Willingness to Invest $ Into YourselfIf more people viewed stewardship of resources as they do friendliness, there would be more successful individuals in the world. Truly friendly people aren't nice because others are nice to them. They are nice because they know it's right. We shouldn't expect everyone to be nice to us every time we are nice to them, and we shouldn't expect to be rewarded every time we are a wise steward. We need to understand that over time, we will be rewarded for our wise stewardship.
There are always consequences for our stewardship of resources, good or bad. It's unfortunate to see people who think they are getting away with poor stewardship of a company's resources, totally oblivious to that missed promotion or opportunity.
This principle applies to treams as much as it does to individuals. If you are a leader whose team struggles with stewardship, it is very important to build a reward and accountability system. It can be something simple, such as a pizza party for the entire team when costs are kept below a certain level, or something more comprehensive, like a compensation or profit-sharing plan for the whole team. This will help you discover where you are good stewards and where you need improvement.
Your company's two greatest resources are money and time. Proper use of these and every resource will advance your career in new and exciting ways. As you consider your own resources, remember this: Most CEOs will agree that the best employees are those who view their positions as a sort of ownership of their own company. It's human nature to be more cautious and concerned about our own money than someone else's, so thinking of your company's resources as your own leads to effective stewardship. This, in turn, will benefit you as well as the company.
Ask yourself, "If this were my money, would I invest it in this manner?" This same thought process is powerful when working with clients, too. Look at what the customer is paying for your company's products and/ or services, and then ask yourself, "What can I do within the scope of my job to help the client receive more value for his investment?" The client will love you, and your attitude will spread to those with whom you work.
The perspective that everyone around you is a client brings a whole new attitude of service and team building. By serving those around us as clients, our attitudes adjust to new levels of service and assistance.
The following are some great questions to ask yourself as you look for ways to increase the effectiveness of your (and your co-workers') time and resources:
1. Is there work for which you are responsible that could be completed by a lower-cost resource?
2. For the work that is completed, what gains the best results? The worst results? Can you reallocate resources so you then can focus on tasks that gain the best results?
3. What tasks take the most time and get the worst results? What can be done to fix those situations?
4. What do clients value the most?
5. When did you last have your clients complete a client satisfaction survey?
6. List two or three small actions that you could take to create a WOW experience for your client.
7. Which of your and your team's specific skills are not being fully utilized by the client?
8. Are there actions that were successful in the past that you could start doing again?
It might seem unrealistic to view your job as an ownership position, but the better you use your company's resources, the greater the benefit to you. A successful company means successful employees!
Put yourself in your boss's shoes. Does that sound too far out to be a practical business tip? You might not feel like you have much in common with your boss, but you do... if you view your position in the right light.
Try treating your job as if you were the president of your own company. If you are in operations, consider yourself an operations company; if you're in marketing, consider yourself a marketing company. How you would run your company? If you feel pain when you make a wrong decision and benefit when you make a right decision, you learn quickly to adjust and gain the most from your current position.
This attitude will give you energy as you strive to make your "company" more profitable. Any great employer will not only value this attitude but will give you many opportunities for growth and advancement.
Whenever you make a decision, think, "Did that decision increase or decrease my personal financial resources?" Figure out how much your time is worth (based on your goals for your next level of income), and then figure out how your work could be done with a lower-cost resource. Identify what activities generate the most value for your company, and then focus on those activities. Don't allow the low-level activities to draw away your energy and focus, as is so often the case. People who live in the past think that they can protect their positions by not allowing systems or lower-cost resources to take over their jobs. With the world economy, the Internet, and technology, the only protection you can have is the ability to move to new levels of understanding, knowledge, wisdom, and application.
If you can go into a position and put systems in place that require a lower-cost resource, you become very valuable to a company. If you leave the company, they will continue to benefit from your time with them. The real benefit still lies with you as you take your valuable knowledge to your next position. There always will be top positions available for people who know how to transfer their knowledge to others or put systems in place that lower company costs to complete a task.
Think of a mistake you made at work and how you'd feel if you had to pay for that mistake directly out of your pocket. That mindset will help you grow much faster, and you will learn a great deal more because you are treating company resources as though they were your money being spent on your choices.
Stewardship: Public and Private
Why do people leave companies for more money when they have major growth opportunities within their current company? Many times it's because of poor stewardship of personal finances. If people foolishly spend their money, they are likely to leave a position for a few thousand dollars in compensation rather than wait for an advancement opportunity within their current company.
The foundational law of finance states, "the greater the risk, the greater the return." This is also true in a career. Individuals who learn how to judge risks and returns as they pertain to their career are in a much better position to identify the necessary risks that need to be taken to reach their full potential. Individuals who take the most risks and have the potential for the best return are those who manage their personal resources most effectively.
There are no free lunches in any career. For example, Company A that is grooming you for advancement might only pay you $55,000 per year, while Company B is willing to pay $65,000. Why the big difference? Company A understands that 40% of your time is invested into training and development as preparation for the next position. The salary they are now offering you is only $40,000. However, the three-year income potential as you advance is $225,000. If you're not able to take the risks of decreasing your income, you will never earn the $225,000.
Company B believes that you can use 90% of what you know to fill their position, leaving only 10% of your time for learning new responsibilities. It's likely your income potential will never be much more than the $65,000.
Delayed gratification will also help individuals achieve their full potential in financial stewardship. Those who are most successful understand the importance of this and practice it daily. By delaying what we want today, three things happen:
1. We have a greater appreciation for what we have.
2. We are able to get something nicer while paying less.
3. We don't waste our resources on things that we think we want but find aren't so great once we own them.
Those who are wise stewards of personal resources also know how to create opportunities rather than waiting for them to arise. There are many opportunities in any environment. It's just a matter of turning a challenge into an opportunity, taking action, and fine-tuning things until they work. Each of these ideas apply to our careers and our personal finances. Wise stewardship of our own goods will inevitably lead to wise career decisions.
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