錯(cuò)誤行為

????如果你對(duì)業(yè)務(wù)和業(yè)績(jī)過于樂觀，有可能會(huì)失去信譽(yù)。當(dāng)今世界沒有秘密，甚至可以說是過份透明了。精明的公共投資人都知道，任何業(yè)務(wù)都不完美，每個(gè)企業(yè)都有一些不滿意的客戶，都面臨著產(chǎn)品挑戰(zhàn)，都存在競(jìng)爭(zhēng)弱點(diǎn)。現(xiàn)在公共投資人們已經(jīng)擅于利用調(diào)查報(bào)告和渠道控制，甚至越來越多地利用社交媒體來發(fā)掘細(xì)微的信息。你越想掩飾面臨的挑戰(zhàn)，等到這些問題浮出水面的時(shí)候，你對(duì)這些問題擁有的解釋權(quán)就越少。這并不是說，每次你收到一條憤怒的微博聲討的時(shí)候，都要寫一篇新聞發(fā)言稿。只要你持之以恒地對(duì)業(yè)績(jī)和預(yù)期做一份均衡的評(píng)估，就能保持良好的信譽(yù)。這樣一來，以后哪怕是碰到更棘手的問題，你也能更好地掌握局面。

????如果你只關(guān)注改善每個(gè)季度的業(yè)績(jī)，它將對(duì)長(zhǎng)期業(yè)績(jī)?cè)斐韶?fù)面影響。華爾街這個(gè)大磨坊會(huì)迫使你把業(yè)務(wù)細(xì)化到每一個(gè)季度。你不能完全忽視這個(gè)框框，但是如果過于關(guān)注如何在這90天里達(dá)到目標(biāo)，那就無法實(shí)現(xiàn)長(zhǎng)期的目標(biāo)。你必須在內(nèi)部找到一個(gè)平衡，確保公司最優(yōu)秀的人才把精力放在重要的長(zhǎng)期目標(biāo)上，同時(shí)保證公司處于良好的狀態(tài)，能夠?qū)崿F(xiàn)可預(yù)見的短期業(yè)績(jī)。

????如果你沒把錢花在刀刃上，會(huì)引來公共投資人的憤怒聲討。投資人希望他們投資的公司的管理團(tuán)隊(duì)在花錢的問題上能謹(jǐn)慎再謹(jǐn)慎，就好像整個(gè)公司是他們開的一樣。如果你用高得離譜的價(jià)格收購(gòu)了一家創(chuàng)業(yè)公司，僅僅是因?yàn)樗膭?chuàng)意非常火爆和時(shí)髦，投資人就會(huì)舉起黃牌了。比如云基礎(chǔ)架構(gòu)公司VMWare最近收購(gòu)云計(jì)算網(wǎng)絡(luò)虛擬化公司Nicira的案例就會(huì)被投資人批評(píng)好幾年。如果管理層花的是自家的錢，他們是否還愿意花10億多美元收購(gòu)這家新生的公司？并不是說所有的收購(gòu)都不好。例如在線旅游服務(wù)公司Priceline收購(gòu)訂房網(wǎng)站Booking.com就給股東帶來了巨大的價(jià)值，而且它從一開始就是一筆明智的收購(gòu)。無論在收購(gòu)上，還是在業(yè)務(wù)的所有其它方面，一定要把投資人的錢看成自己的錢，而且要讓投資人知道，你衡量每一個(gè)決策用的都是這個(gè)標(biāo)準(zhǔn)。

????毫無疑問，一個(gè)公司上市后，將與私人公司過的日子產(chǎn)生天壤之別。對(duì)于上市公司來說，沒有放之四海皆準(zhǔn)的成功秘訣。但是如果你聽取了上面這些建議，將有助于你在商海中穩(wěn)穩(wěn)掌舵，乘風(fēng)破浪。（財(cái)富中文網(wǎng)）

????本文作者格林?所羅門是GGV Capital公司的一名合伙人。他最近投資的公司包括Pandora、Successfactors、Isilon, Domo、Square、Zendesk、Quinstreet和Nimble Storage等。

????譯者：樸成奎

DON'Ts

????You risk losing credibility if you're overly optimistic about your business and its performance. There are no secrets in today's world -- err on the side of over-transparency. Savvy public investors know that no business is perfect; everyone has unhappy customers, product challenges, and competitive weaknesses. Public investors are adept at digging up very granular information via surveys, channel checks and, increasingly, social media. The more you try to bury challenges you're facing, the less control you'll have over the storyline on these issues when they surface. This doesn't mean you need to issue a press release every time you receive an angry tweet, but by consistently providing a balanced assessment of your performance and prospects, you'll preserve credibility, allowing you to better navigate the tougher issues as they arise.

????Performance will suffer longer term if you solely focus on optimizing quarterly results. The Wall Street treadmill will pressure you into running your business quarter-to-quarter. You can't ignore this framework completely, but you won't achieve your long-term goals if you get overly consumed with hitting your targets in 90 day increments. You need to find balance internally, ensuring your best people are focused on achieving important long term objectives while you've also got a well oiled machine that can churn out predictable near term results.

????Public investors deplore you using their money unwisely. Investors want to feel they're partnering with management teams who run the business as if they owned the whole company. For example, paying an unreasonably high acquisition price for a start-up because it's sexy and in vogue is a yellow flag. As an example, VMWare's (VMW) recent purchase of Nicira will be scrutinized for several years. Would management have acquired this nascent company for over $1 billion if they had to pay for it with their own cash and/or equity? This isn't to say that all M&A is bad. For example, Priceline's (PCLN) acquisition of Booking.com has driven enormous value for shareholders and made sense from the start. In M&A and all other aspects of your business, treat the capital as if it were your own and show your investors this is how you gauge every decision.

????Without doubt, life as a public company will differ greatly from private company days. There is no universal blueprint for success when public, but following these recommendations will help rudder your ship as you navigate the waters.

????Glenn Solomon (@glennsolomon) is a Partner with GGV Capital. Some of his recent investments include Pandora, Successfactors, Isilon, Domo, Square, Zendesk, Quinstreet, and Nimble Storage.