Morgan Stanley down; Wells Fargo up; Goldman Sachs down.Quarterly corporate earnings releases seem like a playground see-saw this week – up and down, shifting at anytime.
I’m no market expert but these announcements make me wonder, “Do these companies really know what is going on in their own financial house? What numbers do I believe?” And with each new financial crisis of the week, it is no surprise that the financial sector has lost consumer confidence like never before.
When I was in the corporate world, I created a “Lessons Learned” journal, making entries after mergers and acquisitions, product releases, anything that created an “Oh, we could have done that better” thought and the occasional pat on the back for what we did well.
One key lesson from the whole journal was to do the numbers right the first time. I encourage business owners to imagine that a very lucrative business purchase offer is right around the corner; would their financial records need any corrections or clean up? For that matter, are there any business practices that would need to be adjusted?
My kids have heard me ask if they would say something they just said to their sibling to their grandmother – we all know the answer to that. The same is true with business practices. How would you behave differently if you knew a potential business acquisition was looking over your shoulder? What would be different about your day? Would you spend your time in the same manner? Would your financial records look the same?
It would be nice to think that these financial companies “did it right the first time.” The daily news stories, however, leads me to a different conclusion. Be better than these mega-businesses. Do it right the first time. After all, your name is on the company door.
– Helen Dutton, Business Coach