Many people remember when Wall Street came out in 1987, and it was something that was new, exciting, and brash that so many entrepreneurs wanted to emulate because they thought that was the end all, be all, of what you needed to be in order to succeed. No someone doesn’t need to show millions of dollars of wealth to be considered greedy and constantly seeing how much they can squeeze out of a person(s) or a competitor. People with a little bit of power feel that they do whatever they can to hold onto that, without thinking about the consequences.
Jacksonville University published an outstanding piece based upon the infamous line “the point is, ladies and gentlemen, that greed, for a lack of a better word, is good.” They focused on six key points which when you read them out loud, makes a lot of sense, regardless if you’re just now starting a business or you’ve been in business for over 10 years.
- Money replaces values and ethics
- Failure to mentor and teach
- Too many clients, not enough capacity
- Loss of focus on employee morale
- Poor personnel choices
- When income means more than improvement
People are sometimes afraid to admit it, and I personally have needed to remind myself why I started my business in the first place, which was helping business owners succeed from the financial standpoint. Over the years there are some key points that I’ve learned from who I see succeed, and it’s not a matter of how much cash in the bank they have but their quality of life.
- Customers and employees look forward to coming into your business
- There’s a balance of family life for everyone involved in the business, not just the owner
- You can honestly say you’re making a difference with what you offer your customers
- The business’ books can be legitimately defended – lying on the tax return has its own set of detrimental consequences
- You are happy with what you’re doing, because if you aren’t, then everyone around you feels it
- You constantly work on change and don’t believe that it’s your way or the highway
It’s always a challenge to determine what’s best because not everything can be black and white or even gray at times, and it’s a situation that you don’t expect if you to put your information out there for the world to see in today’s social media climate. It’s not always necessary to show or post about everything going on in your life, and there’s a consequence of that as well.
Privacy is no longer there, as the IRS Seeking Social Media Mining Initiative is real and it’s not going anywhere but in everyone’s business. Most everyone loves posting all their information both professionally and personally, and it’s nothing new that hasn’t happened before.
Dwayne J. Briscoe