What are the traits of successful corporations that can be applied to your life?
Imagine that you are a corporation. What will you do if you want to be a successful?
Who are your clients?
There are corporations that have many clients, this kind of corporation can afford to lose one or two clients and still thrive. There are other corporations that only have one client and if they lose that one client they go out of business.
Many of us, we have one client only, our employer, the one who gives us a paycheck at the end of every month. If we lose that one client, by losing our jobs, our lives are completely destabilized.
Smart corporations have income coming from many clients. You too, you could develop several streams of income. Your regular job, a side gig, your investments in the stock market, your real estate.
Research and Development
Almost all successful companies have a research and development department. They continue to learn, develop, try new things. Those corporations that become complacent, they eventually die.
Us too, we should have a research and development department. We should be constantly learning. Take a dance class, a drawing class, become a member of a toastmasters club, read a book, take an online course. Avoid watching TV, avoid Facebook.
Every week I go to a toastmasters meeting to become a better speaker, a better leader. I read books about building websites, I read books about photography, I read many books about self-improvement and entrepreneurship. I try things, I fail, I try more things, I succeed.
Most corporations promote themselves. We all have heard about Coca-Cola, McDonalds, Apple, etc.
At the very least we should have an updated LinkedIn profile. You can go as far as having a personal blog where you tell people about what you do. If you have some special talent, use it, and let other people know about it. Don’t be shy about the things you do well.
A corporation often needs money to finance many different projects, but also a corporation pays dividends to its owners when it has too much cash.
We can finance our many activities (going to school, buying a house, etc) with loans or with the money we earn from our labor. When we accumulate some cash, we can invest it in the stock market. At one time in the future, we will withdraw that money to pay for our retirement. That’s the equivalent of paying ourselves some dividends. Read Stages of Asset accumulation and asset decumulation.
Create a board of directors
A board of directors is a group of people who oversee the activities of the corporation. The board of directors sets the strategic vision of the corporation.
For many of us, our board of directors are our life partners, in some cases our family members, in other cases our friends.
Try to assemble a group of people who cares about your future and assign them that role. Go to a friend and say: “Friend, could you become a member of the board of directors of my life,” and explain to them how they can help you, how they can keep you accountable. Make sure you have regular meetings to discuss your progress.
I do a mastermind meeting the last Sunday of the month with some friends. I find that we share our goals and ambitions and I get some honest feedback, I feel more motivated to take action to improve my life.
Many corporations have a Human Resource department. It tries to get good employees and avoid bad ones.
You too, you can have a Human Resource department. You should seek the company of friends who will have a positive impact in your life and give a pink slip to the friends who are constantly bringing you down.
For example, I have found many good friends at my toastmasters club, I have also found some good friends as a dance teacher. I have kept those friends and they are very valuable to me. I have let go of the ones who don’t make a positive contribution in my life.
Corporation goals, your goals
Every corporation has some kind of goal. Most of the goals are revenue related, but it could also be territorial. A common corporation goal could be: “We want to increase sales by X percentage.”
Your goals don’t have to be monetary. You might want to be a better parent, a better dancer, a better speaker. Or maybe you have a financial goal. You might want to buy a house or go on a vacation. Make sure your goals have a positive effect on your life and on the lives of others.
My goal for 2018 is to write more blog posts, to create more YouTube videos, to create a podcast, and become a better writer and speaker.
For a corporation, the stake holders are the clients, the employees, the suppliers, the creditors, the investors, the government, etc. Everyone who can be affected by the success or failure of the business.
In your life, your stake holders are your family, your friends, your employer, your clients, the government. The actions you take could affect any one of your stake holders. You have to try the balancing act of doing what is best for you and best for the people around you.
Some corporations are good global citizens and some are not. You can be one of those corporations who thrives with love of its employees, with care for its clients and with a fair profit for its owners.
Be kind and helpful to the people around you, constantly learn something new and share your knowledge. Spend your time with positive people and avoid those who are negative. Finally create savings which will ensure a healthy retirement life.
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I am a money coach, if you would like to talk about your financial life, if you need help, write me a message….