Monday, December 3, 2007

Cheap Economizing Officer (CEO)

An interesting article about an american family of 7 who were able to live on an annual income of $35000.

What can the corporate world learn from this family -

1) Plan. A very crucial aspect of any business. Even though the corporates come up with beautiful literary pieces in the form of mission and vision statements, where they fail is to form a plan to achieve the same.

2) Organize. A well defined organization hierarchy is very important. It should define the reporting structure and help in establishing accountability.

3) Shop wisely. Not every outsourcing deal can result in cost savings. Shop wisely for vendors.

4) Communicate Effectively.

5) Team work.

Passing Note. Citi group is also looking out for a CEO. They could definitely use one cheap economizing officer.

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