60 Ways to Build Fleet Feet Hours in Business

Fleet feet hours: There are some words that successful people clearly understand because of their experiences and discoveries.

They’ve unlearned what society has taught them and created their own definitions.

What do these words mean to you?

How can you understand them more in your life?

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1. Reputation

What do you want people to think of when they think of you?

You can create your own image in the minds of others.

Your reputation is your best advertisement. It may take years, even decades to build a reputation but only minutes to destroy it.

Who do you want to be known for?

What are you doing to build a lasting impression upon others?

2. Legacy

A legacy is when more people talk about you when you’re dead than when you are alive.

Think of these people: Walt Disney, Martin Luther King Jr, And Michael Jackson. They have a legacy because of the massive amount of blood, sweat, and tears they put into their work.

Also, notice that they are all controversial figures.

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3.  Controversy

If you want to be successful, you’ll have to go through some kind of controversy.

Most people will not agree with your opinions, especially if you keep spreading your message.

When you’re outspoken and articulate, people will attack your claims and try to make you feel inferior.

Don’t let their failures discount your success.

4. Jealousy

No matter what you do, you’ll have jealous people in your life.

Your family members, neighbours, friends, and colleagues will smile on your face, but could secretly resent you.

Some of them may wish death upon you but you must continue to live truly. If you get caught up in their antics, you could delay your success significantly.

5. Criticism

No one can live a successful life without criticism. I personally know tough people who break easily when their actions or thoughts are criticized.

When you build a platform to process your message, you must be totally vulnerable, honest, and blameless at all times. This is your best security for criticism. In the end, the truth will vindicate you.

6. Education

While most people think graduation is the end of education, It is only the beginning. In fact, your commencement ceremony is a sign that you need to step it up.

Education is knowing what to do with what you have.

I know many people who are smarter than me.

But most of them don’t know how to access their brains’ therefore, they are not truly educated.

7. Love 

 You can have all the money, success, and prestige in the world but if you don’t love people, you aren’t successful.

Love is the primary motivator for every human being, but it must be activated.

If a person practices hate, it will destroy everything they create.

Conversely, if they practice love, they can create an empire and help millions of people along the way.

Love is real. Love is when another person’s happiness is more important than your own.

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8.  Priorities

At first, you’ll want to say ‘yes’ to every opportunity that comes your way.

However, when you get busy, you need to prioritize.

Prioritization is doing first what matters most.

The successful person understands what must be done.

They will not allow $2 activities to get in the way of $200 ones.

By learning to focus and applying yourself toward goals that matter, you’ll get big results.

9. Money

Financial literacy is necessary for those who want to make a positive impact in the world.

Money is an exchange system that allows you to trade goods and services at fair value, However, it’s also a piece of paper.

Some people risk their lives for the sake of money. You must master money and never let it master you.

A successful person is diligent with their money, Man-made money, money never made the man.

10 Timing

There’s a perfect time for everything, However, a large majority of people do not understand timing.

Men propose to women too early.

Professors teach their lessons too long.

Athletes celebrate too soon.

The closer you get to mastering time, the closer you’ll get to mastering life.

Time is the most valuable asset you have.

Always work on your timing.

11. Integrity

Many people think they must sacrifice their integrity to become successful.

They assume that rich people cheat on their taxes or swindle people to become rich, Actually’ it’s the exact opposite.

You can only become successful if you practice integrity.

Success only comes to those who can be trusted with it.

Integrity is telling yourself the truth. Honesty is telling other people the truth.

12. Mastery 

Real success can only happen when you become the best at what you do.

Every day, you have a chance to reach your peak performance.

This is where you can use your talents, skills, and abilities in the highest capacity.

You must pick a profession that allows you to be the highest version of yourself.

When you do, mastery will become inevitable as opportunities flow your way.

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13. Management strategies

These are techniques that are used to direct and control an organization to achieve a set of goals.

