I spoke to Fox Turkey yesterday about my latest book “Re-Introduction to Economics”, which signing event will take place on Saturday, 2 April, at Zorlu Centre D&R. The book, which offers lessons learned from the management mistakes, either in Economy Management or Sports Management, also provides insights to individuals about the philosophy of savings, investment, and profit.
I think today is the right time for me to share with you some of the recommendations that I had given during my March conference series
Do not use your corporation’s income to pay personal expenses since it’s both ethically wrong and an economically harmful behaviour.
Prioritize your spending, use your resources for endeavours that will help keep your business afloat.
If you cannot fully use the current capacity of your business, do not attempt to spend money to achieve additional capacity.
Avoid lending high amounts of money if these amounts will cause you sleepless nights.
Improve collection rates and efficiency, shorten your collection cycles, develop effective debt collections methods and techniques.
Today, the supply of goods is more important than the price of the goods. Take this matter seriously and don’t put your fate in the hands of others.
- Companies earning Turkish lira revenue against exchange-rate risk should avoid risky behaviours and take advantage of every moment when exchange rates go down in accordance with their cash flow.
- If possible, grow your exports to at least 50% of your profit.
“Control your Money, Not the Other Way Around.”
Here’s an extract from my speech at Galatasaray’s Ordinary General Assembly last Saturday: “Executive staff should be aware of the possible financial results of their critical decisions and take responsibility accordingly. They should avoid attributing their failures to budgeting challenges all the time. Because there is no such thing as unlimited resource in life. It would also be a vain effort to try to manage matters with financial consequences through politics. Because in the end, words fly away, but the harm remains.
Business owners and professionals should know how to say “stop” to the untimely demands and spending by both their households and those around them under these economic circumstances. For example, executives may try to improve the commuting and working conditions of the employees, hence increase productivity, instead of spending company money on expensive company cars.
Luxury does not bring happiness, but success does. Where there is no success and no productivity, there is no one to take responsibility. There is always someone else to blame. Remember, bankruptcy is inevitable in a place where unhappy people work…”