CEO Success Report - August 2001
Back to the
Archive Index
** Note **
This Newsletter is sent ONLY to people who have requested it.
To subscribe or unsubscribe, skip to the bottom for instructions.
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
CEO Success Report
- August 2001
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Increasing the Effectiveness and Enhancing the Lives of CEOs
and business owners.
Contents of this issue...
.. Welcome - A few words from the publisher, Gary Lockwood
.. Thought-Starter - "It's all in your HEAD!"
.. Guest article - "How and When to Use Lawyers"
.. CEO Resources
.. Quotes to use in your staff meeting this month
.. Humor to lighten up the executive suite
.. Contact the publisher
.. Subscribe and unsubscribe instructions
See past issues of the CEO Success Report at:
http://www.CEOSuccess.com/archives
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
WELCOME to this issue of the CEO Success Report!
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Hello again. I'm Gary Lockwood, President of CEO Success.
Welcome back once again to the CEO Success Report. I know you
have no shortage of material to read and I thank you for choosing
to read our newsletter.
Special note...
If your company is in the Southern California Inland Empire, and
has revenues of $1 million or more, I have a special invitation for
you. Join me on October 23 at a special meeting for CEOs only.
Click here for details: http://www.CEOSuccess.com/Oct23.htm
May I ask a small favor? Please forward this issue to other CEOs
and company presidents who may be interested in receiving
these messages. Thank you.
We work hard to provide practical ideas, thought-provoking concepts
and useful information for you. Please give me some feedback
about this issue or about the website. Send your comments me at
mailto:Gary@CEOSuccess.com
Having a positive attitude toward your business and toward life in
general may be one of the most important characteristics of
successful people.
In my years as a Business Coach, I have observed many successful
entrepreneurs. With very few exceptions, those who are successful
and happy have developed and maintained a positive outlook.
A positive attitude is not ACCIDENTAL.
Successful entrepreneurs know how to create a positive attitude
and positive motivation for themselves. My Thought-Starter for
today shows you how to do this for yourself.
On to our guest article for this month...
Many business leaders are uncertain about whether they are
dealing with their legal matters appropriately.
Our guest article this month is by Mark A. Shiller, Executive Director
of QuantiLex LLP. In his article, Mark discusses how and when to
use lawyers.
Mark says, "Implementing the principles discussed in this article
should go a long way to reducing that uncertainty and giving you
the control that you want. That will allow you to focus on what you
are best at -- running your business - with a more secure future
and more secure bottom line."
Read more about Mark Shiller at the end of his article.
I hope you enjoy receiving these articles and ideas to
help you sharpen your thinking about being an effective CEO.
My wish is that you use the ideas in the CEO Success Report to
get the results you really want. If you want some help in putting
them into practice, or if you have questions, email or call.
As you know, our specialty is Increasing the Effectiveness
and Enhancing the Lives of CEOs and business owners.
Enjoy this issue with my compliments.
Sincerely,
Gary Lockwood
CEO Success
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
This month's THOUGHT-STARTER
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
It's all in your HEAD!
by Gary Lockwood
"A happy person is not a person in a certain set of circumstances,
but rather a person with a certain set of attitudes. - Hugh Downs
Having a positive attitude toward your business and toward life
in general may be one of the most important characteristics of
successful people.
In my years as a Business Coach, I have observed many successful
entrepreneurs. With very few exceptions, those who are successful
and happy have developed and maintained a positive outlook.
A positive attitude is not ACCIDENTAL.
Successful entrepreneurs know how to create a positive attitude
and positive motivation for themselves. They don't just wait for it
to happen. That would be like wanting a drink of milk, then sitting
in a pasture, waiting for a cow to back up to you.
By the way, having a positive attitude is not the same as blind
optimism. I am not suggesting that you ignore the challenges in
your life. I AM suggesting that you just not dwell there.
What do SUCCESSFUL entrepreneurs do to develop and maintain
their positive attitude?
First, they know what's important. They have carefully determined
what counts in their business and personal life. Highly successful
people have clearly articulated values for their business in the
areas of:
** Customer service,
** Employee relationships,
** Cash flow,
** Productivity,
** Image and
** Growth.
Why is this significant?
The past few decades have seen enormous and accelerating
changes in technology and social structure, in geopolitics and
especially in the organizations in which we work. The pace of
change is staggering and daunting. The mass of information
available to humankind is doubling every 18 months. You make
up to 1000 decisions per day. The time-to-market for new products
and services is dropping fast.
