Accountancy Business Management Quotes

In the long run managements stressing accounting appearance over economic substance usually achieve little of either.

Accountants are in the past, managers are in the present, and leaders are in the future.

I believe that companies, as major employers, resource managers, technological innovators, and capital allocators, have a unique responsibility to operate with integrity, transparency, and accountability.

We’ll have to figure out a way to spend our money,” said Kaz. “What money?” said Jesper. “It all got poured into the Shu coffers. Like they needed it.” “Did it?” Nina’s eyes narrowed and Jesper saw a bit of her spirit return. “Stop playing around, Brekker, or I’ll send my unholy army of the dead after you.” Kaz shrugged. “I felt the Shu could manage with forty million.” “The thirty million Van Eck owed us—” murmured Jesper. “Four million kruge each. I’m giving Per Haskell’s share to Rotty and Specht. It will be laundered through one of the Dregs’ businesses before it passes back through the Gemensbank, but the funds should be in separate accounts for you by the end of the month.” He paused. “Matthias’ share will go to Nina. I know money doesn’t matter to—” “It matters,” said Nina. “I’ll find a way to make it matter. What will you do with your shares?” “Find a ship,” said Inej. “Put together a crew.” “Help run an empire,” said Jesper. “Try not to run it into the ground,” said Wylan. “And you, Kaz?” Nina asked. “Build something new,” he said with a shrug. “Watch it burn.

If your business doesn't have money set aside in a business savings account, then your business is extremely vulnerable to crisis. Your business has gotta put money aside as a safety precaution.

The first step to solving any problem is to accept one’s own accountability for creating it.

Ethical governance fosters a culture of integrity and accountability within the organization. This can lead to improved employee engagement, reduced misconduct, and enhanced risk management.

Maintaining good accounting records is vital to the successful management of a business. It's really good to be able to assess business-specific financial data to inform decisions. So every business should invest in good accounting software like Intuit, Quicken, or Freshbooks... Or any of the many apps out there.

For intuitive people, it can be exhausting having to constantly manage other people’s emotional needs on personal social media accounts.

You are a manager nonetheless who you are. There is a business worth keeping and you are the manager of that business. Yes, the business of your life. There is a big asset worth managing. Yes, your choices. As a manager of your own life, your choices are your assets. They form the pivot for the doom or boom of the business of your life. Some will be great managers and others will collapse the business of their lives by their choices or stay in mediocrity with the business of their lives.

When considering the acquisition of new sources of revenue, the business must account for the costs that must be incurred prior to the acquisition, and the costs associated with the maintenance of that source of revenue.

Liquidity is important to investors. When opportunities arise, businesses need to have sufficient cash available in order to act on the opportunity promptly. Having sufficient cash available can also serve as protection against losses or a tool with which the business acquired solutions in the event of crises. We like to see that businesses have a sufficient amount of available cash.

In the workplace, Japanese women have low participation and low pay. Participation declines steeply with increasing level of responsibility. Whereas women account for 49% of Japanese university students and 45% of entry-level job holders, they account for only 14% of university faculty positions (versus 33%–44% in the U.S., United Kingdom, Germany, and France), 11% of middle-level to senior management positions, 2% of positions on boards of directors, 1% of business executive committee members, and less than 1% of CEOs. At those higher levels Japan lags behind all major industrial countries except (again) South Korea.

Like technical debt, management debt is incurred when you make an expedient, short-term management decision with an expensive, long-term consequence. Like technical debt, the trade-off sometimes makes sense, but often does not. More important, if you incur the management debt without accounting for it, then you will eventually go management bankrupt. Like technical debt, management debt comes in too many different forms to elaborate entirely, but a few salient examples will help explain the concept. Here are three of the more popular types among startups: 1. Putting two in the box 2. Overcompensating a key employee, because she gets another job offer 3. No performance management or employee feedback process

Bad timekeeping will suck the life out of your bank account.

Accountability is about one person taking responsibility. If two people are accountable for the same decision, no one is really accountable. —GLYN HOLTON, INVESTMENT RISK MANAGEMENT CONSULTANT

The rationales for centralized, to-down decision making - control, direction, and compliance - melts away when individuals are tightly aligned with the company's values and goals, accountable for their actions, and self-regulated.

Financial stewardship, a cornerstone of ethical governance, encompasses the responsible management of an organization's financial resources, ensuring accountability, transparency, and the long-term sustainability of the enterprise.

The primary test of managerial economic performance is the achievement of a high earnings rate on equity capital employed (without undue leverage, accounting gimmickry, etc.) and not the achievement of consistent gains in earnings per share. In our view, many businesses would be better understood by their shareholder owners, as well as the general public, if managements and financial analysts modified the primary emphasis they place upon earnings per share, and upon yearly changes in that figure.

A loser's true problem is not account size but overtrading and sloppy money management. He takes risks that are too big for his account size, however small or big. No matter how good his system may be, a streak of bad trades is sure to put him out of business.

The accountants' job is to record, not to evaluate. The evaluation job falls to investors and managers. Accounting numbers, of course, are the language of business and are of enormous help to anyone evaluating the worth of a business and tracking its progress. Charlie and I would be lost without these numbers: they invariably are the starting point for us in evaluating our own businesses and those of others. Managers and owners need to remember, however, that accounting is but an aid to business thinking, never a substitute for it. p198

Entrepreneurs are everywhere. You don’t have to work in a garage to be in a startup. The concept of entrepreneurship includes anyone who works within my definition of a startup: a human institution designed to create new products and services under conditions of extreme uncertainty. That means entrepreneurs are everywhere and the Lean Startup approach can work in any size company, even a very large enterprise, in any sector or industry. 2. Entrepreneurship is management. A startup is an institution, not just a product, and so it requires a new kind of management specifically geared to its context of extreme uncertainty. In fact, as I will argue later, I believe “entrepreneur” should be considered a job title in all modern companies that depend on innovation for their future growth. 3. Validated learning. Startups exist not just to make stuff, make money, or even serve customers. They exist to learn how to build a sustainable business. This learning can be validated scientifically by running frequent experiments that allow entrepreneurs to test each element of their vision. 4. Build-Measure-Learn. The fundamental activity of a startup is to turn ideas into products, measure how customers respond, and then learn whether to pivot or persevere. All successful startup processes should be geared to accelerate that feedback loop. 5. Innovation accounting. To improve entrepreneurial outcomes and hold innovators accountable, we need to focus on the boring stuff: how to measure progress, how to set up milestones, and how to prioritize work. This requires a new kind of accounting designed for startups—and the people who hold them accountable.

1. Project What is the project? Why is it unique? Why is the business needed? Why will customers love your product? 2. Partners Who are you? Who are the partners? What are your educational backgrounds? How much experience do you all have? How are you and your partners qualified to make the project a success? 3. Financing What is the total cost of the project? How much debt and how much equity is there? Are partners investing their own money? What is the investor’s return and reward for their risk? What are the tax consequences? Who is your CFO or accounting firm? Who is responsible for investor communications? What is the investor’s exit? 4. Management Who is running your company? What is their experience? What is their track record? Have they ever failed? How does their experience relate to your industry? Do you believe this is the strongest management team you can assemble? Can you pitch them with confidence?

Entrepreneurs who kept their day jobs had 33 percent lower odds of failure than those who quit. If you’re risk averse and have some doubts about the feasibility of your ideas, it’s likely that your business will be built to last. If you’re a freewheeling gambler, your startup is far more fragile. Like the Warby Parker crew, the entrepreneurs whose companies topped Fast Company’s recent most innovative lists typically stayed in their day jobs even after they launched. Former track star Phil Knight started selling running shoes out of the trunk of his car in 1964, yet kept working as an accountant until 1969. After inventing the original Apple I computer, Steve Wozniak started the company with Steve Jobs in 1976 but continued working full time in his engineering job at Hewlett-Packard until 1977. And although Google founders Larry Page and Sergey Brin figured out how to dramatically improve internet searches in 1996, they didn’t go on leave from their graduate studies at Stanford until 1998. “We almost didn’t start Google,” Page says, because we “were too worried about dropping out of our Ph.D. program.” In 1997, concerned that their fledgling search engine was distracting them from their research, they tried to sell Google for less than $2 million in cash and stock. Luckily for them, the potential buyer rejected the offer. This habit of keeping one’s day job isn’t limited to successful entrepreneurs. Many influential creative minds have stayed in full-time employment or education even after earning income from major projects. Selma director Ava DuVernay made her first three films while working in her day job as a publicist, only pursuing filmmaking full time after working at it for four years and winning multiple awards. Brian May was in the middle of doctoral studies in astrophysics when he started playing guitar in a new band, but he didn’t drop out until several years later to go all in with Queen. Soon thereafter he wrote “We Will Rock You.” Grammy winner John Legend released his first album in 2000 but kept working as a management consultant until 2002, preparing PowerPoint presentations by day while performing at night. Thriller master Stephen King worked as a teacher, janitor, and gas station attendant for seven years after writing his first story, only quitting a year after his first novel, Carrie, was published. Dilbert author Scott Adams worked at Pacific Bell for seven years after his first comic strip hit newspapers. Why did all these originals play it safe instead of risking it all?