They include strategies for leadership, administration and business execution.

The following are examples of management strategies.

After looking at hundreds of small businesses and working on a number of them, I have seen certain patterns of conduct recur again and again that lead to eventual failure.

If a company is in difficulty, it is almost always a management problem, scarcely ever bad luck.

When a company survives for many years but finally comes upon hard times, It usually means that there is a valuable core of talent and expertise somewhere in the corporate structure.

Yet some persistent management inadequacies have gradually eroded its strengths and left it vulnerable to whatever adverse fortune it encounters.

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14. Growth of sales

Growth of sales is commonly seen as the solution to all problems.

There is an unawareness that, except in the short run.

There is no such thing as fixed overhead.

Managers, trapped by the concept of marginal income accounting, bring out additional products, believing that their overhead will not be affected.

15. Product-cost analysis

Inadequate product-cost analysis blinds managers to the losses incurred by adding new products willy-nilly.

Usually, there are one or more products or product lines that should be dropped.

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16. Income statement

Gearing operations to the income statement, while ignoring the balance sheet, is all too common.

Lack of concern with cash flow and the productivity of capital employed can be fatal.

Managers tend to seek new funds instead of making better use of those they already have.

17. Growth for Growth’s Sake

The most common cause of the trouble is the widely held belief that the only road to success is through growth.

Many businessmen see the growth of sales as the solution to all problems, but It seldom is.

Growth is not synonymous with capitalistic success.

In fact, shrinking the number of products or product lines is usually the surest route to better profit and higher return on investment.

The mania for growth is commonly expressed in the battle to increase sales.

Standard methods of accounting tend to encourage the belief that higher profits automatically follow from higher sales.

Several standard accounting techniques tend to mislead those who accept standard cost allocations as gospel.

18. Marginal income accounting

Much has been written about the advantages of marginal income.

The theory is that, for a short period, additional sales can be added to the normal sales volume profitably even at prices too low to cover a proportionate share of fixed overhead.

Managers often do this because they presume that 100% of the fixed overhead of the company is borne by their regular business anyway however, pricing your product.

So that it does not cover a full share of overhead is dangerous except for rare and well-controlled exceptions.

Marginal business taken to keep the operation going incurs the same overhead costs as the regular business.

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And by adding to the complexity of the total operation, often requires more than normal overhead.

Recently, one company manager proudly mentioned that his leading accounting firm had advised him to price all products to obtain any profit margin over his direct material and direct labor costs.

He had taken this advice to heart, no wonder his company was in trouble.

Yet, if the overhead really cannot be cut during a short period of overcapacity it may make sense to take added business at prices that will pay less than full overhead expenses.

Even a modest contribution to paying these expenses for that period may be better than none However, the danger is that an emergency measure often becomes standard practice. It is a good way to go broke.

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19. Break-even accounting

Another Pathfinders to Business that inadvertently encourages growth for growth’s sake is break-even accounting.

Like marginal income accounting, the theory is that certain elements of the overhead cost vary with the volume of operations. While others, which are called “fixed costs,” do not.

The sale price is set to provide for material and labor costs, plus variable overhead costs, plus an additional increment to allow for fixed overhead costs and profit.

When the sales volume is high enough in a given period to absorb all variable costs as well as the lump of fixed overhead costs, you have reached the break-even point.

The margin above variable costs on additional sales goes entirely to profit because all the fixed overhead costs have already been taken care of.

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No wonder a manufacturer gloats about a high-volume month because, although he makes no money and actually loses until the volume reaches the break-even level, his profit on volume above the break-even point is disproportionately large.

The fallacy of break-even accounting is the assumption that expenses are easily divisible into fixed and variable.

Overhead is rarely as fixed as accountants are inclined to think, except for very short periods. In any long-range analysis of a business, there is no such thing as fixed overhead.

It is all variable to some degree, even such items as rent, heat, light and power, depreciation and amortization, professional services, and executive salaries.

