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"Red" Scott's Business Cardinals

Charles “Red” Scott
Chairman of the Board
Leadership Centers USA – TEC Florida
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.
  1. Don’t run out of cash - no matter what.
  2. No surprises - give me fair warning.
  3. Create basic values - not paper earnings.
  4. Keep your eggs in at least 5 baskets.
  5. The boss should be the head salesman.
  6. Never get organized by a trade union.
  7. Always tell the bad news first - never last.
  8. Never compromise quality for price.
  9. Concentrate on the customer - not the brick and mortar.
  10. Don’t confuse brightness with judgment.
  11. Plan strategy and set objectives before fixing structure.
  12. Study the environment - things you can’t control.
  13. Before making a “function” manager a CEO-- first put him/her over a profit center.
  14. Understand what really makes a company “tick.”
  15. Be careful of “quick-fix” or “part-time” managers.
  16. "About right” now is better than “exactly wrong” later.
  17. Creativity is great - but not in accounting.
  18. Only one big risk and/or “life change” at a time.
  1. Always play “what if”.
  2. A professional manager is someone who gets the job done.
  3. Hire smart rather than manage tough.
  4. Don’t put a new person (to me) into a new job (to him/her).
  5. Do the “right thing” rather than “things right”.
  6. Do 1st things 1st and 2nd things never.
  7. Bet on a person - not a product, plant or idea.
  8. Beware of making the successful “task” achiever a manager.
  9. Invest in businesses with a low cost of exit.
  10. Invest your time with winners… not losers.
  11. Be careful - a little success can create a whole lot of overhead.
  12. To understand a company, spend time with its customers.
  13. The boss is responsible for the momentum.
  14. I WILL beats IQ - every time!
  15. Hire for attitude - train for skills.
  16. Bet on a brown rat - not a white rat.
  17. 87% of Executive failures are due to personality.
  18. Light travels faster than sound. That is why some people appear bright until you hear them speak.