After several rounds of interviews with Google’s founders, they offered me a job. My bank account was diminishing quickly, so it was time to get back to paid employment, and fast. In typical—and yes, annoying—MBA fashion, I made a spreadsheet and listed my various opportunities in the rows and my selection criteria in the columns. I compared the roles, the level of responsibility, and so on. My heart wanted to join Google in its mission to provide the world with access to information, but in the spreadsheet game, the Google job fared the worst by far. I went back to Eric and explained my dilemma. The other companies were recruiting me for real jobs with teams to run and goals to hit. At Google, I would be the first “business unit general manager,” which sounded great except for the glaring fact that Google had no business units and therefore nothing to actually manage. Not only was the role lower in level than my other options, but it was entirely unclear what the job was in the first place. Eric responded with perhaps the best piece of career advice that I have ever heard. He covered my spreadsheet with his hand and told me not to be an idiot (also a great piece of advice). Then he explained that only one criterion mattered when picking a job—fast growth. When

As an example, the Visionary function’s five roles might be as follows (these are the most common): • New ideas/R&D • Creative problem solving • Major external relationships • Culture • Selling big deals The Integrator function’s five roles might be as follows (these are the most common): • Leading, Managing, and holding people Accountable (LMA) • Executing the business plan/P&L results • Integrating the other major functions • Resolving cross-functional issues • Communication across the organization

The divorce of control, or power, from ownership has been due in large part to the growth of public corporations. So long as a single person, family or comparatively small group held a substantial portion of the common shares of a corporation, the legal “owner” could control its affairs. Even if they no longer actually conducted the business, the operating managers were functioning as their accountable agents. But when the enterprise became more vast in scope and at the same time, the stock certificates became spread in small bundles among thousands of persons, the managers were gradually released from subordination to the nominal owners. De facto control passed, for the most part, to non-owning management.

with a minimum of formal discipline. A well-respected sergeant can become ‘king of the company’ and exercise authority even over commissioned officers. A small family business can survive and flourish without a board of directors, a CEO or an accounting department. But once the threshold of 150 individuals is crossed, things can no longer work that way. You cannot run a division with thousands of soldiers the same way you run a platoon. Successful family businesses usually face a crisis when they grow larger and hire more personnel. If they cannot reinvent themselves, they go bust. How did Homo sapiens manage to cross this critical threshold, eventually founding cities comprising tens of thousands of inhabitants

To be sure, the cost of managing capital and of “formal” financial intermediation (that is, the investment advice and portfolio management services provided by a bank or official financial institution or real estate agency or managing partner) is obviously taken into account and deducted from the income on capital in calculating the average rate of return (as presented here). But this is not the case with “informal” financial intermediation: every investor spends time—in some cases a lot of time—managing his own portfolio and affairs and determining which investments are likely to be the most profitable. This effort can in certain cases be compared to genuine entrepreneurial labor or to a form of business activity.

One remarkable part of the SnapTax story is what the team leaders said when I asked them to account for their unlikely success. Did they hire superstar entrepreneurs from outside the company? No, they assembled a team from within Intuit. Did they face constant meddling from senior management, which is the bane of innovation teams in many companies? No, their executive sponsors created an “island of freedom” where they could experiment as necessary. Did they have a huge team, a large budget, and lots of marketing dollars? Nope, they started with a team of five. What allowed the SnapTax team to innovate was not their genes, destiny, or astrological signs but a process deliberately facilitated by Intuit’s senior management.

The pattern, as well as magnitude, of foreign economic activity in Russia provides clues to the sources of Russian economic backwardness. The foreigners specialized in providing what the Russians most lacked—technical and scientific skills, efficient and honest management and, to a secondary extent, capital. Russian managers were notorious for their inefficiency and corruption. A French observer in 1904 referred to "the extraordinary waste—to be polite—that reigns among Russian administrators."210 Even after trained Russians began to emerge over the years into increasingly responsible positions, foreign firms were careful not to use Russian accountants.211 This business corruption mirrored a pervasive corruption in the czarist government,212 which was by no means stamped out under the Communists213 or in the post-Soviet era.

Since I entered the business world, conglomerates have enjoyed several periods of extreme popularity, the silliest of which occurred in the late 1960s. The drill for conglomerate CEOs then was simple: By personality, promotion or dubious accounting — and often by all three — these managers drove a fledgling conglomerate’s stock to, say, 20 times earnings and then issued shares as fast as possible to acquire another business selling at ten-or-so times earnings. They immediately applied “pooling” accounting to the acquisition, which — with not a dime’s worth of change in the underlying businesses — automatically increased per-share earnings, and used the rise as proof of managerial genius. They next explained to investors that this sort of talent justified the maintenance, or even the enhancement, of the acquirer’s p/e multiple. And, finally, they promised to endlessly repeat this procedure and thereby create ever-increasing per-share earnings.

Finally, the superstars also shared a particular behavior, almost an intellectual and conversational tic: They loved to generate theories—lots and lots of theories, about all kinds of topics, such as why certain accounts were succeeding or failing, or why some clients were happy or disgruntled, or how different management styles influenced various employees. They were somewhat obsessive, in fact, about trying to explain the world to themselves and their colleagues as they went about their days. The superstars were constantly telling stories about what they had seen and heard. They were, in other words, much more prone to generate mental models. They were more likely to throw out ideas during meetings, or ask colleagues to help them imagine how future conversations might unfold, or envision how a pitch should go. They came up with concepts for new products and practiced how they would sell them. They told anecdotes about past conversations and dreamed up far-fetched expansion plans. They were building mental models at a near constant rate.

A startling thought this, that a woman could handle business matters as well as or better than a man, a revolutionary thought to Scarlett who had been reared in the tradition that men were omniscient and women none too bright. Of course, she had discovered that this was not altogether true but the pleasant fiction still stuck in her mind. Never before had she put this remarkable idea into words. She sat quite still, with the heavy book across her lap, her mouth a little open with surprise, thinking that during the lean months at Tara she had done a man’s work and done it well. She had been brought up to believe that a woman alone could accomplish nothing, yet she had managed the plantation without men to help her until Will came. Why, why, her mind stuttered, I believe women could manage everything in the world without men’s help—except having babies, and God knows, no woman in her right mind would have babies if she could help it. With the idea that she was as capable as a man came a sudden rush of pride and a violent longing to prove it, to make money for herself as men made money. Money which would be her own, which she would neither have to ask for nor account for to any man.

Managerial abilities, bureaucratic skills, technical expertise, and political talent are all necessary, but they can be applied only to goals that have already been defined by military policies, broad and narrow. And those policies can be only as good as strategy, operational art of war, tactical thought, and plain military craft that have gone into their making. At present, the defects of structure submerge or distort strategy and operational art, they out rightly suppress tactical ingenuity, and they displace the traditional insights and rules of military craft in favor of bureaucratic preferences, administrative convenience, and abstract notions of efficiency derived from the world of business management. First there is the defective structure for making of military decisions under the futile supervision of the civilian Defense Department; then come the deeply flawed defense policies and military choices, replete with unnecessary costs and hidden risks; finally there come the undoubted managerial abilities, bureaucratic skills, technical expertise, and political talents, all applied to achieve those flawed policies and to implement those flawed choices. By this same sequence was the fatally incomplete Maginot Line built, as were all the Maginot Lines of history, each made no better by good government, technical talent, careful accounting, or sheer hard work. Hence the futility of all the managerial innovations tried in the Pentagon over the years. In the purchasing of weapons, for example, “total package” procurement, cost plus incentive contracting, “firm fixed price” purchasing have all been introduced with much fanfare, only to be abandoned, retried, and repudiated once again. And each time a new Secretary of Defense arrives, with him come the latest batch of managerial innovations, many of them aimed at reducing fraud, waste, and mismanagement-the classic trio endlessly denounced in Congress, even though they account for mere percentage points in the total budget, and have no relevance at all to the failures of combat. The persistence of the Administrator’s Delusion has long kept the Pentagon on a treadmill of futile procedural “reforms” that have no impact at all on the military substance of our defense. It is through strategy, operational art, tactical ingenuity, and military craft that the large savings can be made, and the nation’s military strength greatly increased, but achieving long-overdue structural innovations, from the central headquarters to the combat forces, from the overhead of bases and installations to the current purchase of new weapons. Then, and only then, will it be useful to pursue fraud, waste, and mismanagement, if only to save a few dollars more after the billions have already been saved. At present, by contrast, the Defense Department administers ineffectively, while the public, Congress, and the media apply their energies to such petty matters as overpriced spare parts for a given device in a given weapon of a given ship, overlooking at the same time the multibillion dollar question of money spent for the Navy as a whole instead of the Army – whose weakness diminishes our diplomatic weight in peacetime, and which could one day cause us to resort to nuclear weapons in the face of imminent debacle. If we had a central military authority and a Defense Department capable of strategy, we should cheerfully tolerate much fraud, waste, and mismanagement; but so long as there are competing military bureaucracies organically incapable of strategic combat, neither safety nor economy will be ensured, even if we could totally eliminate every last cent of fraud, waste, and mismanagement.

This new religion has had a decisive influence on the development of modern science, too. Scientific research is usually funded by either governments or private businesses. When capitalist governments and businesses consider investing in a particular scientific project, the first questions are usually, ‘Will this project enable us to increase production and profits? Will it produce economic growth?’ A project that can’t clear these hurdles has little chance of finding a sponsor. No history of modern science can leave capitalism out of the picture. Conversely, the history of capitalism is unintelligible without taking science into account. Capitalism’s belief in perpetual economic growth flies in the face of almost everything we know about the universe. A society of wolves would be extremely foolish to believe that the supply of sheep would keep on growing indefinitely. The human economy has nevertheless managed to keep on growing throughout the modern era, thanks only to the fact that scientists come up with another discovery or gadget every few years – such as the continent of America, the internal combustion engine, or genetically engineered sheep. Banks and governments print money, but ultimately, it is the scientists who foot the bill.