This is truly "Life in the Fast Lane".
In the midst of all this turmoil, you can't do everything. Focus on
a few things that you can do well. Someone once asked the great
football coach, Vince Lombardi, to describe his offensive strategy.
He said, "to knock down all the opposing players". When asked
about his defensive strategy, he said, "to knock down all the
opposing players". Lombardi said, "If we do those two things well,
all our other plans fall into place.
Knowing that you are working on the RIGHT THINGS is a great
boost to your positive attitude.
In times of great change and ambiguity, how do you stay focused on
the right things, unless you know what are the right things for you?
Your business values help guide you. Clarify the areas of doing
business that are seriously important to you.
Another way that successful entrepreneurs maintain their positive
attitude is they talk to themselves. The things you say to yourself
influence your feelings, your attitude and your behavior.
Once, there were two shoe salesmen sent to a faraway land to sell
shoes. After the first day, one sent back a telegram saying, "This
place is a disaster! No one wears shoes!" The other salesperson
also sent a telegram. His message was " This place is a gold mine!
No one wears shoes!"
Being aware of what you say to yourself inside your head (self-talk)
helps you adjust your attitude.
Many people beat themselves up when things go awry. When you
berate yourself and tell yourself that you are "stupid" or
"useless"
or "an idiot", naturally you begin to feel negative about yourself,
your business, the people around you and even life itself.
Mistakes are the fuel of creativity. Everyone makes mistakes.
Smart entrepreneurs LEARN from their mistakes and move on.
Try positive affirmations in place of negative self-talk. When things
get a little tense, just say to yourself:
"I can do this" or,
"We'll find a way to make this work" or
"Let's concentrate on a solution, not who caused
the problem".
Successful entrepreneurs keep their positive attitude by being
careful about the people they hang out with. There are always
others who will readily tell you that "it can't be done" and "
you'll
never make it".
Surround yourself with supporters.
Good supporters will help you work on contingency plans and
help you work around challenges without pounding you with
discouragement. Avoid the "ain't-it-awful" club.
Every weekday afternoon in America, between the hours of 4:00pm
and 7:00pm, there are people sitting around bars and lounges
talking about how bad the world is. They bemoan the economy,
the competition, the government, the company, the weather, blah,
blah, blah. And they call this "HAPPY HOUR!" Don't join the "pity
party".
Successful entrepreneurs also develop their positive attitudes
because they feed on progress. At the end of each day, instead
of recounting all the difficulties and all that remains undone, write
your accomplishments.
End each day on a positive note by jotting down the THREE BEST
THINGS that happened this day.
Often, there is no one around to acknowledge your achievements,
especially those little ones that happen in the course of the day.
By focusing a few minutes on your accomplishments, you give
yourself a little pat on the back and recognize progress, even when
small.
Successful entrepreneurs take charge of the quality of their lives.
A recent study showed only 4% of people enjoy both their work life
and personal life. Many people have made financial objectives their
sole concern and have paid a heavy price for their success, such as:
* Poor health,
* Failed marriage,
* Neglected family and friends,
* No personal development.
Financial success, no matter how great, can never compensate for
poor quality of life. A properly functioning business is supposed
to serve a full and satisfying life that includes:
Excellent health,
Close and loving relationships,
Enjoyable recreation,
Stimulating culture, and
A powerful contribution to the community.
The successful entrepreneur has a multi-dimensional personal life.
How?
The solution is to take time away from your business. Free time
makes you sharper. Free time revitalizes you, restores your
confidence and heightens your sense of well-being. You come
back from time off with new perspectives, more energy, increased
creativity, and often, a breakthrough idea.
When you get busy or when business gets tough, it's easy to let your
attitude slip. Yet, this is when you most need your positive attitude.
Your attitude influences your actions. When you really need positive
action, remember, "It's all in your head".
Enjoy the journey!
© Copyright 2001 BizSuccess All rights reserved. No duplication
About the Author...
Gary Lockwood is Increasing the Effectiveness and Enhancing the
Lives of CEOs, business owners and professionals.
