If you were asked about your finances at night, awaken from sleep will you remember the figures? Will you remember your deposits, your debts, your net savings, your average monthly expenses? Not many of us can answer these questions. Money is one of the most important parts of our life, but we don’t know much about our own finances in precise terms. Is that not surprising?

Money management plays a very vital role in success. If you were to put the same questions to a very successful person, you will get all the answers with analysis thrown in for good measure. Those who make very big money understand the importance of money management. Unless you manage your money, you will not be able to make best use of it. I would discuss few important parts of money management here.

Debt- don’t take debt if you can manage without that. The thought that you have debt makes you feel uncomfortable and kills enthusiasm. Ask two persons about their life- one who has no debt but lives very simply and other who has debts and lives lavishly. You will find out that one without debt is enjoying his/her life more.

Increase Savings - Save more and spend less. Your savings will not only be useful for a rainy day but also create a war chest for you that can be used when the right opportunity arrives.

Increase Profits- target good profits and try to reach that figure in your business. If you are employed, set targets for your salary and achieve it.

Reduce Costs - Wherever possible, reduce costs. Avoid all unnecessary expenditure. Reduce every cost. Live frugally till you save your first million. After that it will become easy to earn more and spend more. If you do that right from the beginning, you will never be able to save your first million.

CD Mohatta writes for ecards, quizzes, screensavers and wallpapers. The topics of his writings include love, motivation, holidays, business etc. You can download management wallpapers, send free business ecards and solve fun quizzes on money & business.

One goal-achievement tool I just started using is a scoreboard. It’s very easy to create and maintain. You make a page to score your progress towards all your measurable goals for the year. A scoreboard is nothing more than a table with 3 columns. The first column is a list of your goals. The second column is where you are now, your current reality for each goal. And the third column is where you want to be at the end of the year for each goal. The specific time frame is arbitrary. Fill out the scoreboard for all your measurable goals, and then put it somewhere where you’ll look at it every day. Update it weekly.

Some of the things I measure are my weight, body fat %, web site visitors, income from this site (currently $0), number of speeches given, number of articles written, days per week I meditate, number of info products released, and mailing list subscribers.

I also add a 4th column to the scoreboard just to show the difference I have left to go between my current reality and my goal.

Furthermore, if a goal isn’t easily measurable, then I just give it a rating on a scale of 1-10. That helps to objectify progress towards highly subjective goals. So if you want to improve your relationship, and you currently rate it a 4, while your goal is a 9-10, then you can see you still have a lot of work to do on that goal, whereas if you rate it an 8, you know you’re getting very close.

I like that my scoreboard gives me an immediate snapshot at a glance of how I’m doing on all my goals. I see all the numbers the hard data in one place. This helps me determine where I need to focus my efforts for the coming week. It only takes a few minutes a week to update all the figures, so it’s not particularly burdensome to use.

One refinement you might also consider is adding an additional column for the % complete. But many of my goals don’t fit the percentage model, so I opted not to do this. It’s something to consider though if most of your goals translate well to percentages.

Keep score, not to compete against others, but to know where you stand.

Copyright © Steve Pavlina

Steve Pavlina
Personal Development for Smart People
http://www.stevepavlina.com
http://www.stevepavlina.com/blog (blog)
http://www.stevepavlina.com/articles (articles)

Steve is intensely growth-oriented. He trained in martial arts, ran the L.A. Marathon, and graduated from college in three semesters with two degrees. He can juggle, count cards at blackjack, and make damn good guacamole. Steve is also a polyphasic sleeper, sleeping just 2-3 hours per day and only 20 minutes at a time. So chances are good that he’s awake right now.

The 2005 “Best Places to Work” program study showed that,
contrary to popular opinion, employee satisfaction didn’t depend
on salary. The most given answer as to what makes a company a
great place to work is employee empowerment.

And what constitutes employee empowerment? I believe it comes
down to a few basic principles, the third of which is effective
communication.

EFFECTIVE COMMUNICATION

Millions of words have been written on this subject, and yet
it’s still a huge problem, especially in the legal world. Why?
Think about how attorneys are educated - they go to law school
and learn how to be adversaries and advocates, keep secrets, and
always look for the hidden agenda. That’s not exactly the best
education for an environment that usually thrives on teamwork,
knowledge, and trust. Attorneys are also expected to be good
managers and effective businesspeople, and yet that’s not taught
in law school, either.

