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Management Matters


By Ronelle Ingram //

 

Ben Franklin's 12 rules of Management

1. Finish better than you began. Maintaining the status quo is not good enough. A business requires growth to stay prosperous. Through natural attrition the average business will lose 25 percent of their customer base each year. To achieve the desired annual growth of 10 percent, a business must increase their customer base by 35 percent. 20 percent of the products your company sold last year are no longer available in the marketplace. Every five years, most companies must completely reinvent themselves.

2. All education is self education. Others may try to teach you. Only you can actually learn. You are ultimately responsible for your own knowledge and progression. If you are not willing to
make the effort, no one else can learn for you. Keeping up with the increasing base of knowledge requires ongoing self learning. No company can generate enough profits to pay for the time necessary for all employees to receive ongoing pertinent training. Taking responsibility for your own learning is essential to personal growth.

3. Seek first to manage yourself, then to manage others. A consistent positive example is the most effective memo ever written. Being true to yourself extends to being true to those around you. Leading by example is more effective than requiring people to follow through intimidation.

4. Influence is more important than victory. The building of business and interpersonal relationships is more productive than trying to destroy the competition. It is more productive to reach down and help someone up, then to create tension that inhibits the advancement of others. Today’s subordinate may be your superior tomorrow. Customers, vendors and fellow employee should be treated as if your job depends on their approval. Because it does.

5. Work hard and watch your cost. A million pennies saved is $10,000 earned. Venture capitalists prefer actual value over large tax write-offs. The rise and fall of the worldwide financial market has become an eye-opening commentary on the value of free spenders. In business as in life, even more important than the amount of money that you make, is the amount of money that you do not spend. Spending $1 more then you make each day, versus saving $1 each day creates misery compared to security.

6. Everyone wants to appear reasonable. Harmony is a more productive product in the workplace than is coercion. Make sure that the cause and effects of your actions are understandable to the onlooker. To be a successful manager, others must buy into your plan. To be a leader requires others to be willing to follow.

 

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