The Horstman Laws of Management

I would like to share with you the Horstman's Laws of Management by a famous management consultant called Mark Horstman, who is a co-founder of Manager Tools.

The observations and aphorisms that comprise the Horstman’s Laws below represent 30 years of professional development leavened with a lifetime of leadership experiences.

Law #1: It’s All About People
This is actually a hard-nosed, scientific and financial reality. Any hour you spend on people is a better investment than an hour spent on systems, processes, or policies. Great people can overcome average systems; average people won’t live up to great systems.

Action: Spend time with your folks every week. Learn their strengths and weaknesses. Learn their projects. Learn their children’s names.

Law #2: More Communication is Better
No matter what the situation: work or home, professional or personal, boss or subordinate, it is always more communication that solves the problem or clinches the deal. And think about this: communication is what the listener does.

Action: Pick up the phone. Provide an update. Admit you’re behind. Over communicate, and you’re halfway there.

Law #3: You’re Not that Smart; They’re Not that Dumb
You can’t fool people. Ever. The fact is, people know when you mislead them. Yes, they might go along with you, but they know that it doesn’t feel right. That you don’t feel right. After all, didn’t you used to be “them?”

Action: Tell the whole truth. Don’t leave anything out. When in doubt, tell everyone. Use candor as advantage, rather than seeing it as weakness.

Law #4: Control is an Illusion
There is not a single person whom you think you “control” who would agree with you. If you really think you’re so good as to control another, then who in your organization thinks that way about you? Stop trying to control. You’re wasting your time. Build relationships that allow you to influence.

Action: Build relationships based on trust. Say, “I trust you.” Let your team choose their path at times, even when you disagree.

Law #5: The River is Wide, the Currents are Messy, but all the Water Ends up in the Ocean
Watch water flow down river sometime. It doesn’t march in nice straight lines. It meanders. It’s messy. Scientists say 20% of it is actually going up river. Your organization is organic – it’s made up of people – just like a river. Your projects and timelines are going to be messy and defy control. Stop fighting it.

Action: Don’t worry about or punish every missed deadline – wait for a pattern. Think about a chinese finger puzzle. Sometimes a light touch is the way out. Let go–flow–to get ahead.

Law #6: There are No Secrets
If you think you can keep something quiet in your organization, you’re kidding yourself. What everybody is talking about is what’s not being said. Everybody knows already. The one associate or friend that you felt you could tell has probably told someone else whom they trusted... and so on. If you try to keep secrets, others lose respect for you because you show you don’t trust them.

Action: Tell everybody everything. Forward every e-mail you get to all of your team...automatically. Don’t go off the record.

Law #7: How You Feel is Your Fault
If you find yourself saying, “that guy/situation/boss makes me mad,” you’re wrong. They did something, and then you decided how to respond. Think about the word responsibility. (Response-ability) You’re able to choose your response.

Action: Choose the right response. Choose not to get angry. Choose to understand why they behave the way they do.Your response will be more powerful.

Law #8: The “Other” Way Often Works Just Fine
There’s someone else out there who has succeeded to the same level you have with exactly the opposite intuitions you have. (They wonder how you got where you are too.) Your idea that your way is the right way is routinely controverted. You just think it’s right because it’s yours.

Action: Try the opposite every once in a while. After your first thought, wait for a second–different–one.

What are your laws and lessons? What have you learned? Your successes have no doubt catalyzed your knowledge into wisdom. Are you sharing your wisdom with your associates? Start now! Because it’s all about people...and more communication is better.

Bursa Malaysia - RHBInvest Market Chat 2009

Bursa Malaysia and RHBInvest are going to have a Market Chat 2009 seminar and roadshow in Ipoh. Admission is free.

Date: 21 Feb 2009 (Saturday)
Time: 9:00am - 1:30pm
Venue: Impiana Casuarina Hotel, 18, Jalan Raja Dr. Nazrin, Ipoh.
Registration and enquiry: call +603 92051300

Program highlights:

• Value Investing In Turbulent Times - RHB Branch Broking
• Must Have Trading Tools For Today's Stock Markets - RHBInvest team, RHB Investment Bank
• Market Chat '08 Presentation - Bursa Malaysia
• Top 5 Mistakes in Trading and 5 Powerful Techniques You Should Use Now in Trading - ChartNexus Malaysia
  

Credit card interest rate to reduce by 31 March 2009

The Association of Banks in Malaysia (ABM) has just announced today that the interest rates for credit cards will be reduced by between 0.5% and 1.5% for Tier-1, Tier-11 and Tier-111 credit cardholders while late payment fees will be slashed to a minimum of RM5 and a maximum of RM75 effective 31 March 2009.

Interest rates for Tier-I credit cardholders who promptly settle their monthly minimum payments for retail purchases for 12 consecutive months will be reduced to 13.5% per annum from the current 15%.

For Tier-II cardholders who promptly settle their minimum payments for 10 months or more in a 12-month cycle will also benefit as the relevant interest rate will be reduced to 16% per annum from the current 17%.

Cardholders who don't fall within the 2 categories and who are generally termed Tier-III cardholders will see the interest rate for them come down to 17.5% per annum versus the current 18%.

The present late payment fee of a minimum of RM10 or 1% of the total outstanding balance, subject to a maximum of RM100 will be revised to a minimum amount of RM5 and a maximum of RM75.

This will not have any effect to good paymasters who settle their credit card bill in full payment every month, which is a very good financial discipline allowing them to enjoy 0% interest for at least 20 days, as they will still remain free from any interest charge. For Tier-I cardholders who never default their payment, they will enjoy one of the lowest credit card interest rate in Asia at the rate of 13.5%.

I would advise that although the interest rate will be reduced soon, you should never get yourself into Tier-II or Tier-III, as the compounded interest rate is still very high.