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The terms “Variable overhead” and “Fixed overhead” would be better called “overhead that varies immediately with the level of activity” and “overhead that varies in the long run with the level of activity.”

Except in the very short run, there really are few, if any, fixed expenses.

If you lease a 100,000 square-foot plant for a ten-year term, cost accountants will normally treat your rent as a fixed expense. But is it really? If you don’t have enough space, you can rent more and thus increase that expense.

If you have too much space, you can sublet part of the space, or if that is impractical, you can even buy your way out of the lease and move to a smaller building.

Thus rent expenses can go up or down.

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The danger is that some managers tend to pay no attention to so-called fixed expenses. Even worse, they assume that they are stuck with them and see an increase in volume as the only means to pay for them.

One able executive of a large merchandising company recently said:

“Our biggest problem is sales.

Our industry has high fixed costs, and we have to promote hard to maintain a rate of sales to cover these costs.

Securing more sales is far and away from our No. 1 problem.” This is a typical, mistaken business attitude: assuming that the cost structure is a given and that the company must grow to cover all the overhead.

20. Variation of break-even costing

Manufacturers often take their profits only at the tail end of a run, absorbing all their fixed overhead before any profit is counted. In airplane manufacture, for instance, it is common to determine how many planes must be sold before the company breaks even. The danger of this variation of breakeven accounting is that it may stimulate concern with the volume of sales, not with margins.

As such, once the fixed costs have been absorbed, profits on the last increment of volume (either monthly or, if it is a one-shot product, by unit) are big, thus encouraging the attitude that more is automatically better.

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It is understandable that accounting practices permit amortization of much of the special costs of a particular project (largely tooling and start-up costs) over the estimated number of units expected to be produced.

Also, management may be wise to plan for low sales to avoid the unpleasant possibility of taking a big write-off of unamortized costs should the product not sell well.

The result, however, is to put the major emphasis on marketing effectiveness rather than on cost-effectiveness.

It is not surprising, therefore, that increasing sales is the generally accepted prescription for all corporate ills.

21.  Inadequate Cost Analysis

At best, cost accounting is an inexact study with limited goals. It is a method of looking at the direct costs attributable to a particular product or activity. However, it does a poor job of allocating indirect costs. Old and new product lines are normally charged the same proportionate amounts for overhead, although the more recently added lines cost far more to start up. The new product line that adds one more straw to the management load rarely gets charged as much as it should, while the well-established line that runs itself is expected to carry the load for the new line.

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Research and development costs, for instance, are usually charged to current operations—which they don’t benefit from—rather than to the new lines that the R&D is supposed to develop. It is probably necessary to have the old products subsidize the introduction of the new ones. Many managements are scarcely aware, however, that they are doing this. Therefore, they undervalue the profits on the old line and understate the costs in bringing out the new one. The effect is to encourage costly new projects and downgrade current results.

22. Simplification

Once a manager understands how to interpret his cost accounting information.

However, he can see that shrinking is a good strategy. If the manager is willing to recognize that all overhead expenses are variable (although a few expenses take time and effort to change), it is easier for him to identify the costs which can be eliminated when his organization is trimmed down in size and complexity.

23. Lack of Balance Sheet Concern

Another common failing is gearing the operations to the income statement and ignoring the balance sheet. The management of one company International Science Industries purchased from a large conglomerate had never seen a balance sheet because the parent supplied all its cash needs automatically on request. Lack of concern with cash flow and the productivity of capital, however, can be fatal to the small company that is on its own. Your best source of capital often is hidden in your balance sheet. I have become particularly aware of this because in most turnarounds the first concern is cash flow.

24. Accounts receivable

Look through your assets to see what you can turn into cash. Often, the quickest and best source of cash in your accounts receivable. An intelligent analysis of accounts receivable can be made without knowing much about the details of the business. If the book figure for accounts receivable is higher than the equivalent of 40 to 50 days of company sales, you may be sure that there is work to be done.