I’ve worked at firms where communication with staff was
discouraged; in fact, attorneys weren’t allowed to even take
their secretaries to lunch unless it was their birthday or
secretary’s day. Obviously, that firm was not concerned with
effective communication with their staff unless, of course, it
was strictly one-way communication (and in that firm, it was).
It was a difficult firm to work for because staff never really
knew what was going on, knew they were not thought of (much less
treated) as equals, and were not encouraged to challenge
themselves in any way.

I also worked in a firm that really went out of their way to
communicate the firm’s culture, goals, and current financial
status. Needless to say, it was a much more open environment
where creativity was rewarded, training was available, and the
firm’s actions were much more understood since the staff was
informed of the firm’s financial status.

What did the second firm do differently and how could
communication be even more effective?

* Have a real ‘open-door’ policy. Everyone is familiar
with the ‘open-door’ grievance policy. It’s in every policy and
procedures manual I’ve written, reviewed, or consulted on. So
that means it’s practiced, right? With grievances, it usually is
since they’re concrete issues that must be dealt with. However,
I find that many times the ‘open door’ is overlooked in any
other aspect. If staff feels like they’re not being heard, an
advocate for them is necessary but will only be sought out by
the most vocal people. A good way to really know what’s going on
in a firm is to just walk around and ask everyone how they’re
doing. After you’ve done it a few times, you’ll actually get
answers and more of the staff will be coming to you to keep in
touch.

* Look for teamwork opportunities. Every firm should be
based on teamwork, but in actual practice, few are. In most
firms, staff feels like they’re not told the status of cases,
the actual practice, or issues that may affect them. Due to
client confidentiality issues, not everyone on the staff should
be aware of everything that goes on in a case; however, the ones
that are actually working on the case should be informed of the
general status of events and be included in the victory (or
commiserating), thank-yous, and acknowledgments. If staff is
made to feel a part of the legal team, they’ll be much more
conscientious and forgiving. And this attitude doesn’t just
extend to the actual practice side - it’s imperative on the
administrative side as well. Decisions that involve staff should
be explained to them. And the best way to explain is to…

* Remember the WIIFT rule. Everyone wants to know
‘What’s In It For Them.’ The very basis of teamwork is knowing
your part in the overall goal and how the result will affect
you. Does this mean the result will always be beneficial to you?
No. However, prior knowledge of expected results makes everyone
feel “in the loop” and that’s really what most people want. Not
many like to be surprised when it comes to issues affecting
their livelihood.

* Leggo the (m)Ego. This is one of the most difficult
things to learn. We all have egos and feel that many times,
we’re right and the other person is wrong or we’re smart and
they’re a brick shy of a load. In the words of Dr. Phil, how’s
that working for you? Really effective communicators take their
ego out of the conversation. They concentrate on the result,
effectiveness and clarity of the exchange, not on score-keeping.
How do you know if you’re guilty of this? When someone is
talking to you, are you thinking of what you’re going to say
next? If so, your ego is getting in the way. True listeners are
concentrating on what the other person is saying. Responses and
questions will flow naturally if you’re really paying attention.
The next time you find yourself thinking of the questions you’re
going to ask, stop yourself. Don’t worry about looking clever -
concentrate on the other person’s intelligence and thoughts, and
let the conversation flow naturally.

* Just say what you really mean. In today’s litigious
and politically-correct society, businesspeople are wary of
talking clearly. They’re afraid of being misinterpreted or
having their own words used against them. Attorneys are
especially conscious of this, plus many are in the habit of
using ten words when two will do. However, this is usually
counterproductive. Most people want to know what you really
mean. How do you know if you have problems with getting your
point across? Count the number of questions and what’s being
asked after giving an assignment. If it’s more than three
questions and the answers seem obvious to you, you probably need
to work on this. It’s not up to the secretary to figure out what
you’re trying to say - it’s up to you. Communication is a
two-way street, so ensure that your road isn’t blocked. Speak
clearly, say what you mean, ask that the instructions be
repeated back, and answer any questions calmly and fully. Acting
exasperated or treating the staff as idiots will not accomplish
your goal.