In the wake of the Cognitive Revolution, gossip helped Homo sapiens to form larger and more stable bands. But even gossip has its limits. Sociological research has shown that the maximum ‘natural’ size of a group bonded by gossip is about 150 individuals. Most people can neither intimately know, nor gossip effectively about, more than 150 human beings. Even today, a critical threshold in human organisations falls somewhere around this magic number. Below this threshold, communities, businesses, social networks and military units can maintain themselves based mainly on intimate acquaintance and rumour-mongering. There is no need for formal ranks, titles and law books to keep order. 3A platoon of thirty soldiers or even a company of a hundred soldiers can function well on the basis of intimate relations, with a minimum of formal discipline. A well-respected sergeant can become ‘king of the company’ and exercise authority even over commissioned officers. A small family business can survive and flourish without a board of directors, a CEO or an accounting department. But once the threshold of 150 individuals is crossed, things can no longer work that way. You cannot run a division with thousands of soldiers the same way you run a platoon. Successful family businesses usually face a crisis when they grow larger and hire more personnel. If they cannot reinvent themselves, they go bust. How did Homo sapiens manage to cross this critical threshold, eventually founding cities comprising tens of thousands of inhabitants and empires ruling hundreds of millions? The secret was probably the appearance of fiction. Large numbers of strangers can cooperate successfully by believing in common myths. Any large-scale human cooperation – whether a modern state, a medieval church, an ancient city or an archaic tribe – is rooted in common myths that exist only in people’s collective imagination. Churches are rooted in common religious myths. Two Catholics who have never met can nevertheless go together on crusade or pool funds to build a hospital because they both believe that God was incarnated in human flesh and allowed Himself to be crucified to redeem our sins. States are rooted in common national myths. Two Serbs who have never met might risk their lives to save one another because both believe in the existence of the Serbian nation, the Serbian homeland and the Serbian flag. Judicial systems are rooted in common legal myths. Two lawyers who have never met can nevertheless combine efforts to defend a complete stranger because they both believe in the existence of laws, justice, human rights – and the money paid out in fees.

President and Chief Operating Officer (COO), accountable for the overall achievement of the Strategic Objective and reporting to the SHAREHOLDERS who include, on an equal basis, Jack and Murray. • Vice-President/Marketing, accountable for finding customers and finding new ways to provide customers with the satisfactions they derive from widgets, at lower cost, and with greater ease, and reporting to the COO. • Vice-President/Operations, accountable for keeping customers by delivering to them what is promised by Marketing, and for discovering new ways of assembling widgets, at lower cost, and with greater efficiency so as to provide the customer with better service, reporting to the COO. • Vice-President/Finance, accountable for supporting both Marketing and Operations in the fulfillment of their accountabilities by achieving the company’s profitability standards, and by securing capital whenever it’s needed, and at the best rates, also reporting to the COO. • Reporting to the Vice-President/Marketing are two positions: Sales Manager and Advertising/Research Manager. • Reporting to the Vice-President/Operations are three positions: Production Manager, Service Manager, and Facilities Manager. • Reporting to the Vice-President/Finance are two positions: Accounts Receivable Manager and Accounts Payable Manager.

Many college courses in the humanities focus on discussion over lecture. Students read course material ahead of time and have a discussion in class. Harvard Business School took this to the extreme by pioneering case-based learning more than a hundred years ago, and many business schools have since followed suit. There are no lectures there, not even in subjects like accounting or finance. Students read a ten-to twenty-page description of a particular company’s or person’s circumstance—called a “case”—on their own time and then participate in a discussion/debate in class (where attendance is mandatory). Professors are there to facilitate the discussion, not to dominate it. I can tell you from personal experience that despite there being eighty students in the room, you cannot zone out. Your brain is actively processing what your peers are saying while you try to come to your own conclusions so that you can contribute during the entire eighty-minute session. The time goes by faster than you want it to; students are more engaged than in any traditional classroom I’ve ever been a part of. Most importantly, the ideas that you and your peers collectively generate stick. To this day, comments and ways of thinking about a problem that my peers shared with me (or that I shared during class) nearly ten years ago come back to me as I try to help manage the growth and opportunities surrounding the Khan Academy.

Oh, it’s perfectly safe to handle if somebody else has triggered the curse and you took it from their still-smoking body.” Eve paused. “Or if they sold it to you.” “You bought it, didn’t you?” Imp walked towards her. “Didn’t you?” “I think so. I may have screwed up that side of things,” Eve admitted. “It’s unclear.” “What’s unclear?” “It was up for auction: obvs, right? But it’s not clear that the person auctioning the location of the manuscript actually owned what they were selling, that’s the thing. Also, ancient death spells and intellectual property law don’t always play nice together. I, uh, my boss has a standard procedure he has me follow in cases of handling blackmail and extortion. We pay the ransom, then once we’ve destroyed the threat I repossess the payment from the blackmailer’s bank account. Via a Transnistrian mafiya underwriter—” This time it was Wendy who interrupted: “The Russian mafiya has underwriters?” “Transnistrian, please, and yes, criminal business models are inherently expensive because they have to pay for their own guard labor—there are no tax overheads, but no police protection for carrying out business, either—so of course they evolved parallel structures for risk management, mostly by embedding the risk in a concrete slab and dumping it in the harbor—anyway. At what stage does the book consider itself to have been legitimately acquired? And by whom? Is it safe for you to handle it, as my employee? What about as an independent freelance contractor not subject to the HMRC IR35 regulations? Am I an acceptable proxy for Bigge Enterprises, a Scottish Limited Liability Partnership domiciled in the Channel Islands, in the view of a particularly dim-witted nineteenth-century death spell attached to a codex bound in human skin by a mad inquisitor? It’s like digital rights management magic, only worse.

We came to the city because we wished to live haphazardly, to reach for only the least realistic of our desires, and to see if we could not learn what our failures had to teach, and not, when we came to live, discover that we had never died. We wanted to dig deep and suck out all the marrow of life, to be overworked and reduced to our last wit. And if our bosses proved mean, why then we’d evoke their whole and genuine meanness afterward over vodka cranberries and small batch bourbons. And if our drinking companions proved to be sublime then we would stagger home at dawn over the Old City cobblestones, into hot showers and clean shirts, and press onward until dusk fell again. For the rest of the world, it seemed to us, had somewhat hastily concluded that it was the chief end of man to thank God it was Friday and pray that Netflix would never forsake them. Still we lived frantically, like hummingbirds; though our HR departments told us that our commitments were valuable and our feedback was appreciated, our raises would be held back another year. Like gnats we pestered Management— who didn’t know how to use the Internet, whose only use for us was to set up Facebook accounts so they could spy on their children, or to sync their iPhones to their Outlooks, or to explain what tweets were and more importantly, why— which even we didn’t know. Retire! we wanted to shout. We ha Get out of the way with your big thumbs and your senior moments and your nostalgia for 1976! We hated them; we wanted them to love us. We wanted to be them; we wanted to never, ever become them. Complexity, complexity, complexity! We said let our affairs be endless and convoluted; let our bank accounts be overdrawn and our benefits be reduced. Take our Social Security contributions and let it go bankrupt. We’d been bankrupt since we’d left home: we’d secure our own society. Retirement was an afterlife we didn’t believe in and that we expected yesterday. Instead of three meals a day, we’d drink coffee for breakfast and scavenge from empty conference rooms for lunch. We had plans for dinner. We’d go out and buy gummy pad thai and throat-scorching chicken vindaloo and bento boxes in chintzy, dark restaurants that were always about to go out of business. Those who were a little flush would cover those who were a little short, and we would promise them coffees in repayment. We still owed someone for a movie ticket last summer; they hadn’t forgotten. Complexity, complexity. In holiday seasons we gave each other spider plants in badly decoupaged pots and scarves we’d just learned how to knit and cuff links purchased with employee discounts. We followed the instructions on food and wine Web sites, but our soufflés sank and our baked bries burned and our basil ice creams froze solid. We called our mothers to get recipes for old favorites, but they never came out the same. We missed our families; we were sad to be rid of them. Why shouldn’t we live with such hurry and waste of life? We were determined to be starved before we were hungry. We were determined to be starved before we were hungry. We were determined to decrypt our neighbors’ Wi-Fi passwords and to never turn on the air-conditioning. We vowed to fall in love: headboard-clutching, desperate-texting, hearts-in-esophagi love. On the subways and at the park and on our fire escapes and in the break rooms, we turned pages, resolved to get to the ends of whatever we were reading. A couple of minutes were the day’s most valuable commodity. If only we could make more time, more money, more patience; have better sex, better coffee, boots that didn’t leak, umbrellas that didn’t involute at the slightest gust of wind. We were determined to make stupid bets. We were determined to be promoted or else to set the building on fire on our way out. We were determined to be out of our minds.