Collecting amounts owed to you by customers is a boring and unpleasant job. In poorly managed companies, the job is often neglected. If the company has not earned a profit, there has been no income tax incentive to write off uncollectible accounts. As a result, these uncollectibles continue to clutter up the balance sheet, making it harder to identify the accounts you should be working on.

Obtain a report showing all of the accounts by invoice number divided into categories by age of invoice (less than 30 days, 30 to 60 days, 60 to 90 days, over 90 days). Such a report will show you at a glance where the problems are; establish the procedure if you don’t already have it. Decide who is to police the accounts receivable and then ensure that they are really worked on.

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25. Inventory items

If your company is operating in the black, you have every incentive to write down or write off any inventory that is no longer worth full value. Necessarily, all accountants and auditors have to rely on management judgment as to which inventory is still useful and which is obsolete. Their statistical analyses of inventory aging can be very helpful, but the manager is the one to decide which items are good and which are not.

Even when there are no favorable tax consequences, physical housecleaning is good. Poor housekeeping generally goes with poor management. Some years ago when a company I ran first took on a turnaround, we trucked out 23 semitrailer loads of scrap inventory in the first three weeks, inventory that the previous management had been afraid to write off the books, although they (and we) knew that it was valueless.

Most of us hate to throw things away. Somehow the right time never seems to come. But never has anything turned up to make me thankful I had not thrown something out or to make me regret that I had. It is good for the soul to roll up your sleeves and to clean house physically. And it is good for the business, too.

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26.  Fixed Assets

Managers are likely to neglect to look into their fixed assets for hidden capital. Somehow land, buildings, machinery, and equipment seem sacred. If the company has been in existence for many years, these assets are usually deeply depreciated on the books. However, because of inflation, these assets are likely to be worth far more than book value. (Land, although it is not depreciable, usually has inflated in price too.)

The capital you are actually employing in the business is not measured by the net book value of these assets, but by their current market value. Once you recognize this, you should seriously consider whether you need all of them and whether you are using them effectively. If you have a fully tooled machine shop to support your manufacturing effort, can you justify tying up that much capital in expensive equipment when there are competent subcontractors available to do your work? If not, you can close it down, sell off the equipment for cash, free up some space, and reduce your payroll.

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27.  Action Items

Assigning tasks to people that are tracked with a lightweight process such as meeting minutes or a team task list.

28. Alignment

Alignment of goals and strategy at the organization, department, team and individual contributor levels. Avoids wasting resources on personal projects that distract from core priorities.

29. Assumption

Documenting the assumptions behind decisions, strategies, and plans to manage stakeholder expectations.

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30.  Automation

Improving speed, accuracy, quality, and reducing cost by automating work.

31. Benchmark 

Benchmarking is the comparison of your team’s capabilities, processes, metrics, or targets to standard industry results or a top competitor in your industry.

32.  Best Practice

Best practices are approaches, processes, or techniques that are generally accepted as the best-known solution to a common business problem.

They are sometimes criticized as the hallmark of complacency, mediocrity and resistance to change.

In other words, best practices represent the way that things have been done in the past but are not necessarily an optimal solution.

At any rate, best practices can be used as a benchmark with which to compare new and innovative techniques.

33. Budget Control:

Administering a budget, managing budget risk, and reporting variances.

Capability Management: is viewing your business as a set of capabilities.

Capabilities are identified, benchmarked, and optimized.

They can also be mapped to products, processes, programs, projects, and organizational units. In many cases, capabilities are represented as a hierarchy of two or three levels.

It is also common for capabilities to be documented for both the current and target state of your business.

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34. Change Control

Managing a process for change requests that allows changes to be submitted, evaluated, prioritized, budgeted, scheduled, implemented, launched, and accepted.

Change Management

For Younger Minds, read: 50 Best Personal Finance Tips & Tricks for Young Adults

Change management is a leadership discipline that manages resistance to change.

