These days, we are instantly aware of everything that's going on. That's a double edged sword, though. For example, who with any money in the stock market today, in the middle of the Credit Crunch (I prefer to call it the "Debt Disaster") isn't quaking in their boots and poopin' in their pants? Here are some paraphrased financial headlines that I can recall:
-Worse Crisis Since the Great Depression
-Another Bank Crashes - Who's Next?
-Consumer Confidence Crashing
-yadda yadda crashes/fails
Yet, after a few minutes chatting with a few folk who actually work right in the market, it always seems that there is a missing perspective. Working at a downtown coffee shop allows me to speak directly to the customers who are largely from the financial sector. After a few moments chatting, here is how the above headlines transformed:
-Worse Crisis Since the Great Depression - but... worse one day losses in the market occurred in the 80's.
-Another Bank Crashes - Who's Next?...but, what do you expect when banks are giving mortgages to people without jobs, and then giving them secondary loans based on the 'equity of their new homes'??
I had no idea they were lending like that!
I never read anywhere a comparison of one day drops like that.
When you read a headline, don't become instantly fearful, but instead seek out a balanced perspective from someone who is right in the midst of it.
In times of fear, we need faith. Remember that faith is the opposite of fear. Yet, faith without wisdom isn't real faith. You can't just sit there and say "My 'financial advisor' said that my RRSP portfolio will recover so I'm just going to hold." without doing some due diligence yourself. You have no one to blame but yourself for lack of knowledge. It's all out there.
Seek knowledge and wisdom before buying, holding or selling.
"Mr. Top Investor says "Sell All Now!"
Do you do it? Maybe. But do your due diligence.
I have a random stock holding of 500 shares of some random company. It's all random. My research was random, my purchase was random and my entire relationship with the shares has been less-than-random. Can I blame anyone but myself for this total flop? No. Instead I should slap myself for wasting my money and taking away a meal out from my wife and I!
So, a proper balance of knowledge, wisdom (try and fail of us and others), and faith (read the book of James in the Bible for more on faith) will strengthen our ship for stormy seas.
B.L.I.P. Heros
Thursday, October 9, 2008
Thursday, October 2, 2008
Working with Independent Contractors - Wisdom in a Rant
I thought it would be good to post an excerpt from an email I wrote to someone about a certain company that failed us. I thought this rant would benefit anyone who may elect to work with a small business or independent contractor as these guys operate in most industries. Just remove "IT" and replace with whatever industry you happen to be working in:
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Even since you wrote your email about ...., we also had our trust breached. Do you remember XXXXX (violating company name here)? Yesterday they denied promising to include a 3D logo (we were both there and heard the promise but it wasn't written in the contract) and then they tried to get full payment from me for the project without even mentioning that Joe was in a dispute over the 3D logo. They called me up and they were like "Joe agreed to everything, let's do the final payment. I'll send someone over right away to collect." I knew that there MIGHT have been an issue with the logo since I hadn't seen it so I decided to stall the payment meeting. So I go and check my email and there is an email dispute about the logo that they didn't even mention to me on the phone.
So, don't use XXXXX. We live, we learn. They're only harming themselves. In fact, I was planning to not worry about the logo and leave it at that but then they pulled this move on me and I got all hot under the collar. Very foolish of them. I bet it wouldn't take them more than 10 minutes to make one, either! Then they accused me of trying to 'squeeze more out of them when they've been so nice to us." They were so nice to complete most of what they agreed to! How nice of them! I would have thought it would have been nicer if they did all they agreed to, though.
