||Charles "Red" Scott|
"Red" Scott's Business Cardinals
Charles "Red" Scott's business career spans more than 50 years, with some 20 of those serving as either a President or CEO of a public company. The following list of "Business Cardinals" reflects some of his philosophy for achieving success in a competitive business world. Most were memorialized as a result of mistakes, errors of judgment and/or unfortunate experiences.
- Don't run out of cash - no matter what.
- No surprises - give me fair warning.
- Create basic values - not paper earnings.
- Keep your eggs in at least 5 baskets.
- The boss should be the head salesman.
- Never get organized by a trade union.
- Always tell the bad news first - never last.
- Never compromise quality for price.
- Concentrate on the customer - not the brick and mortar.
- Don't confuse brightness with judgment.
- Plan strategy and set objectives before fixing structure.
- Study the environment - things you can't control.
- Before making a "function" manager a CEO-- first put him/her over a profit center.
- Understand what really makes a company "tick."
- Be careful of "quick-fix" or "part-time" managers.
- "About right" now is better than "exactly wrong" later.
- Creativity is great - but not in accounting.
- Only one big risk and/or "life change" at a time.
- Always play "what if".
- A professional manager is someone who gets the job done.
- Hire smart rather than manage tough.
- Don't put a new person (to me) into a new job (to him/her).
- Do the "right thing" rather than "things right".
- Do 1st things 1st and 2nd things never.
- Bet on a person - not a product, plant or idea.
- Beware of making the successful "task" achiever a manager.
- Invest in businesses with a low cost of exit.
- Invest your time with winners' not losers.
- Be careful - a little success can create a whole lot of overhead.
- To understand a company, spend time with its customers.
- The boss is responsible for the momentum.
- I WILL beats IQ - every time!
- Hire for attitude - train for skills.
- Bet on a brown rat - not a white rat.
- 87% of Executive failures are due to personality.
- Light travels faster than sound. That is why some people appear bright until you hear them speak.
Charles "Red" Scott -The Legacy
The quality of one's life absolutely depends upon the degree to which we align ourselves with and feel a sense of Reverence for God - - Our Creator and Father. Service is the virtue that distinguishes the one grade of all times by which we will be remembered. It places a mark of nobility upon its disciples. It is the dividing line which separates the two great groups of the world;
- Those who help - those who hinder
- Those who lift - those who lean
- Those who contribute - those who consume
How much better it is to give than to receive! Service in any form is both generous and beautiful. To just give encouragement, to impart sympathy, to show interest, to banish fear, to build self confidence, or simply to awaken some hope in the hearts of others ... NO GREATER SERVICE OR GIFT CAN ONE GIVE!
Charles "Red" Scott - August 1999