Get the Free BizSuccess newsletter -
http://www.bizsuccess.com/newsletter.htm
or send any blank email to mailto:subscribe@BizSuccess.com
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Guest Article
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
How and When to Use Lawyers
by Mark A. Shiller, Executive Director of QuantiLex LLP
We started working with a client I'll call "Joe" a couple of years ago
who was in the final stages of purchasing a business with a
corporate lawyer. Although the prospects for the business looked
good (and fortunately they've turned out as expected), Joe came
to us with an unhappy topic -- his legal bill for the purchase. Joe
was nervous because he had no communication regarding fees
since he retained the corporate attorney a year earlier. And the
attorney wanted to "meet to discuss the bill" now that the transaction
was almost complete.
You can predict how his meeting went. The invoice was significantly
over the initial estimate and Joe left with a sick feeling in his
stomach. I still remember his words - "I feel like I was a sheep led
to slaughter."
Joe had not purchased a business before, so this was also his first
purchase of this special type of legal service. There were technical
aspects of the deal he didn't understand (some weren't explained well,
some Joe didn't want to have explained), so he would have had some
difficulty arguing that certain things should have been done more
efficiently. He also didn't know what other lawyers would have
charged for similar work, so he couldn't be certain whether the
lawyer's bill was appropriate. This left him feeling decidedly out
of control with his corporate attorney.
This lack of control bothered Joe more than anything - although the
extra fees sure didn't help. I know this because Joe still was upset
even after we helped cut 20% from the bill based on an after-the-
fact audit. Joe didn't want to go deeper into the fee dispute
-- it's always harder to deal with these issues from the back end as
opposed to at the front end -- even though there were additional legal
fees that could have been challenged successfully. He felt burned
and wanted to move on, although he didn't want to be in the same
situation the next time another issue arose.
How to Use Lawyers
To get control Joe knew that he had to put control mechanisms in
place before his next legal need. So rather than try and educate
himself, Joe used us to manage his legal and related matters.
Let me share with you some of the principles we're using to help
Joe manage his lawyers:
Get Commitment -- First, we make sure that Joe defines the rules
of engagement with his lawyers. His business does not accept the
lawyer's "engagement letter" without question and will not work with
a lawyer who is unwilling to commit to upfront terms in writing. "I
can't give you a real estimate" simply is unacceptable. Variations
in compensation based on circumstances may be appropriate,
but avoiding the truth is not.
Don't Be Exclusive -- Joe no longer uses one law firm for everything.
Although the law firm he had been using is a good firm, not all
lawyers in a "good firm" are "good lawyers." Even the
largest of full-
service firms which have "A" lawyers also have their "B" and
"C"
lawyers, and vary in how strong they are from one practice area to
the next.
Match the Fees to the Project -- Joe does not always need the "A"
lawyer to accomplish its objectives -- and neither do you. It is
important to make business decisions about what skill level is
needed for each matter and find the right lawyer for the job
regardless of firm affiliation, size or location. Sometimes you need
the most expensive lawyer in town, but usually you do not.
Always Remember You Are the Customer - We make sure that
Joe's company continues to act like a customer after hiring the lawyer
-- something that few businesses do. We review billings and
progress reports along the way to make sure that the lawyers are
doing the right things at the right time for the right price. By
keeping regular communication with your lawyers about fees
and results, you can respond to problems quickly -- before they
become a sick feeling in your stomach.
When to Use Lawyers
The legal industry is not set up to be proactive -- it is decidedly
reactive. Perhaps this is the fault of the legal profession, but legal
customers also bear part of the blame. Regardless of who is at
fault, it is clear that it is more expensive to fix the problem once
it arises than to prevent it in the first place. Here are a few of
the principles we now apply for Joe's company.
Know What You Don't Know -- We make sure that Joe and his
managers are aware of areas of potential risk and liability so they
can make business decisions about what areas need attention.
Some risks Joe can live with for now, some he is addressing
through insurance planning and others are being worked on
through prevention instead of litigation.
Buy Before You Need - Most legal purchases are based out of a
reactive need - a lawsuit was filed, a contract has gone sour, a
desire to retire in a year or two, etc. This can not only lead to
greater expense, but also result in lost opportunities. By acting
in advance of the need, not only can you reduce your legal bills,
but can increase the dollars in your pocket as well.
Use Lawyers When They are the Right Solution - Legal issues are
not always addressed with lawyers. Sometimes other professional
advisors or financial consultants make more sense. Other times
changing the way you do business or relate to your employees
can make all the difference.