Neamh. Evie. Neamh. Evie. Lend, Lend, Lend. Neamh. Evie. “What are you doing, my love?” I scowled at Reth for breaking my concentration. “Thinking. Shut up.” The Light Queen was speechifying up on a podium made of liquid light, her radiance bathing all the faeries in a glow that was nearly overpowering. Within a few seconds of being around this much faerie glamour I was having a hard time seeing straight and found myself slack-jawed and dazed. Thus, the name equivalent of pinching myself. I realized at some point she had stopped talking, and now every single set of faerie eyes—a few hundred of them—were trained intently on me. “Oh, uh, hey.” I waved. “What did I miss?” I whispered to Reth. “You’re supposed to tell us how to convince the Dark Court to join us.” “I—What? Seriously? I’m only here to make sure everything happens. I thought the queen would have a plan! I’m a glorified doorman. I open the gate, I close the gate. Nowhere in my job description of Empty One does it say I also manage to convince a mob of anti-Evie faeries to saunter through the gate.” Reth smiled. “And just when she’d finished praising human ingenuity and assuring us that everything will work out according to plan.” “Yes! Plan! Her plan! Gosh, you guys are sucking it up all over the place. Aren’t you supposed to have these things in place for centuries, or were you too busy writing pretty little poems to describe the plans that you never bothered actually making them?” His golden eyes, now with fine lines around them, twinkled with amusement. “We had a plan, my love. I was to fill you up and you were to open a fate for us immediately. But I seem to recall you doing everything in your power to resist and change that plan. So now we’ve had to account for all the other creatures from our world and conform to your requirements. I think you’ll find that we fey, while obviously superior in nearly every way, are not quite as adaptable as temporary creatures. If you want improvisations, you’ll have to provide it yourself.

Two nights after the Chaworth ball, Gabriel practiced at the billiards table in the private apartments above Jenner's. The luxurious rooms, which had once been occupied by his parents in the earlier days of their marriage, were now reserved for the convenience of the Challon family. Raphael, one of his younger brothers, usually lived at the club, but at the moment was on an overseas trip to America. He'd gone to source and purchase a large quantity of dressed pine timber on behalf of a Challon-owned railway construction company. American pine, for its toughness and elasticity, was used as transom ties for railways, and it was in high demand now that native British timber was in scarce supply. The club wasn't the same without Raphael's carefree presence, but spending time alone here was better than the well-ordered quietness of his terrace at Queen's Gate. Gabriel relished the comfortably masculine atmosphere, spiced with scents of expensive liquor, pipe smoke, oiled Morocco leather upholstery, and the acrid pungency of green baize cloth. The fragrance never failed to remind him of the occasions in his youth when he had accompanied his father to the club. For years, the duke had gone almost weekly to Jenner's to meet with managers and look over the account ledgers. His wife Evie had inherited it from her father, Ivo Jenner, a former professional boxer. The club was an inexhaustible financial engine, its vast profits having enabled the duke to improve his agricultural estates and properties, and accumulate a sprawling empire of investments. Gaming was against the law, of course, but half of Parliament were members of Jenner's, which had made it virtually exempt from prosecution. Visiting Jenner's with his father had been exciting for a sheltered boy. There had always been new things to see and learn, and the men Gabriel had encountered were very different from the respectable servants and tenants on the estate. The patrons and staff at the club had used coarse language and told bawdy jokes, and taught him card tricks and flourishes. Sometimes Gabriel had perched on a tall stool at a circular hazard table to watch high-stakes play, with his father's arm draped casually across his shoulders. Tucked safely against the duke's side, Gabriel had seen men win or lose entire fortunes in a single night, all on the tumble of dice.

However, it is important not to lose sight of exactly how the neoliberal system works. As David Harvey has demonstrated, by drawing on Karl Polanyi’s masterful work, the free market has never been incompatible with state intervention, and the management of crises is part of the neoliberal project. We therefore need to inquire into how this crisis was presented by recalling, if we take the American example, that President George W. Bush kept forcefully repeating that the foundations of the economy were solid. Then suddenly, in the fateful month of September, as if faced with the sudden surge of a more or less unexpected “economic hurricane,” he asked for $700 billion to avoid a severe economic meltdown. It was necessary to save the banks and businesses that were too big to fail. This complex crisis called for a reaction that was as fast as it was extreme, starting with $350 billion distributed by Treasury Secretary Henry Paulson, the former chairman and chief executive officer of Goldman Sachs. We should note in passing that this sort of crisis discourse recalls all of the exceptional measures put in place or intensified after September 11, 2001: the usa patriot Act, the Military Commissions Act, illegal wiretappings, extraordinary rendition, the network of secret prisons, the redefinition of torture by the Office of Legal Council, and so on. It is not by chance that this crisis was presented as a complex and uncontrollable natural phenomenon, whose severity was largely unforeseen, for it is similar to the historical logic outlined above. By naturalizing the economy and transforming it into an autonomous authority independent of the decisions made by specific agents, this historical order promotes passivity (we can only bow before forces stronger than us), the removal of responsibility (no one can be held accountable for natural phenomena), and historical nearsightedness (the situation is so critical that we must respond quickly, without wasting time by debating over distant causes: time is short!). If we were to step back and assess the overall situation, we would see numerous specters rising up in the cemetery that is neoliberalism, and we would need to begin questioning—following Polanyi—whether the very project of laissez-faire economics has ever been anything other than socialism for the rich or, more precisely, topdown class warfare enforced by state intervention

Collateral Capacity or Net Worth? If young Bill Gates had knocked on your door asking you to invest $10,000 in his new company, Microsoft, could you get your hands on the money? Collateral capacity is access to capital. Your net worth is irrelevant if you can’t access any of the money. Collateral capacity is my favorite wealth concept. It’s almost like having a Golden Goose! Collateral can help a borrower secure loans. It gives the lender the assurance that if the borrower defaults on the loan, the lender can repossess the collateral. For example, car loans are secured by cars, and mortgages are secured by homes. Your collateral capacity helps you to avoid or minimize unnecessary wealth transfers where possible, and accumulate an increasing pool of capital providing accessibility, control and uninterrupted compounding. It is the amount of money that you can access through collateralizing a loan against your money, allowing your money to continue earning interest and working for you. It’s very important to understand that accessibility, control and uninterrupted compounding are the key components of collateral capacity. It’s one thing to look good on paper, but when times get tough, assets that you can’t touch or can’t convert easily to cash, will do you little good. Three things affect your collateral capacity: ① The first is contributions into savings and investment accounts that you can access. It would be wise to keep feeding your Golden Goose. Often the lure of higher return potential also brings with it lack of liquidity. Make sure you maintain a good balance between long-term accounts and accounts that provide immediate liquidity and access. ② Second is the growth on the money from interest earned on the money you have in your account. Some assets earn compound interest and grow every year. Others either appreciate or depreciate. Some accounts could be worth a great deal but you have to sell or close them to access the money. That would be like killing your Golden Goose. Having access to money to make it through downtimes is an important factor in sustaining long-term growth. ③ Third is the reduction of any liens you may have against these accounts. As you pay off liens against your collateral positions, your collateral capacity will increase allowing you to access more capital in the future. The goose never quit laying golden eggs – uninterrupted compounding. Years ago, shortly after starting my first business, I laughed at a banker that told me I needed at least $25,000 in my business account in order to borrow $10,000. My business owner friends thought that was ridiculously funny too. We didn’t understand collateral capacity and quite a few other things about money.

Unconditional blame is the tendency to explain all difficulties exclusively as the consequence of forces beyond your influence, to see yourself as an absolute victim of external circumstances. Every person suffers the impact of factors beyond his control, so we are all, in a sense, victims. We are not, however, absolute victims. We have the ability to respond to our circumstances and influence how they affect us. In contrast, the unconditional blamer defines his victim-identity by his helplessness, disowning any power to manage his life and assigning causality only to that which is beyond his control. Unconditional blamers believe that their problems are always someone else’s fault, and that there’s nothing they could have done to prevent them. Consequently, they believe that there’s nothing they should do to address them. Unconditional blamers feel innocent, unfairly burdened by others who do things they “shouldn’t” do because of maliciousness or stupidity. According to the unconditional blamer, these others “ought” to fix the problems they created. Blamers live in a state of self-righteous indignation, trying to control people around them with their accusations and angry demands. What the unconditional blamer does not see is that in order to claim innocence, he has to relinquish his power. If he is not part of the problem, he cannot be part of the solution. In fact, rather than being the main character of his life, the blamer is a spectator. Watching his own suffering from the sidelines, he feels “safe” because his misery is always somebody else’s fault. Blame is a tranquilizer. It soothes the blamer, sheltering him from accountability for his life. But like any drug, its soothing effect quickly turns sour, miring him in resignation and resentment. In order to avoid anxiety and guilt, the blamer must disown his freedom and power and see himself as a plaything of others. The blamer feels victimized at work. His job is fraught with letdowns, betrayals, disappointments, and resentments. He feels that he is expected to fix problems he didn’t create, yet his efforts are never recognized. So he shields himself with justifications. Breakdowns are never his fault, nor are solutions his responsibility. He is not accountable because it is always other people who failed to do what they should have done. Managers don’t give him direction as they should, employees don’t support him as they should, colleagues don’t cooperate with him as they should, customers demand much more than they should, suppliers don’t respond as they should, senior executives don’t lead the organization as they should, administration systems don’t work as they should—the whole company is a mess. In addition, the economy is weak, the job market tough, the taxes confiscatory, the regulations crippling, the interest rates exorbitant, and the competition fierce (especially because of those evil foreigners who pay unfairly low wages). And if it weren’t difficult enough to survive in this environment, everybody demands extraordinary results. The blamer never tires of reciting his tune, “Life is not fair!

