The greatest waste is that of your personal credibility. You can waste it in several ways.
First, attempting to tell different stories (even though you might just label this spin) to your different audiences. When there is a problem, identify it to the board, shareholders, managers; and yes even to all employees and to customers. All employees? Yes, you betcha. They know the problems all too Well anyway, and if you level with them you'll maintain your credibility and generate their help. Customers? Yes, you betcha. If you have a product problem, they already know it. If you tell them that you have it and you're fixing it, they'll stay. If you avoid that conversation, they'll avoid telling you, until its too late, that they have a new supplier. Use some diplomacy with customers, but not spin! Your credibility and honesty with every single constituency will make your job easier; and you won't have to remember which story you told to whom.
Second, as tough as it may be, don't fall into the temptation of sliding just one order from the next quarter into this one: Or hiding obligations: Or changing accrual policies without justification. This is the slipperiest slope there is. It's the beginning of the downfall. Keep you reporting straight and the temptations won't build. If you believe "it's okay", the next quarter is solid; let the next quarter be solid but, let me tell you, when there is an apparent need to cheat a little it's because there are factors at work that won't make the next quarter solid. Your company and your credibility will be decimated. What's the purpose in that?
Credibility, integrity, personal character, and all that stuff is so easy to lose, so difficult to restore. Don't ever risk losing it, whatever you think the benefit of your little transgression is, think through what it would look like on the news url of all your constituencies! Might as well contemplate it now, because the news of your downfall will be there eventually.
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