Do you know of a company that…
- Has no mission and hence no articulated mission statement?
- Has no vision of where the company wants to be in 20 years?
- Has no values as guidelines to help in decision making?
- Has no council of advisors or board of directors?
- Occasionally sets annual goals but does not review or track them, and soon forgets about them?
- Has no financial plan whatsoever? Does not know its cash flow? Does not have a profit and loss statement or a balance sheet?
- Does not feel accountable to its stakeholders to keep them abreast of significant changes or consult when appropriate?
- Does not have an incentivisation system that promotes the right behaviour?
This company sure sounds chaotic and doesn’t sound like one that will thrive in any environment at all.
Would you work in a company like this?
Would you invest in a company like this?
Are you a company like this?
Replace the company with yourself.
You are the company! Why Not? You are Me, Inc.
A company is a made-up entity, but you are a real one. Otherwise, I do not find much of a difference between the way the two should function. I find the act of administrating a company to be a good framework for our own lives.
Now tell me,
Would you invest in your Me, Inc? Your time, money and your soul?
How am I a ‘Me, Inc.’?
Personal mission statement: What do you want to be remembered for? What purpose have you discovered for your life?
Personal vision statement: Do you know where you want to steer your life? We ask children what they want to be when they grow up. Yet, as grown-ups, we hardly stop to ask ourselves, “Am I where I want to be and if not, how do I get there?”
Values statement: Do you know what you stand for in your life? Are you all about compassion, discipline, productivity, adding beauty or adding happiness? In every work you do and every decision you make, what are the values that determine your choices?
Board of directors: Do you have a group of well-informed mentors who are pitching for your success like a board of directors? Your teachers, your coaches, your superiors, your seniors, your family, your friends?
Accountability: Do you feel the responsibility towards the other stakeholders in your life? Your spouse, parents, neighbours, society? Do you exhibit the behaviour you wish everyone including your children should follow? Do you have an accountability partner who will ensure you do things right and also the right things?
Incentivisation: Are you rewarding the right behaviour? Do you ensure that you are on track towards your vision (see above for vision statement), while holding your values intact (ethical path to your vision)?
Do you set annual goals, but also regularly review the progress to ensure you are on track. Do you pivot an unsuccessful goal as required?
Finance: Do you know where your money comes from and where it goes? Do you know your expense categories and how much each consumes? How much do you save? Do you have a retirement plan? Does your spouse know where your money is and how to access it in case of emergency?
A company, which is an artificial entity with an unlimited life span, lives an organized and purposeful life. That entity is helped immensely by your contribution as a loyal employee or founder. But why do we as individuals with a limited life span continue to live an aimless, unorganized life as if we have unlimited time in our hands?
When we expect the company we invest in, to have the matters mentioned above in place, why do we have such low expectations of ourselves?
Is your investment in Me, Inc worthy? What is holding back your Me, Inc from becoming a world-class company?