SELF-MANAGEMENT Trust We relate to one another with an assumption of positive intent. Until we are proven wrong, trusting co-workers is our default means of engagement. Freedom and accountability are two sides of the same coin. Information and decision-making All business information is open to all. Every one of us is able to handle difficult and sensitive news. We believe in collective intelligence. Nobody is as smart as everybody. Therefore all decisions will be made with the advice process. Responsibility and accountability We each have full responsibility for the organization. If we sense that something needs to happen, we have a duty to address it. It’s not acceptable to limit our concern to the remit of our roles. Everyone must be comfortable with holding others accountable to their commitments through feedback and respectful confrontation. WHOLENESS Equal worth We are all of fundamental equal worth. At the same time, our community will be richest if we let all members contribute in their distinctive way, appreciating the differences in roles, education, backgrounds, interests, skills, characters, points of view, and so on. Safe and caring workplace Any situation can be approached from fear and separation, or from love and connection. We choose love and connection. We strive to create emotionally and spiritually safe environments, where each of us can behave authentically. We honor the moods of … [love, care, recognition, gratitude, curiosity, fun, playfulness …]. We are comfortable with vocabulary like care, love, service, purpose, soul … in the workplace. Overcoming separation We aim to have a workplace where we can honor all parts of us: the cognitive, physical, emotional, and spiritual; the rational and the intuitive; the feminine and the masculine. We recognize that we are all deeply interconnected, part of a bigger whole that includes nature and all forms of life. Learning Every problem is an invitation to learn and grow. We will always be learners. We have never arrived. Failure is always a possibility if we strive boldly for our purpose. We discuss our failures openly and learn from them. Hiding or neglecting to learn from failure is unacceptable. Feedback and respectful confrontation are gifts we share to help one another grow. We focus on strengths more than weaknesses, on opportunities more than problems. Relationships and conflict It’s impossible to change other people. We can only change ourselves. We take ownership for our thoughts, beliefs, words, and actions. We don’t spread rumors. We don’t talk behind someone’s back. We resolve disagreements one-on-one and don’t drag other people into the problem. We don’t blame problems on others. When we feel like blaming, we take it as an invitation to reflect on how we might be part of the problem (and the solution). PURPOSE Collective purpose We view the organization as having a soul and purpose of its own. We try to listen in to where the organization wants to go and beware of forcing a direction onto it. Individual purpose We have a duty to ourselves and to the organization to inquire into our personal sense of calling to see if and how it resonates with the organization’s purpose. We try to imbue our roles with our souls, not our egos. Planning the future Trying to predict and control the future is futile. We make forecasts only when a specific decision requires us to do so. Everything will unfold with more grace if we stop trying to control and instead choose to simply sense and respond. Profit In the long run, there are no trade-offs between purpose and profits. If we focus on purpose, profits will follow.

The Ukrainian people would soon find out how ironclad these assurances were. The corrupt Viktor Yanukovych had returned to power in the last election, thanks to the efforts of the equally crooked political consultant Paul Manafort, whose office manager in Kyiv, Konstantin Kilimnik, had deep ties to Russian intelligence. Their paymasters included tycoons enmeshed with both organized crime and the Kremlin. Manafort collected many millions in fees from Yanukovych, laundering them in offshore accounts, and attracting the attention of the FBI, which began wiretapping him in a foreign intelligence investigation. Manafort also cut business deals with the country’s richest and most odious oligarchs, including Dmytro Firtash, a Putin crony and a prominent associate of Russian organized crime indicted on federal corruption charges in Chicago in October 2013.

Procrastination and laziness in sales and business lead to – nowhere and a lean and lousy bank account. It has been said that Procrastination is the opportunity’s assassin and that is true. Procrastination is one of the main reasons why so many fail to effectively manage their time. Don’t be that guy or gal. Procrastination is a deterrent that sabotages our own efforts. Overcoming it is essential if you want your business to succeed.

FinOps is the practice of bringing financial accountability to the variable spend model of cloud, enabling distributed teams to make business trade-offs between speed, cost, and quality.

where a = accumulated future value, p = principal or present value, r = rate of return in percentage terms, and n = number of compounding periods. All too often, management teams focus on the r variable in this equation. They seek instant gratification, with high profit margins and high growth in reported earnings per share (EPS) in the near term, as opposed to initiatives that would lead to a much more valuable business many years down the line. This causes many management teams to pass on investments that would create long-term value but would cause “accounting numbers” to look bad in the short term. Pressure from analysts can inadvertently incentivize companies to make as much money as possible off their present customers to report good quarterly numbers, instead of offering a fair price that creates enduring goodwill and a long-term win–win relationship for all stakeholders. The businesses that buy commodities and sell brands and have strong pricing power (typically depicted by high gross margins) should always remember that possessing pricing power is like having access to a large amount of credit. You may have it in abundance, but you must use it sparingly. Having pricing power doesn’t mean you exercise it right away. Consumer surplus is a great strategy, especially for subscription-based business models in which management should primarily focus on habit formation and making renewals a no-brainer. Most businesses fail to appreciate this delicate trade-off between high short-term profitability and the longevity accorded to the business through disciplined pricing and offering great customer value. The few businesses that do understand this trade-off always display “pain today, gain tomorrow” thinking in their daily decisions.

What is Outsourcing? "Outsourcing" is the short form of the English word Outside Resourcing. The term outsourcing was first coined around 1989 and was first seen as a business strategy. Later in the 1990s, this subject was included as an important component of business economics. Since then people started to have various interests in outsourcing. Out means 'Outside' and source means 'Source'. In other words, the whole meaning of Outsourcing is "to bring work from an external source". Here are the key aspects of outsourcing: 1. Opportunities: It can encompass a wide range of functions including customer support, information technology services, human resources functions, manufacturing, accounting, marketing, and more. 2. Benefits: Outsourcing offers several benefits including cost savings, access to specialized skills and technology, increased efficiency, scalability, and ability to focus on core competencies. 3. Global Reach: Outsourcing is not restricted by geographical boundaries. That's why companies can engage service providers from around the world to access global talent pools and cost advantages. 4. Types of Outsourcing: Outsourcing can be divided into several categories. Such as Business Process Outsourcing (BPO), Information Technology Outsourcing (ITO), Knowledge Process Outsourcing (KPO), and many more depending on the nature of the service being outsourced. 5. Challenges: Although outsourcing can offer many benefits. It also presents challenges related to data security, communication, cultural differences, and the need for effective management of outsourcing relationships. 6. Outsourcing model: Companies can choose from several outsourcing models, including offshoring (outsourcing to a service provider in another country), nearshoring (outsourcing to a service provider in a nearby country), and onshoring (outsourcing to a service provider within the same country). Outsourcing means the process of taking the work of an organization or company from an external source. For example – “You Can't find any qualified person within the company to do a job in your company. So you offer some money to an outside freelancer to do the job and he agrees to do the job. Well, that's called outsourcing”. Simply put, outsourcing is basically the payment you pay a freelancer to do the work they are good at.

What is Outsourcing? "Outsourcing" is the short form of the English word Outside Resourcing. The term outsourcing was first coined around 1989 and was first seen as a business strategy. Later in the 1990s, this subject was included as an important component of business economics. Since then people started to have various interests in outsourcing. Out means 'Outside' and source means 'Source'. In other words, the whole meaning of Outsourcing is "to bring work from an external source". Here are the key aspects of outsourcing: 1. Opportunities: It can encompass a wide range of functions including customer support, information technology services, human resources functions, manufacturing, accounting, marketing, and more. 2. Benefits: Outsourcing offers several benefits including cost savings, access to specialized skills and technology, increased efficiency, scalability, and ability to focus on core competencies. 3. Global Reach: Outsourcing is not restricted by geographical boundaries. That's why companies can engage service providers from around the world to access global talent pools and cost advantages. 4. Types of Outsourcing: Outsourcing can be divided into several categories. Such as Business Process Outsourcing (BPO), Information Technology Outsourcing (ITO), Knowledge Process Outsourcing (KPO), and many more depending on the nature of the service being outsourced. 5. Challenges: Although outsourcing can offer many benefits. It also presents challenges related to data security, communication, cultural differences, and the need for effective management of outsourcing relationships. 6. Outsourcing model: Companies can choose from several outsourcing models, including offshoring (outsourcing to a service provider in another country), nearshoring (outsourcing to a service provider in a nearby country), and onshoring (outsourcing to a service provider within the same country). Outsourcing means the process of taking the work of an organization or company from an external source. For example – “You Can't find any qualified person within the company to do a job in your company. So you offer some money to an outside freelancer to do the job and he agrees to do the job. Well, that's called outsourcing”. Simply put, Outsourcing is basically the payment you pay a freelancer to do the work they are good at. Please Visit Our Blogging Website to read more Articles related to Freelancing and Outsourcing, Thank You.

The primary venue for activities in which value is created for participants shifts from an internal production department to a collection of external producers and consumers—which means that management of externalities becomes a key leadership skill. Growth comes not from horizontal integration and vertical integration but from functional integration and network orchestration. The focus on processes such as finance and accounting shifts from cash flows and assets you can own to communities and assets you can influence. And while platform businesses themselves are often extraordinarily profitable, the chief locus of wealth creation is now outside rather than inside the organization.

What is Outsourcing? "Outsourcing" is the short form of the English word Outside Resourcing. The term outsourcing was first coined around 1989 and was first seen as a business strategy. Later in the 1990s, this subject was included as an important component of business economics. Since then people started to have various interests in outsourcing. Out means 'Outside' and source means 'Source'. In other words, the whole meaning of Outsourcing is "to bring work from an external source". Here are the key aspects of outsourcing: 1. Opportunities: It can encompass a wide range of functions including customer support, information technology services, human resources functions, manufacturing, accounting, marketing, and more. 2. Benefits: Outsourcing offers several benefits including cost savings, access to specialized skills and technology, increased efficiency, scalability, and ability to focus on core competencies. 3. Global Reach: Outsourcing is not restricted by geographical boundaries. That's why companies can engage service providers from around the world to access global talent pools and cost advantages. 4. Types of Outsourcing: Outsourcing can be divided into several categories. Such as Business Process Outsourcing (BPO), Information Technology Outsourcing (ITO), Knowledge Process Outsourcing (KPO), and many more depending on the nature of the service being outsourced. 5. Challenges: Although outsourcing can offer many benefits. It also presents challenges related to data security, communication, cultural differences, and the need for effective management of outsourcing relationships. 6. Outsourcing model: Companies can choose from several outsourcing models, including offshoring (outsourcing to a service provider in another country), nearshoring (outsourcing to a service provider in a nearby country), and onshoring (outsourcing to a service provider within the same country). Outsourcing means the process of taking the work of an organization or company from an external source. For example – “You Can't find any qualified person within the company to do a job in your company. So you offer some money to an outside freelancer to do the job and he agrees to do the job. Well, that's called outsourcing”. Simply put, Outsourcing is basically the payment you pay a freelancer to do the work they are good at. Please Visit Our Blogging Website named (Bhairab IT Zone) to read more Articles related to Freelancing and Outsourcing, Thank You.