* Make it all make sense. The end goal of any
communication is understanding - whether it be a process, idea,
story, opinion, etc. The first time I saw “2001: A Space
Odyssey”, I was very confused. The storyline just didn’t make
sense to me. I felt that Stanley Kubrick had played a practical
joke on me and wanted to make me look foolish. It was filled
with all kinds of symbolism, pop-culture references, and
futuristic technology. I just didn’t get it. However, when a
friend explained the back story to me, interpreted the
symbolism, and caught me up on the references, I got it. I went
to see it again and had a totally different experience and
really appreciated it. Sometimes we communicate the same way -
we fail to fill in the back story, explain the references, and
deal with the technology of what we’re trying to get across.
Knowing where something fits in the puzzle makes our
understanding much clearer. The next time you’re talking with
someone and they get that vague look on their face, stop. Ask
them what piece is missing for them. That one small piece of
information will probably change the whole dynamic of the
conversation and get the result you’re wanting.

Nothing is more frustrating to a staffperson than lousy
communication. Many feel that they’re expected to just take the
ball and run with it, but are never given the playbook. They
feel that if they mess up, it’s their head on the chopping
block. Are you having a communication issue with someone in your
staff? If so, it’s not 100% their fault. You must take
responsibility for your part and do something about it. Without
effective communication, employees will never be empowered and
will feel like they’re always on the defensive.

What do people really find challenging about leading meetings? Here are the top three questions that keep on cropping up followed by guidelines or simple ways to keep meetings under control and on track. Make your meetings work.

1. “Do you have any tips on encouraging people to be on time to meetings?”

The general rule is to start the meeting on time. This gives the message to people that you are serious about time and meeting management. If you start late, it penalizes the people who make an effort to be there at the designated time. Also, if someone only needs to attend for one particular segment of the meeting, let that person know approximately when that agenda item will be dealt with. Then that person does not have to attend the entire meeting, but just the part for his input.

Also, research suggests that setting a meeting time that is NOT on the hour or half hour is more likely to result in people arriving on time. For example, consider starting your meeting at 2:10 P.M. rather than 2:00 P.M. It certainly should get the attention of the participants.

2. “We hold regular staff meetings but often we spend a great deal of time on nothing at all. What can we do to be more productive?

Meetings that occur every week, or on some other regular basis, can be useful provided that there is a clear, important and continuing purpose for the meetings. However, this is often not the case. Staff meetings, for example, tend to occur simply because they are scheduled, and people scramble to find something to talk about.

If you are going to have regularly scheduled meetings, make sure first they are really necessary. Examine the agenda and ask: “Are each of these items essential or can it be handled outside the meeting? Or t format?” Second, have variety in your staff meetings. Occasionally bring in a speaker, have the meeting off-site, have a celebration, use a film clip or article to generate discussion. Put your creativity hat on and make the meetings interesting.

3. “No matter what we do, our meetings go on and on and on. What can we do to shorten our meeting?”

First of all, always have an agenda and stick to it. Each agenda item should have a time limit. If you are going over the set time for that item, the group has several choices:

• The item can be tabled to the next meeting.
• The group can decide that this item needs to be dealt with now and extends the time knowing that other items on the agenda may get short-changed or postponed.
• If an agenda item is multi-faceted, then. an option is to focus on one or two key aspects and table the remaining parts until the next meeting.

Second, it’s important that the leader get the agreement of all the participants on certain ground rules. For example: A participant can ‘hold the floor’ on a single topic or item for a certain time limit that makes sense…two minutes, five minutes, ten minutes, and enforce it with a timer.
Or a participant can speak on any given topic or item two times and that’s it. This prevents talking the topic to death.

Third, take time at every meeting to evaluate what went well; what we could improve on; and how can we make our meetings more effective. Then it becomes everyone’s responsibility for coming up with ideas to make the meetings work.

Marcia Zidle, the ‘people smarts’ coach, works with business leaders to quickly solve their people management headaches so they can concentrate on their #1 job to grow and increase profits. She offers free help through Leadership Briefing, a weekly e-newsletter with practical tips on leadership style, employee motivation, recruitment and retention and relationship management. Subscribe by going to
http://leadershiphooks.com/ and get the bonus report “61 Leadership Time Savers and Life Savers”. Marcia is the author of the What Really Works Handbooks resources for managers on the front line and the Power-by-the-Hour programs fast, convenient, real life, affordable courses for leadership and staff development. She is available for media interviews, conference presentations and panel discussions on the hottest issues affecting the workplace today. Contact Marcia at 800-971-7619.