DON’T FORGET THE CARROTS 339
judgement to decide whether variances merit revisiting the strategy and/or plan. But at
least you are more likely to spot gradual changes in temperature – or adverse cash flow
that is going to wash away your sea defences.
Don’t forget the carrots
Not many people work for your business for love. We are all in it for specific reasons – suc-
cess, personal achievement, financial gain. You can encourage your employees to work
towards your common objectives by using appropriate carrots as incentives and rewards.
Such incentives are often linked to the achievement of one or more of corporate, divi-
sional, departmental, team and personal objectives. Common rewards are salary increases
and bonuses. Share hand-outs and stock options are frequently attractive – and can
help limit your cash outlays when your business is short on cash flow. Other recognition
should go without saying. Never forget to say thank you. Even simple acknowledgements
help, such as a letter from the boss, a certificate of appreciation or a thank-you dinner. By
the way – have you shown suitable appreciation to those who helped you prepare the
business plan?
‘The man who is denied the opportunity of taking decisions of importance begins to
regard as important the decisions he is allowed to take. He becomes fussy about filing,
keen on seeing pencils are sharpened, eager to ensure that the windows are opened (or
shut) and apt to use two or three different coloured pencils.’
PROFESSOR C. NORTHCOTE PARKINSON
Put a recurring reminder in your diary, to-do list, or your mobile phone’s
calendar. Once every three months take time out to look very hard (very,
very hard) at your financials (year to date, and projections) and key
strategic objectives (are you really achieving them, should they be revised in the
light of developments?). On that day, do something you do not normally do. Go
bungee jumping, watch a movie, take your kids to the zoo. This will really help
your thought process.
t
Take care not to shoot yourself in the foot. Many chief executives have been
known to take big profit-related bonuses and run – before the short-term
gains and long-term downside of their recent strategies became apparent.
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