Budgeting is used where costs are not allocated in

I am not suggesting that all of GE’s problems resulted from its guidance culture, but I think it played a significant role. When business managers are hyper-focused on meeting quarterly numbers, their long-term orientation takes a back seat; when a company is desperate to make an acquisition just to meet its earnings, it can overpay for a bad asset; when a manager is unable to speak the truth about accounting obfuscations, they pile up over time.

The method I recommend is called innovation accounting, a quantitative approach that allows us to see whether our engine-tuning efforts are bearing fruit. It also allows us to create learning milestones, which are an alternative to traditional business and product milestones. Learning milestones are useful for entrepreneurs as a way of assessing their progress accurately and objectively; they are also invaluable to managers and investors who must hold entrepreneurs accountable.

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Leaders are over extending themselves. Bossing people around or over-delegating does not make a person a good leader. Be a leader who creates space for autonomy, a space for coaching and a space for accountability.

The 6 Biggest Mistakes of Business Planning 1. Not having a plan 2. Not examining last year’s plan 3. Not having an enemy that acts like rocket fuel 4. Failing to integrate logic and emotion in the current plan 5. Not making it a living document—don’t use it to manage 6. Not sharing it (so no one could hold you accountable)

Controller. The focus of the controller—sometimes spelled comptroller—is purely internal. His or her job is providing reliable and accurate financial reports. The controller is responsible for general accounting, financial reporting, business analysis, financial planning, asset management, and internal controls. He or she ensures that day-to-day transactions are recorded accurately and correctly. Without good, consistent data from the controller, the CFO and the treasurer can’t do their jobs. The controller is sometimes called a bean counter. It’s wise to use this term correctly; some CFOs and treasurers get annoyed when it is used to describe them, as they do not consider themselves bean counters but financial professionals.

In 1962, Barbara Tuchman published The Guns of August, an account of the first ninety days of World War I. It’s the best book on management—and, especially, mismanagement—I’ve ever read. The most basic conclusion I drew from her book was that, if you adopt a reasonable strategy, as opposed to waiting for an optimum strategy, and stick with it, you’ll probably succeed. Tenacity is as important as brilliance. The Germans and French both had brilliant general staffs, but neither side had the tenacity to stick with their prewar plans. As a result, the first ninety days of war ended

We would also recommend that those accounts be business accounts, not personal accounts.

Extensive background in public accounting. I can also stand on my head!" Too many E-numbers. "I perform my job with effortless efficiency, effectiveness, efficacy, and expertise." There are not too many of them about. "Personal: Married 20 years; own a home, along with a friendly mortgage company." The first rule of projects is: You don't talk about projects. "My intensity and focus are at inordinately high levels, and my ability to complete projects on time is unspeakable." Learning a language. "Exposure to German for two years, but many words are inappropriate for business." Congratulations! "Accomplishments: Completed 11 years of high school."  No really, how is your memory? "Excellent memory; strong math aptitude; excellent memory; effective management skills; and very good at math." I think bricks would work better personally, but hey go for it. "Personal Goal: To hand-build a classic cottage from the ground up using my father-in-law. To be fair the job on offer was to play Snow White in a Christmas production. "Thank you for your consideration. Hope to hear from you shorty!" . Very I would say. "Enclosed is a ruff draft of my resume." Delete. "I saw your ad on the information highway, and I came to a screeching halt." Then why attach it? "Please disregard the attached resume -- it is terribly out of date." Lone wolf. "It's best for employers that I not work with people.

The former head of this operation, Gary Wendt, who is credited with much of the enormous success of GEFS, used his personal agenda as a simple but inordinately powerful tool for growing the business into ever new entrepreneurial arenas. Over the years, he used his personal agenda to make it unequivocally clear that he expected entrepreneurial business growth from every member of management. At every major meeting, the topic of business development was on the agenda (usually in the number one spot). In every annual review, managers were asked to demonstrate the revenues they had created from businesses that did not exist five years before. From division heads to newly hired analysts, everyone was held accountable for some set of activities having to do with creating entrepreneurial revenue and profit streams. In short, no one who worked in the organization could avoid the unremitting focus on new business development. You need to make sure that you are similarly consistent, predictable, and focused, and that you sustain this emphasis over a long period. Pressure applied only once is soon forgotten, and alternating pressure (as in flavor-of-the-month management) will cause people to be confused, disillusioned, or angry. Wendt’s consistent, visible, and predictable attention to business development created a pressure in GEFS for entrepreneurial business growth that took it from the $300 million installment loan portfolio we looked at in chapter 6 to a financial services behemoth with $250 billion in assets under management when he left in 1998. Examples of Wendt’s single-minded determination to drive growth through entrepreneurial transformation at GEFS are numerous. Years ago, for instance, he was asked whether his agenda would change if someone rushed in and told him that the computer room was on fire (implying that his business could be completely destroyed). Wendt replied that he employed firefighters to handle such emergencies. As the leader, his most important job was to keep people focused on business development. Since business development is an uncomfortable and unpredictable process, Wendt knew that if he allowed it to appear to be a low priority for him, all those working for him would heave a sigh of relief and go back to business as usual, with new businesses struggling to find a place on the priority list. In fact, as he remarked, even if he did try to get involved in putting out the fire, he would probably only interfere with the efforts of the highly competent people employed to do so.

Therefore, this e-textbook is as much a tool for teachers as it is for students. The prime

shadow carbon price is an internal corporate accounting figure that allows companies to incorporate the cost of an additional ton of carbon emissions that will result from some investment. Shadow carbon prices are used across the financial accounting world, from investment and procurement to risk management and strategic long-term planning. As of 2017, more than 1,400 global corporations factored an internal carbon price into business plans and investment decision making.

The International Baccalaureate does not restrict the

students probe and prod ever angle of the subject

Saving Saboteurs from Themselves John Henry, a senior management consultant with one of the world’s largest firms, advises a diverse portfolio of senior executive clients and boards. Though he’s found that the social dynamics impeding productive work are often the same wherever he goes, it can be difficult to broach the topic without raising his clients’ hackles. That’s why he keeps a copy of the CIA’s Simple Sabotage Field Manual, a set of guidelines devised by U.S. government officials to sabotage terrorist organizations from the inside, in his briefcase. Originally developed by the OSS during World War II, the Simple Sabotage Field Manual is a guide for, as the CIA puts it, “teaching people how to do their jobs badly.” Here’s a sample of some of the tactics our nation’s best intelligence officers recommend you use to undermine the operations and efficiency of a terrorist cell—or a typical American board meeting: When possible, refer all matters to committees for “further study and consideration.” Attempt to make the committees as large as possible—no fewer than five people. Make speeches. Talk as frequently as possible and at great length. Illustrate your “points” by long anecdotes and accounts of personal experiences. Haggle over the precise wording of communications, minutes, resolutions. Bring up irrelevant issues as frequently as possible. Refer back to matters decided upon at the last meeting and attempt to reopen the question of the advisability of that decision.

International Baccalaureate orientated e-book has attempted to focus

patience the teacher is bound to become an “expert

Finding Reliable Bookkeeping Services Near You Maintaining accurate financial records is critical for any business, and bookkeeping services play an essential role in ensuring that your financial data is organized and up-to-date. Whether you run a small business or a large enterprise, outsourcing your bookkeeping to a local professional can save you time, reduce errors, and improve overall financial management. If you’re searching for bookkeeping services near you, finding the right provider can significantly impact your business’s financial health. The Benefits of Local Bookkeeping Services Hiring a local bookkeeping service offers several advantages, starting with personalized attention. Local providers are more familiar with regional tax laws and regulations, which can ensure that your business remains compliant. Additionally, face-to-face meetings are much easier to arrange, allowing for more effective communication and tailored services that meet your specific needs. Moreover, working with a nearby bookkeeping service enables quick access to your financial data and faster problem resolution. Should any questions arise, having someone local means you can address them promptly, improving the efficiency of your financial management. What to Look for in a Bookkeeping Service When searching for bookkeeping services near you, consider their experience and expertise. Professional bookkeepers should be well-versed in various accounting software programs, such as QuickBooks or Xero, and should have experience working with businesses in your industry. Additionally, ensure that the bookkeeping service offers a comprehensive range of services, including managing accounts payable and receivable, reconciling bank statements, and preparing financial reports. Reviews and recommendations from other businesses in your area can provide valuable insights into the reliability and trustworthiness of the bookkeeping service you’re considering. Checking for certifications, such as a CPA license, can further validate their credibility. Ongoing Support and Compliance Local bookkeeping services can also help ensure that your business stays compliant with tax regulations. By keeping track of all financial transactions and maintaining accurate records, they make tax preparation seamless. This support helps minimize the risk of errors and penalties during tax season. In conclusion, finding the right bookkeeping service near you can make a significant difference in how efficiently you manage your finances. With personalized attention, local expertise, and ongoing support, a professional bookkeeper ensures that your business’s financial health remains on track.

