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Developing strategy means going outside an organization’s comfort zone and escaping the common traps of strategic planning. A plan is not a strategy. Know the difference.
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Change what you can change, accept things as they are, remove yourself from situations that you can’t alter and lastly, rise above what you cannot accept. When lean was derived from The Toyota Way, it was centered around efficiency. But the brilliance of The Toyota Way lies in its other principles that promote curiosity and thinking differently. Values are changing. Businesses need to live and breathe their principles and show their employees and investors what matters most to them. This can be done through an ESG strategy, which puts environmental, social and governance issues at the heart of their business agenda.
ESG is a growing movement that puts stakeholders at the heart of business operations. Put simply, whereas CSR embraces the notion of doing good for society, ESG embeds it more deeply within an organization. It recognizes that companies must demonstrate their contributions to ecological preservation and social well-being. And it’s accountable. That means that companies must report back on their commitments and targets. Read more here. Cagamas Bhd, the Malaysian national mortgage corporation, has introduced a reverse mortgage scheme to help the elderly fund their retirement by using their home as collateral for a loan. The scheme allows retirees aged 55 and above to borrow against the value of their fully paid homes and convert it into a steady monthly cash payout throughout their lifetime to supplement their retirement funds, while continuing to stay in their homes. The main benefits are you will receive monthly cash flow, initial lump sum and get to stay in the property until you pass away. For more details, read here and here. Use this calculator to compute how much monthly cash flow you will receive (which is based on the property value and your age).  When somebody disappoints you, fails to deliver what you expected, or lets you down in some way, what do you do? If you’re like most people, you make assumptions that are usually not positive: That guy is not a team player…he’s lazy…doesn’t care…just doesn’t get it. And then you take action: I’ll just find a workaround…get somebody else to do the work…rethink responsibilities…talk about him to someone else…initiate discipline. We often don’t even realize that we create stories about people in our heads, especially when they disappoint us. This happens all the time. We see behavior, assume we know why the other person acted a certain way, and react based on those assumptions. Many difficulties can be avoided by having a clarifying discussion. Though people usually intend to do the right thing, sometimes something gets scrambled or misinterpreted along the way, and the impact is far from what they intended. Read more here.  Budget 2022 is formulated based on the intention of protecting and restoring the livelihood of the Rakyat adversely affected by COVID-19. As announced, a number of changes have been proposed to change how individuals are taxed with further incentives and subsidies that may provide some relief to you. Check out this Personal Budget Widget, a tool that provides a preliminary calculation of how much tax savings potentially you may enjoy based on your own personal circumstances. In using this tool, you can choose the relevant reliefs that are applicable to you. Assumptions have also been made that all reliefs chosen by you will be deemed to be claimed up to the maximum allowable amount.  Investment-linked insurance policies are perceived to offer the best of both worlds: insurance (coverage against premature death, critical illness or hospitalisation) and investment. But there is an open secret to investment-linked policies which might get you not the best, but the worst, of both worlds. Read more here and educate yourself on such “insurance” products.  Many of us insist the main impediment to a full, successful life is the outside world. In fact, the most common enemy lies within: our ego. Early in our careers, it impedes learning and the cultivation of talent. With success, it can blind us to our faults and sow future problems. In failure, it magnifies each blow and makes recovery more difficult. At every stage, ego holds us back. Read more here.  Innovation leaders share the following five distinct traits. These traits enable fast and successful innovation around the customer experience, even under challenging conditions.
1. Digital agility 2. Surround-sound analytics 3. Ironclad data security 4. Strategic investment 5. Customer proximity To find out more, you can download the report at Become 2021. This is an interesting Youtube video, which provides good, comprehensive and complete learning for Microsoft Power BI by Simplilearn. When two minds come together, a third mind was formed: the mastermind. Mastermind groups meet regularly, coming together to listen, support and push one another toward their goals. These groups allow people to “accomplish in one year more than you could accomplish without it in a lifetime if you depended entirely on your own efforts for success.”
Whether you’re new in business, a seasoned entrepreneur, or a CEO who always wants to grow, the support of a mastermind group can be a catalyst for rapid growth. How to find the right mastermind groups? What happens in a mastermind group meeting? Read this article to find out more. The five links are a way to think of ESG systematically, not an assurance that each link will apply, or apply to the same degree, in every instance. Some are more likely to arise in certain industries or sectors; others will be more frequent in given geographies. Still, all five should be considered regardless of a company’s business model or location. The potential for value creation is too great to leave any of them unexplored.  Small businesses in the retail industry have new rules to play by if they want to succeed in the post-Covid-19 era. 1. Find new revenue streams 2. Focus on supply chain and convenience 3. Prioritize health and safety Read more here.  Maximising shareholder value is the world's dumbest idea. There’s something unbearably sad about a great financial journal like The Economist defending shareholder value theory, which even Jack Welch has called “the dumbest idea in the world." Like many unbearably sad things, it involves clever people who should know better struggling to defend something that is economically, socially and morally ugly. Perhaps this is a better idea: The purpose of business is to create customer (and get your ESG proposition right).
The retailer will close down for good after suffering from at least six years of losses amid declining revenues. The company first made a loss after tax of $26.5 million in 2014. It recorded further losses till 2018 of $54.4 million that year. Read more here. Here is Warren Buffet's 7 principles to investing: 1. Managers must have integrity and talent 2. Invest by facts, not emotions 3. Buy wonderful business at fair price 4. Only buy stocks you understand 5. When you see a great opportunity, take it 6. Don't sell unless the business fundamental changes 7. Buy at a price below intrinsic value .A quick guide on negotiation, the Harvard style: 1. Separate the person from the issue (the other side is your partner, not enemy) 2. Negotiate not position-focused, but interest-oriented 3. Develop criteria that a solution must fulfill 4. You should have different options to choose from. No, physical office is still needed. However, companies must have procedures and technology to enable employees to work virtually as and when needed. The new normal. "A lot of leaders underestimate the challenges of running a virtual workplace. We are social animals that need human interaction" Simon Sinek |
