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99 Skills of 21st Century Market Place : Week 12

As we enter week 12 of the 99 Skills of 21st Century Market Place, we shift our focus to another set of essential leadership skills. This week, we examine the critical importance of financial management, persuasion skills, and work ethic. These are vital in today's fast-paced and ever-changing business world. These skills are crucial for any leader who seeks to build and grow a successful organisation. By mastering financial management, leaders can make informed decisions about resource allocation and budgeting. Persuasion skills are necessary for effectively communicating and negotiating with stakeholders, while work ethic is essential for fostering a culture of productivity and accountability. Let's explore these skills in more detail and discover how to cultivate them within ourselves and our teams.

34. Financial Management

A Quote :

"Beware of little expenses. A small leak will sink a great ship" ~ Benjamin Franklin

A Definition : Financial management is the practice of managing an organisation's financial resources to ensure that the company can meet its financial obligations and achieve its financial goals.

An Example :

Financial management is an essential skill for individuals and organisations alike. It is the process of managing financial resources to achieve the objectives of an organization. A good financial manager is someone who can analyze financial data, make informed decisions, and plan for the future. One example of how financial management helped save the day is the case of a small business that was struggling to keep its head above water due to poor financial management. The owner of the business did not have a good understanding of cash flow, and as a result, the business was constantly short on cash. The owner hired a financial manager who helped to create a budget and manage cash flow. The financial manager also implemented a system for tracking expenses and revenue, which helped the owner to make informed decisions about the future of the business. With the help of the financial manager, the business was able to turn its financial situation around, increase revenue, and become profitable.

In another example, a large corporation was faced with a financial crisis due to poor financial management. The corporation had taken on too much debt and was not generating enough revenue to cover its expenses. The corporation brought in a new financial management team, who analyzed the financial data and created a plan to reduce expenses, increase revenue, and pay down debt. The team also implemented a system for tracking expenses and revenue, which helped to identify areas of the business that were not profitable. With the help of the new financial management team, the corporation was able to turn its financial situation around, reduce debt, and become profitable again.

These examples show how important financial management is for individuals and organizations alike. It is important to have a good understanding of financial data, make informed decisions, and plan for the future in order to be successful in the business world.

A Checklist :

  1. Establish a financial plan with specific goals and strategies.

  2. Monitor and evaluate financial performance regularly to make necessary adjustments.

  3. Control spending and ensure expenses are aligned with the organization's financial goals.

  4. Keep accurate financial records and ensure compliance with accounting standards and regulations.

  5. Stay up-to-date with financial trends and regulations in the industry.

35. Persuasion Skills

A Quote :

“One of the best ways to persuade others is with your ears by listening to them.” ~ Dean Rusk

A Definition : Persuasion skills are the ability to convince others to adopt a particular belief or take a specific course of action by presenting a compelling argument and addressing objections effectively.

An Example :

Persuasion skills are vital in both personal and professional life. It involves the ability to convince someone to adopt your perspective, ideas, or actions. These skills can be applied in various fields, including marketing, sales, business, education, and politics. Persuasion skills are essential because they enable people to communicate effectively and establish trust and rapport with others.

One example of how persuasion skills helped save the day is during the 2008 US presidential election campaign. Barack Obama, then a senator, used his persuasive skills to win over the hearts of the American people. He inspired millions of people with his speeches and message of hope and change. Obama used a powerful combination of emotion and logic in his speeches, making them both inspiring and credible. He engaged with the audience, listened to their concerns, and responded to them appropriately.

Obama's persuasion skills helped him to connect with different demographics, including young people, minorities, and working-class voters. His speeches appealed to the emotions and values of his audience, which in turn created a strong bond between him and his supporters. As a result, he won the presidential election by a significant margin.

The importance of persuasion skills in our personal and professional lives cannot be overemphasized. It helps us to communicate effectively with others, build relationships, and achieve our goals. A strong work ethic combined with excellent persuasion skills is a recipe for success in any field.

A Checklist :

  1. Identify the audience and understand their interests and motivations.

  2. Develop a clear and concise message that resonates with the audience.

  3. Use storytelling and other persuasive techniques to build credibility and engage the audience.

  4. Address objections and concerns effectively and offer evidence to support the message.

  5. Follow up and continue to build relationships with the audience to maintain their support.

36. Work Ethic

A Quote :

"I never feared about my skills because I put in the work. Work ethic eliminates fear. So if you put forth the work, what are you fearing? You know what you're capable of doing and what you're not"~ Michael Jordan

A Definition : Work ethic refers to the set of values and principles that guide an individual's approach to work, including attitudes toward responsibility, accountability, and professionalism.

An Example :

Work ethic refers to the set of values and principles that drive an individual to work hard, demonstrate dedication, and maintain a high level of professionalism. Having a strong work ethic is essential for success in any field, and it is particularly crucial in fast-paced and competitive industries. Here's an example of how work ethic helped save the day in a real-world scenario:

In 2010, a Chilean copper mine suffered a devastating collapse, trapping 33 miners deep underground. The rescue operation was complex and dangerous, requiring a high level of skill and dedication from the rescue workers. However, the miners themselves also played a crucial role in their own rescue. They worked tirelessly to maintain their own health and safety, rationing their food and water supplies and collaborating with each other to keep their spirits up.

One of the miners, Mario Sepulveda, became known as "Super Mario" for his tireless work ethic during the ordeal. He led the group in exercises to keep them physically fit, organized their limited resources, and even acted as a spokesperson for the group during their ordeal. Thanks to their work ethic and the efforts of the rescue workers, all 33 miners were eventually rescued after spending 69 days underground.

This example highlights the importance of having a strong work ethic, particularly in challenging situations. Whether it's in the workplace or in our personal lives, working hard and maintaining a positive attitude can help us overcome even the most difficult obstacles.

A Checklist:

  1. Set high standards for yourself and strive to meet or exceed them consistently.

  2. Be accountable for your actions and take ownership of your mistakes.

  3. Show respect and consideration for others in the workplace.

  4. Maintain a positive attitude and approach challenges with a solutions-focused mindset.

  5. Continuously seek opportunities for learning and development to improve your skills and knowledge.

Come & Collaborate

Thank you for joining us on this journey through 99 skills at the 21st-century workplace. We believe that the key to success is continuous learning, so we encourage you to keep seeking out new knowledge and skills.

To help you on your path, we are offering a special #DISCovery Session for our readers. This one-on-one coaching session will help you identify your strengths, set career goals, and progress to a personalized plan for success. To book your session, go to at https://go.johnsonodakkal.com/DISCover and use the code "99SKILLS" for a special discount.

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