Finding the Best Accounting Firms Near You In today’s business landscape, having the right accounting firm can make a significant difference in managing your finances, ensuring compliance, and planning for growth. Whether you are a small business owner or an individual seeking tax advice, finding the best accounting firms near you can provide the expertise and support needed to maintain financial stability. Why Local Accounting Firms Matter Choosing a local accounting firm offers several advantages, especially when it comes to personalized service and understanding local regulations. Local firms are familiar with state-specific tax laws and compliance requirements, which can save time and prevent costly mistakes. Moreover, they offer face-to-face meetings, allowing for better communication and a stronger relationship between the accountant and the client. This personalized approach ensures that the accounting services are tailored to your unique needs. Services Offered by the Best Accounting Firms The top accounting firms near you typically offer a wide range of services that cater to both businesses and individuals. These services may include bookkeeping, tax preparation, payroll management, financial consulting, and auditing. Additionally, many accounting firms provide specialized services such as estate planning, business valuations, and forensic accounting. With such comprehensive services, the best firms ensure that every aspect of your financial management is handled efficiently and professionally. Expertise and Experience One of the most important factors in choosing the best accounting firm is the level of expertise and experience they offer. Reputable firms have a team of certified public accountants (CPAs) and professionals with years of experience in various industries. This allows them to provide valuable insights, strategic advice, and accurate financial reporting. Furthermore, experienced firms are better equipped to handle complex financial situations, ensuring that your business remains compliant and financially sound. Reviews and Reputation Before making your decision, it’s important to research reviews and the reputation of the accounting firms near you. Online reviews and testimonials can provide insight into the experiences of past clients and help you choose a reliable firm. Additionally, asking for referrals from other business owners or professionals in your area can guide you toward a trustworthy accounting partner. In conclusion, finding the best accounting firms near you is crucial for managing finances and ensuring compliance. By considering factors such as local expertise, services offered, and reputation, you can choose an accounting firm that meets your specific financial needs and goals.

Finding the Right Accounting Firm Near You Choosing the right accounting firm is crucial for managing your financial records and ensuring compliance with regulations. Whether you’re a small business owner or an individual in need of tax services, working with a local accounting firm can provide personalized support and expertise. By finding a firm near you, you can establish a close working relationship and enjoy the convenience of in-person consultations, making it easier to address your specific financial needs. Benefits of Working with a Local Accounting Firm One of the main advantages of working with a local accounting firm is the ability to meet face-to-face. This personal interaction helps build trust and fosters a stronger understanding of your financial situation. Local firms are also more familiar with regional tax laws, regulations, and business practices, allowing them to offer tailored solutions that align with your needs. Additionally, local firms often provide quicker response times and more personalized services compared to larger, national firms, which can be beneficial for small businesses and individuals. Services Offered by Accounting Firms Near You Most local accounting firms provide a wide range of services that cater to both businesses and individuals. These services include bookkeeping, tax preparation, payroll management, auditing, and financial consulting. For businesses, accounting firms offer valuable assistance with tax compliance, budgeting, and cash flow management. Individuals can also benefit from services such as personal tax filing, retirement planning, and estate management. Many firms also offer specialized services tailored to specific industries, ensuring that they meet the unique needs of their clients. How to Choose the Best Local Accounting Firm When searching for the best accounting firm near you, it’s important to consider factors like experience, reputation, and the range of services offered. Start by looking for firms that specialize in your industry or financial needs. Additionally, check reviews and ask for recommendations from local businesses or colleagues. It’s also a good idea to schedule an initial consultation to assess the firm’s approach and ensure it aligns with your financial goals. Conclusion In conclusion, finding the right accounting firm near you can significantly enhance your financial management. By working with a local firm, you benefit from personalized services, in-depth regional knowledge, and a close working relationship. With the right partner, you can ensure that your financial records are accurate, compliant, and aligned with your long-term goals.

The Importance of Bookkeeping Services for Businesses Effective bookkeeping is the foundation of any successful business. It involves the systematic recording, organizing, and managing of a company’s financial transactions. Whether you're a small business owner or running a large corporation, bookkeeping services help ensure that your financial records are accurate, up-to-date, and compliant with regulations. By outsourcing bookkeeping tasks to professionals, businesses can focus on growth and core operations without worrying about financial details. What Is Bookkeeping? Bookkeeping is the process of maintaining accurate records of all financial transactions, including sales, purchases, receipts, and payments. It involves organizing these records into categories like income, expenses, assets, and liabilities. The information generated through bookkeeping is essential for creating financial statements, tax filings, and understanding the overall financial health of the business. However, managing these tasks manually can be time-consuming and prone to errors, which is why many businesses opt for professional bookkeeping services. Benefits of Professional Bookkeeping Services One of the key benefits of hiring professional bookkeeping services is the accuracy they bring to financial management. Experienced bookkeepers are well-versed in the latest accounting software and financial regulations, ensuring that all records are kept accurately and consistently. Additionally, outsourcing this task allows business owners to save time and focus on other aspects of their business. As a result, they can make better financial decisions based on reliable data. Improved Financial Reporting Accurate bookkeeping leads to better financial reporting, which is critical for making informed business decisions. By keeping detailed and organized records, bookkeepers provide valuable insights into cash flow, profitability, and expenses. This allows businesses to plan their budgets more effectively, track financial performance, and identify areas for cost-saving or investment. Tax Compliance and Preparation Another important advantage of bookkeeping services is the ability to stay compliant with tax regulations. Bookkeepers ensure that all financial records are properly maintained and ready for tax season. With accurate and up-to-date records, businesses can avoid penalties and reduce the risk of audits, making tax preparation much smoother. In conclusion, professional bookkeeping services offer businesses the support they need to manage their financial records accurately and efficiently. By ensuring proper financial reporting and tax compliance, these services contribute to long-term financial stability and growth.

The Importance of Accounting Services for Businesses In today’s competitive business environment, maintaining accurate financial records and ensuring compliance with tax regulations is essential for long-term success. Accounting services provide businesses with the necessary tools and expertise to manage their finances efficiently. Whether for small businesses or large corporations, professional accounting services help streamline financial processes, ensure regulatory compliance, and offer strategic insights for growth. What Are Accounting Services? Accounting services encompass a wide range of tasks, including bookkeeping, financial reporting, tax preparation, payroll management, and auditing. These services are designed to help businesses track their income, expenses, and overall financial health. By outsourcing accounting tasks to professionals, businesses can focus on their core activities while ensuring that their financial operations run smoothly. Additionally, accurate and timely accounting services help businesses avoid costly errors and penalties. Benefits of Professional Accounting Services One of the main advantages of hiring professional accounting services is the accuracy they bring to financial management. Skilled accountants have a deep understanding of financial regulations and tax laws, ensuring that businesses remain compliant. Moreover, accountants can identify tax-saving opportunities, helping businesses reduce their tax liabilities. This level of expertise allows businesses to save time and money, as they no longer need to navigate complex financial tasks on their own. Strategic Financial Planning In addition to managing day-to-day financial tasks, accounting services play a crucial role in strategic financial planning. Accountants analyze a company’s financial data to provide valuable insights into cash flow, profitability, and potential areas for improvement. This data-driven approach enables business owners to make informed decisions, allocate resources efficiently, and plan for future growth. Compliance and Risk Management Compliance with financial regulations is vital for businesses to avoid legal and financial risks. Accounting services ensure that all financial documents are in order, tax filings are accurate, and deadlines are met. By maintaining accurate records and staying up to date with tax laws, businesses can reduce the risk of audits and penalties. In conclusion, accounting services are an essential component of successful financial management for businesses of all sizes. By providing accurate financial reporting, strategic insights, and ensuring compliance, professional accountants enable businesses to focus on growth and sustainability.

The Importance of an Accountant for Doctors Managing the financial side of a medical practice can be challenging for doctors who already have demanding schedules. This is why having a specialized accountant is essential for doctors. A qualified accountant can help doctors efficiently manage their financial records, optimize tax strategies, and ensure the overall financial health of the practice, allowing physicians to concentrate on patient care. Unique Financial Challenges for Doctors Doctors face unique financial challenges that are specific to the healthcare industry. These include managing income from multiple sources, handling billing systems for patient care, dealing with insurance reimbursements, and navigating complex healthcare regulations. Additionally, doctors often need to invest in high-cost medical equipment and balance personal and business financial planning. Without professional guidance, these financial aspects can become overwhelming. Accountants with expertise in the medical field understand these complexities and can offer valuable support. The Role of an Accountant in a Medical Practice A specialized accountant for doctors provides services that go beyond traditional bookkeeping. They help with financial planning, ensuring that the practice’s income and expenses are balanced effectively. Additionally, they manage payroll, tax filing, and compliance with healthcare regulations. Furthermore, an accountant can provide strategic advice on reducing costs and optimizing cash flow, making the practice more efficient and profitable. Doctors also benefit from tax planning services, ensuring that deductions specific to healthcare professionals are maximized while keeping the practice compliant with tax laws. Benefits of Hiring a Specialized Accountant By hiring an accountant who specializes in working with doctors, medical professionals can streamline their financial operations and reduce the risk of costly errors. This partnership allows doctors to focus on patient care, knowing that the financial side of their practice is being handled efficiently. Moreover, an accountant can provide financial insights that help doctors plan for the future, such as retirement planning or business expansion. Conclusion In conclusion, a specialized accountant is invaluable for doctors who want to ensure the financial success of their practice. With expertise in the unique financial challenges doctors face, accountants provide essential services that allow medical professionals to focus on their patients while maintaining a healthy financial standing.