Make Your Lawyers Productive -- Joe's legal representation now
has a much different character. Because his attorneys are helping
Joe make money instead of showing how they've spent it, they are
seen as productive assets instead of cost centers. Joe knows what
his risks are, and has reduced them through appropriate, cost-
effective action steps.
Conclusion
Most of the business owners we have helped do not have the "big
bill" problem that Joe had. However, we have found that most have
an uncertainty about whether they are dealing with their legal matters
appropriately. Implementing the principles discussed above should
go a long way to reducing that uncertainty and giving you the control
that you want. That will allow you to focus on what you are best at
-- running your business - with a more secure future and more
secure bottom line.
---------------------
Mark Shiller is an Executive Director of QuantiLex LLP and the
creator of the Legal Productivity Program. The Legal Productivity
Program is a unique opportunity for business owners to take
control of their company's legal expenses and deliverables cost-
effectively, while at the same time enhancing the quality of the
services provided. To learn more about QuantiLex or the Legal
Productivity Program, please contact your QuantiLex advisor or
Mark Shiller at mailto:mshiller@quantilex.com
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
RESOURCES for CEOs
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Statistics.com
http://www.statistics.com
Statistics.com lists statistics in a number of
categories, from agriculture to transportation. You'll find
Net-related stats under the heading of "Transportation &
Communication." The data referenced in each category comes
from numerous national and international sources; browse
through to find familiar favorites plus some new,
interesting sites and articles.
Stuck for stats? Send your question in to
Statistics.com
(along with payment of $19.95(US)) and the site's staff will
research for you. Geared to students, researchers and teachers,
this site also lists statistics courses offered by the
Institute for Professional Education, free downloads of
statistical software, and resources for teachers. This is a
useful place to brush up on statistical methodology or to
find a quick definition in the Stat Terms Glossary.
Check it out at http://www.statistics.com
< this resource brought to you by Larry Chase's Web Digest.
Visit http://wdfm.com
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
QUOTES to use in your staff meeting this month
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Is it so small a thing
To have enjoyed the sun,
To have lived light in the spring,
To have loved, to have thought,
To have done?
Matthew Arnold, British poet (1822-88)
Remember that no man loses any other life than this which
he now lives, nor lives any other than this which he now loses.
Marcus Aurelius, Roman emperor (121 -180 AD)
If you think in terms of a year, plant a seed;
if in terms of ten years, plant trees;
if in terms of 100 years, teach the people
Confucius
Anyone can carry his burden, however hard, until nightfall.
Anyone can do his work, however hard, for one day.
Anyone can live sweetly, patiently, lovingly, purely, until
the
sun goes down.
And this is all that life really means.
Robert Louis Stevenson
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
HUMOR to lighten up the executive suite
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Today in the Stock Market
--------------------------
Helium was up, feathers were down.
Paper was stationary.
Fluorescent tubing was dimmed in light trading.
Knives were up sharply.
Cow steered into a bull market.
Pencils lost a few points.
Hiking equipment was trailing.
Elevators rose, while escalators continued their slow decline.
Weights were up in heavy trading.
Light switches were off.
Mining equipment hit rock bottom.
Diapers remain unchanged.
Shipping lines stayed at an even keel.
The market for raisins dried up.
Coca Cola fizzled.
Caterpillar stock inched up a bit.
Sun peaked at midday.
Balloon prices were inflated.
And batteries exploded in an attempt to recharge the market.
-------------
Success is relative - the more success, the more relatives.
-------------
"USA Today has come out with a new survey - apparently,
three out of every four people make up 75 percent of the
population."
--David Letterman
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
CONTACT CEO Success
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Gary Lockwood is the publisher of the CEO Success Report.
Email: mailto:Gary@CEOSuccess.com
Office: (800) 272-1575 (USA) * (909) 984-3344
Fax: (815) 361-3041
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Your Comments, please?
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
I appreciate feedback, corrections, and comments about the
CEO Success Report. Please send your thoughts to:
Gary@CEOSuccess.com <mailto:Gary@CEOSuccess.com>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Subscribe and unsubscribe
instructions
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Visit http://www.CEOSuccess.com/newsletter.htm
To subscribe to the CEO Success Report, send any email to:
Subscribe@CEOSuccess.com
<mailto:Subscribe@CEOSuccess.com>
To stop getting the CEO Success Report, send any email to:
CEO-off@CEOSuccess.com
<mailto:CEO-off@CEOSuccess.com>
Copyright © 2001 CEO Success All rights reserved.
