Salomon v Salomon (1892) was a foundational decision in common law which established that a company whose liability were limited by shares possesses an independent persona that can sue and be sued. That’s widely understood. What’s has not been driven home is the fact that a company (most well-run companies, I must say) are just persons or individuals like you and me, in law at least. So person to person, one can draw lessons for personal development. This is my last article for 2015 and I want to use the space for tuition and motivation. I genuinely pray that this impacts your thinking and transforms the way you think about personal development.
1. When you started out in 2015, you had simple resolutions. Serious companies other other hand fleshed out 1-year operating plans situated within the context of their 5 or 10-year strategic plans. Learn lessons about detailed planning. Resolutions are not enough.
2. Every month from January 2015 till December, any serious company I know conducted what they call “Monthly Performance Review” or MPR. As an individual working as self-employed or employee, I know you did nothing of this sort at the personal level. Do not repeat same 2016.
3. Companies leverage the breadth of talent pool they have for execution. Lesson: identify the network of contributors to your annual goals for 2016. You can’t do this alone.
4. Make sure your plan is categorised appropriately. Most companies use the Balance Scorecard approach, where they set goals with respect to each stakeholder; Service quality (customers), financial performance (shareholders), morale and retention (employees) and citizenship (community). As an individual, you have different faculties; physical, spiritual, emotional and cognitive. This may be your balance scorecard. There may be other frameworks such as family, friends, firm and finances. Any model you choose, just be sure to be specific, realistic and measurable.
5. Execute well. This may be self-explanatory but not so simple. Execution is a fine art. It requires proper scheduling, variance analysis and control responses. As an individual or professional, you should have a diary, supplemented by electronic reminders or calendars. This is where your Smart phones come in. Without reliable tools and techniques, you are sure to have wide variances month by month. Get a diary before 04.01.2016 if you don’t have one already.
6. Companies (most, at least) tie rewards to performance. When you meet a target or achieve below 5% variance in any month, eat pizza, visit the mall or take your kids to the children’s park. It’s a good habit. Try and do this at the end of the year though, please!
7. Finally, review your year, learn lessons and do it all over again in December 2016. That’s what excellent companies do. I have searched and found no exception.
Think like a company. Act like a company. Experience results as companies do.
Author: Nkunimdini Asante-Antwi || E. D.
