to invest in companies and industrysegments that likely are down only for the moment.
8. Rich people are better at keeping their money than the working class.They study and seek advice on protecting earnings from taxes. They know, forexample, that a Roth IRA beats out a traditional one in the long run.
9. Appreciate the value of invisible wealth.Cars, clothes and status objects do not define wealth or success. Assets,strength of portfolio do.

The ultimate anti-rich thinker was George Bailey in It's a Wonderful Life, who wanted to be wealthy but set himself up to be poor.1. He let others dictate his path instead of taking control of his destiny.2. He had great vision, but never used it to make his own fortune.3. He wanted to build skyscrapers, but ended up plugging holes in financialdikes.

Monday, April 11, 2005