Last Thursday I gave a speech at the Enterprise Network Breakfast titled “How to Survive and Thrive in any Economy!” Enterprise Network is a wonderful gathering of executives and they were enthusiastic, especially for a 7 AM meeting! It was fun sharing the many “lessons learned” over years in many different business sectors… some very profitable and some very painful! But I told it all! Not just the success stories. You can see the powerpoint on Slideshare.
I wrapped up my remarks with my 7 Guiding Principles and they are shared below:
1. Cash flow – You gotta love it like your mama! I got this one from Former Tennessee Governor Ned Ray McWhorter years ago and never forgot it. You should never forget it either 
2. If it’s not measured, it’s not managed. Measure everything that is important to you in your business… measure every metric that matters. And in your personal life.
3. Capital structure is make or break. Be very careful with secured debt, bank covenants, personal guarantees and avoid at all costs “toxic” financing. The beginning capital structure can define the ultimate success!
4. Trust your instincts. Consult with your advisors in accounting, legal, marketing and other areas but you must make the call.
5. Make a decision! As General George Patton said, “A good plan executed on violently today is better than a perfect plan tomorrow”.
6. Give back – individually and corporately. These are very challenging times and we have been blessed and we should all give back personally and encourage our companies to as well.
7. Integrity starts at the top. Be fair and honest in EVERYTHING you do.
I hope this info can be helpful to you!
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This post was written by James Powers on February 24, 2009