Granted this issue doesn't weigh on the same scale as what you are going through, but I what you wrote is true is that it keeps happening and we keep getting stronger and wiser. It is true. Now when I deal with any transactions with small or independent guys, I'm so much more prepared. One of the first things Joe and I test now is the speed and quality of responses and communications. From now on, if I don't sense extreme professionalism from a firm or independent, I'll just walk away. We also learned that when dealing with IT guys, it is very much worth spending more using a firm that has a 'business person' leading the IT guys. These IT guys are nothing but computer geeks [I have a ham radio and I built my own PBX box so I'm one too, so that's not derogatory] trying to make money with their skill. They have limited business sense. They get excited about a project and then when it wears off they are gone - mysteriously! It's uncanny. When doing IT projects you need to be dealing with a sales person/manager who has the power to force these guys to do the work and on time. Otherwise, they'll do it on their time or randomly. What a great lesson to learn! I bet they don't even cover that in MBA courses.
And the value of SUPER clear contracts that include:
a) exactly what will be produced to the very sickest detail and
b) exactly what day/hour those detailed items will be delivered to the client
without those, it's just a mess. Our last contract with XXXXX had those items and lo and behold it was done almost perfectly on time. They skipped a few proofing steps which I was then able to point out to them when they had the nerve to accuse us of trying to 'squeeze more out of the project'. Sigh.
So yeah. PTL for earthly wisdom! Seek wisdom. Hunger after it. It's much more valuable than gold. If these fools in the banking industry had a bit we wouldn't be flying so fast towards the new world order and the mark of the beast! But God's will be done and life is short anyways.
-------------
Even since you wrote your email about ...., we also had our trust breached. Do you remember XXXXX (violating company name here)? Yesterday they denied promising to include a 3D logo (we were both there and heard the promise but it wasn't written in the contract) and then they tried to get full payment from me for the project without even mentioning that Joe was in a dispute over the 3D logo. They called me up and they were like "Joe agreed to everything, let's do the final payment. I'll send someone over right away to collect." I knew that there MIGHT have been an issue with the logo since I hadn't seen it so I decided to stall the payment meeting. So I go and check my email and there is an email dispute about the logo that they didn't even mention to me on the phone.
So, don't use XXXXX. We live, we learn. They're only harming themselves. In fact, I was planning to not worry about the logo and leave it at that but then they pulled this move on me and I got all hot under the collar. Very foolish of them. I bet it wouldn't take them more than 10 minutes to make one, either! Then they accused me of trying to 'squeeze more out of them when they've been so nice to us." They were so nice to complete most of what they agreed to! How nice of them! I would have thought it would have been nicer if they did all they agreed to, though.
Granted this issue doesn't weigh on the same scale as what you are going through, but I what you wrote is true is that it keeps happening and we keep getting stronger and wiser. It is true. Now when I deal with any transactions with small or independent guys, I'm so much more prepared. One of the first things Joe and I test now is the speed and quality of responses and communications. From now on, if I don't sense extreme professionalism from a firm or independent, I'll just walk away. We also learned that when dealing with IT guys, it is very much worth spending more using a firm that has a 'business person' leading the IT guys. These IT guys are nothing but computer geeks [I have a ham radio and I built my own PBX box so I'm one too, so that's not derogatory] trying to make money with their skill. They have limited business sense. They get excited about a project and then when it wears off they are gone - mysteriously! It's uncanny. When doing IT projects you need to be dealing with a sales person/manager who has the power to force these guys to do the work and on time. Otherwise, they'll do it on their time or randomly. What a great lesson to learn! I bet they don't even cover that in MBA courses.
And the value of SUPER clear contracts that include:
a) exactly what will be produced to the very sickest detail and
b) exactly what day/hour those detailed items will be delivered to the client
without those, it's just a mess. Our last contract with XXXXX had those items and lo and behold it was done almost perfectly on time. They skipped a few proofing steps which I was then able to point out to them when they had the nerve to accuse us of trying to 'squeeze more out of the project'. Sigh.
So yeah. PTL for earthly wisdom! Seek wisdom. Hunger after it. It's much more valuable than gold. If these fools in the banking industry had a bit we wouldn't be flying so fast towards the new world order and the mark of the beast! But God's will be done and life is short anyways.
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