It consists of a series of strategies to engage employees to build support for initiatives.

35. Constraints: 

Communicating constraints such as budget, time, regulations, and technology limitations to manage stakeholder expectations.

Contingency Planning: Planning for high impact risks.

36. Cost Management:

 Cost improvement strategies such as automation, productivity, and eliminating waste.

37. Delegation: 

A basic management technique that assigns responsibilities to subordinates.

Responsibilities are accompanied by the appropriate level of authority to complete tasks.

38. Facilitation: 

Facilitation is the practice of running an efficient meeting to plan strategy, make decisions or solve problems.

Common facilitation techniques include setting a clear set of ground rules and agenda for a meeting.

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39. Fail Well: 

Designing initiatives so that if they should fail they fail quickly, safely, and cheaply.

40. Financial Analysis:

 Analysis of financial measures that are relevant to management decisions such as return on investment and payback period.

41. Goal Setting

Goal Setting is a basic management function that creates an action plan for teams and individuals that documents targets. In many cases, goal setting follows a methodology across an organization such as the requirement that goals be specific, measurable, achievable, relevant, and time-bound, or SMART.

42. Human Error Reduction:

Designing processes, practices, and interfaces to reduce the probability and impact of errors.

43. Innovation:

 The creation of valuable new techniques, products, and services. Innovation typically requires specialized management approaches such as fail often that involve aggressive levels of experimentation.

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44. Integration:

The integration of processes, systems, data, and user interfaces to achieve goals such as process efficiency and risk reduction.

45. Job Rotation:

This is the planned placement of an individual in a variety of different roles over a period of time. It is designed to train the individual and is considered to have business benefits. For example, people who are new to a position are likely to challenge the old ways of doing things.

See related, Top 7 keys of making yourself a highest paid person

46. Knowledge Management:

 The acquisition, preservation, representation, sharing, and use of knowledge.

47. Leadership Development:

Developing the abilities of your team. Associated with an abundance mentality, a technique that builds influence by serving others.

48. Lessons Learned:

Continuously learning from successes and failures with open and candid lessons learned exercises.

49. Management Accounting:

A branch of business mathematics designed to support management decision-making and optimization activities. Not to be confused with financial accounting.

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50. Management By Exception:

Creating processes, practices, and procedures to handle regular business conditions so that management can focus on strategy, improvement, and handling exceptions that make no sense to automate.

51. Management By Walking Around:

Avoiding the pattern of only interacting with your teams through statically scheduled meetings by walking around and engaging employees. Considered a executive management technique for motivating employees and staying grounded with day-to-day business realities.

52. Methodologies:

Implement management methodologies in areas such as quality and project management that improve productivity, reduce risks and improve stakeholder satisfaction with your results.

53. Metrics:

 Selling the value of your work with meaningful metrics that show your improvement over time and contributions to your firm’s core goals.

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54. Performance management:

These include critical activities such as goal setting and performance reviews that give each member of your team well-defined direction and feedback.

55. Principles:

These are foundational statements that an organization, department or team adopt to guide future decisions, methods, and processes. They are intended to provide a consistent direction to improve the efficiency of decision-making.

56. Prioritization:

 It is normal for a team to work with a large backlog of ideas meaning that prioritization is a critical activity that decides what gets done. A strict ranking of priorities tends to be more useful than a rating system.

57. Problem Management: 

The practice of investigating and fixing the root cause of incidents as opposed to only addressing symptoms.

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58. Process Improvement:

 Optimizing and reinventing processes to achieve efficiencies such as productivity or quality gains.

59. Quality:

This is the value of work outputs. It has a great number of dimensions that can each be used to improve customer and stakeholder satisfaction with your team’s deliverables.

60. Relationship Management:

Growing productive relationships with customers, internal clients and partners. May include practices such as regularly asking for feedback.

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