Imagine how much easier it is for everyone to digest and adopt 30–60 pages to understand almost the entire business instead of 300! Imagine now that a person sitting in one position may only need to understand one page of their process and commit to consistent, perfect execution each and every time. How efficient do you think that person could be in their role if it were that easy? How many mistakes do you think could be avoided? How much simpler would management and accountability be for their supervisor if they had just one or two processes in front of them to follow day in and day out?

Lauren Burklow thrives as an account manager at Brown & Brown, renowned for her strong work ethic and optimism. With adept leadership and communication skills, she fosters team collaboration effectively. Leveraging 3.5 years of insurance expertise and her lacrosse background at Pace University, Lauren guides clients through complex business insurance needs, while chairing the Young Professional Council at the Boys & Girls Club of NorthWest, NJ.

The Service Owner maintains a business focus, knowing that the goal of the Service is to bring value to the business customer.  He or she is the single point of accountability for the Service, with a laser focus on the performance of the Service.

CORONA showed that using a small team of committed people is the right way to carry out such programs. All experience since then has shown that using accounting systems, business school approaches, and management slogans cannot substitute for a small team of intelligent and highly motivated people.

What Is CA - A Chartered Accountant (CA) is a highly respected professional in the fields of accounting, finance, and business. Chartered Accountants are equipped with comprehensive knowledge and skills, making them essential for the financial health and growth of businesses, governments, and individuals. Their expertise spans a broad range of services, including financial reporting, auditing, taxation, management accounting, and advisory services. The designation of Chartered Accountant signifies a commitment to the highest standards of professionalism, ethics, and continuous learning.

Grimm always used rabbits, on account of a grudge he had with the Easter Bunny. I’d had a pet rabbit when I was little, and the first time I saw an augury I think I managed to throw up and faint at the same time. After that, Grimm had it done without me. Not that it mattered. After six years in this business, I’d gut Thumper himself for an ounce of Glitter.

Managers and owners need to remember, however, that accounting is but an aid to business thinking, never a substitute for it.” -1986 letter

MANAGING STRICTLY BY NUMBERS IS LIKE PAINTING BY NUMBERS Some things that you want to encourage will be quantifiable, and some will not. If you report on the quantitative goals and ignore the qualitative ones, you won’t get the qualitative goals, which may be the most important ones. Management purely by numbers is sort of like painting by numbers—it’s strictly for amateurs. At HP, the company wanted high earnings now and in the future. By focusing entirely on the numbers, HP got them now by sacrificing the future. Note that there were many numbers as well as more qualitative goals that would have helped:   Was our competitive win rate increasing or declining?   Was customer satisfaction rising or falling?   What did our own engineers think of the products? By managing the organization as though it were a black box, some divisions at HP optimized the present at the expense of their downstream competitiveness. The company rewarded managers for achieving short-term objectives in a manner that was bad for the company. It would have been better to take into account the white box. The white box goes beyond the numbers and gets into how the organization produced the numbers. It penalizes managers who sacrifice the future for the short term and rewards those who invest in the future even if that investment cannot be easily measured. CLOSING THOUGHT It is easy to see that there are many ways for leaders to be misinterpreted. To get things right, you must recognize that anything you measure automatically creates a set of employee behaviors. Once you determine the result you want, you need to test the description of the result against the employee behaviors that the description will likely create. Otherwise, the side-effect behaviors may be worse than the situation you were trying to fix.

What I believe has happened in American businesses since the 1950s is that managers and operating personnel at all levels have lost sight of people, customers, and processes as top management has turned everyone’s attention to accounting results.

A great leader, one who applies bright spot analysis, does not trust sales managers to know who their top performers are. Yes, that is blasphemy, but sales managers are people too, and hold biases due to personal relationships and past performance. The right first step is to stack rank account executives by recent performance

Has a clear objective for the copy, e.g. acquiring prospects, making sales        Is very specifically targeted to a buyer, e.g. Plant Manager or Human Resource VP        Contains less hype than typical B2C marketing        Has a 50/50 focus on features and benefits        Takes into account the personal needs as well as the business needs of the buyer        Educates the buyer        Uses attention-grabbing headlines        Highlights the prospect’s problem, need or aspiration        Positions your product, service or offer as

rewritemen,64 movie and TV critics, business columnists, golf writers, assistant managing editors, or the expense accounts that have sent 4,000 reporters to Rome to cover

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Capitalism began as a theory about how the economy functions. It was both descriptive and prescriptive – it offered an account of how money worked and promoted the idea that reinvesting profits in production leads to fast economic growth. But capitalism gradually became far more than just an economic doctrine. It now encompasses an ethic – a set of teachings about how people should behave, educate their children and even think. Its principal tenet is that economic growth is the supreme good, or at least a proxy for the supreme good, because justice, freedom and even happiness all depend on economic growth. Ask a capitalist how to bring justice and political freedom to a place like Zimbabwe or Afghanistan, and you are likely to get a lecture on how economic affluence and a thriving middle class are essential for stable democratic institutions, and about the need therefore to inculcate Afghan tribesmen in the values of free enterprise, thrift and self-reliance. This new religion has had a decisive influence on the development of modern science, too. Scientific research is usually funded by either governments or private businesses. When capitalist governments and businesses consider investing in a particular scientific project, the first questions are usually ‘Will this project enable us to increase production and profits? Will it produce economic growth?’ A project that can’t clear these hurdles has little chance of finding a sponsor. No history of modern science can leave capitalism out of the picture. Conversely, the history of capitalism is unintelligible without taking science into account. Capitalism’s belief in perpetual economic growth flies in the face of almost everything we know about the universe. A society of wolves would be extremely foolish to believe that the supply of sheep would keep on growing indefinitely. The human economy has nevertheless managed to keep on growing throughout the modern era, thanks only to the fact that scientists come up with another discovery or gadget every few years – such as the continent of America, the internal combustion engine, or genetically engineered sheep. Banks and governments print money, but ultimately, it is the scientists who foot the bill. Over the last few years, banks and governments have been frenziedly printing money. Everybody is terrified that the current economic crisis may stop the growth of the economy. So they are creating trillions of dollars, euros and yen out of thin air, pumping cheap credit into the system, and hoping that the scientists, technicians and engineers will manage to come up with something really big, before the bubble bursts. Everything depends on the people in the labs. New discoveries in fields such as biotechnology and nanotechnology could create entire new industries, whose profits could back the trillions of make-believe money that the banks and governments have created since 2008. If the labs do not fulfil these expectations before the bubble bursts, we are heading towards very rough times.

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The difference between Franklin’s unconventional work and Abagnale’s was that the former managed to create value for others while the latter cheated others. Franklin’s approach was a lateral solution to the unfairness of present convention. Abagnale’s, however entertaining, was a con, and he paid for it. And that’s the difference between rapid, but short-term gains, which I call shortcuts, and sustainable success achieved quickly through smart work, or smartcuts. Whereas by dictionary definition shortcuts can be amoral, you can think of smartcuts as shortcuts with integrity. Working smarter and achieving more—without creating negative externalities. Abagnale took shortcuts and regretted it. Franklin used smartcuts and got his face on a $ 100 bill. After being released from prison, Abagnale spent three decades repaying his debt to society, working for the FBI, without pay. Eventually, he started a security business, met his future wife while on undercover assignment, and had three kids. “True success is not defined by how much money do I make, how well do I speak, how well do I deal with the subjects I deal with,” he says. “But how great of a father I am.” As we explore the unconventional behavior of history’s overachievers in Smartcuts, I hope we’ll keep Abagnale’s lesson in mind. To some people, success means wealth. To others it means recognition, popularity, or promotions; it means free time, inventing products, growing businesses, making breakthroughs at work. Those can all be good things, and in this book, we’ll look at people and companies that achieved big things in the above categories. But I’m convinced that true success has more to do with our becoming better people and building a better world while we do these things than it does with the size of our bank accounts.

over-treatment accounts for about 30 percent of healthcare expenditures.

Keynes had been appointed to the board of the National Mutual, one of the oldest institutions in the city, in 1919.107 He had served as chairman of the insurer, and helped manage its investment portfolio from 1921. That portfolio lost £641,000 ($61 million), an enormous sum of money in 1937. While Keynes was recuperating from a heart attack, F. N. Curzon, the acting chairman of the insurer called him to account for the loss.108 Curzon and the board criticized Keynes’s investment policy of remaining invested in his “pet” stocks during the decline.109 In a response to Curzon in March 1938, Keynes wrote:110 1. I do not believe that selling at very low prices is a remedy for having failed to sell at high ones. . . . As soon as prices had fallen below a reasonable estimate of intrinsic value and long-period probabilities, there was nothing more to be done. It was too late to remedy any defects in previous policy, and the right course was to stand pretty well where one was. 2. I feel no shame at being found owning a share when the bottom of the market comes. I do not think it is the business, far less the duty, for an institutional or any other serious investor to be constantly considering whether he should cut and run on a falling market, or to feel himself open to blame if shares depreciate on his hands. . . . An investor is aiming, or should be aiming, primarily at long-period results, and should be solely judged by these. . . . The idea that we should all be selling out to the other fellow and should all be finding ourselves with nothing but cash at the bottom of the market is not merely fantastic, but destructive of the whole system. 3. I do not feel that we have in fact done particularly badly. . . . If we deal in equities; it is inevitable that there should be large fluctuations.