5 Common Misuse of P/E Ratio

Price Earning (P/E) Ratio is the most widely used ratio in investing. Searching the term ‘P/E ratio’ into Google will yield 2.3 million results. Quite simply, P/E ratio is the ratio of Stock price divided by its Earning per Share (EPS).

If a company A is trading at $ 10 per share and it earns $ 2.00 per share, then A has P/E ratio of 5. This means that it takes 5 years for the company‘s earnings to pay up for your initial investment.

If you invert P/E ratio, we get E/P ratio, which is the yield on our investment. In this case, a P/E of 5 is equal to a yield of 20%. P/E ratio is convenient and very easy to use. But that is why so many investors misuse it.

Here are some common misuse of P/E ratio:

Using trailing P/E. Trailing P/E is the price earning ratio of a company for the last 12 months. For cyclical companies coming off a peak in earning, P/E ratio is misleading. Trailing P/E ratio may look low but its forward P/E may not. Forward P/E is calculated by using the predicted earning per share of a company. Forward P/E is more important than trailing P/E. After all, it is the future that counts.

Neglecting Earning growth. Low P/E ratio does not necessarily means the stock is undervalued. Investors need to take into accounts the growth rate of a companyCompany A with a P/E ratio of 15 and 0% earning growth may not look as appealing as company B with a P/E ratio of 20 and 25% earning growth. The reason is if both stock prices remain the same, after 3 years, P/E ratio of company B will decrease to 10.3 while A will still have a P/E ratio of 15. The moral of the story here is to not use P/E ratio alone to judge the value of an asset.

Ignoring One-Time Event. P/E ratio always includes one-time event such as restructuring cost or downwards adjustments in goodwill. When that happens, the ‘E’ in P/E ratio will appear low. As a result, this event inflates P/E ratio. Investors will do well ignoring this one-time event and look beyond the high P/E ratio.

Ignoring Balance Sheet. That is right. Investors often neglect the cash and long term debt embedded in the balance sheet when calculating P/E ratio. The truth is, companies with higher net cash in their balance sheet usually get higher P/E valuation.

Ignoring Interest Rate. Using solely P/E ratio for our investing decision will yield disastrous results. As explained earlier, when we invert P/E ratio, we get E/P ratio. E/P ratio is essentially the yield of our investment. A stock with P/E of 10 is yielding 10%. Stock with P/E of 20 is yielding 5% and so forth. If interest rate rises to 6%, then stocks that are trading at P/E of 20 will become overvalued, all else remains equal.

As with other financial ratios, P/E ratio cannot be solely used to value a company. Interest rate fluctuates, earning per share goes up and down and so does stock price. All these should be taken into consideration when choosing your potential investment.

Need help in doing your analyzing the result of your company? At Crowe Horwath Jamaica we assist clients in understanding the financial result of your company.  Call us:1876-9083124 or email:info@crowehorwath.com.jm


What is it worth? A Review of Jamaican Dollar value since 1969

What is it worth A Review of Jamaican Dollar value since 1969

The Jamaican Dollar has devalued significantly over the years against all three major trading currencies since 1969 namely:

  • The United States Dollar (USD)
  • The Canadian Dollar (Can$)
  • The Pound Sterling (£)


Who much is it worth today ? Get the answer here



Today’s Definition of Marketing. Has it Changed?

With the continued proliferation of the Internet, the meaning of the word “marketing” also proliferates. There seem to be as many definitions of marketing as there are marketers.
Many see marketing as a series of tactics or gimmicks. Some push pyramid programs [multi-level marketing (MLM) or network marketing] as the way to successful marketing.
Others may say the Web has made traditional marketing obsolete. I say the Internet has expanded our capabilities, created new ways of doing business, and radically changed business dynamics. It has not, however, changed the foundation of marketing.

Basic, traditional marketing is as relevant as ever. The Four P’s – product, price, place (distribution), and promotion – whether you tack on added P’s and C’s or not, are still very much alive. Strategic thinking, segmenting, and targeting can still earn you a competitive advantage.

Marketing still means determining what our customers need and want, planning how we are going to meet those needs and wants, and then implementing our plan.
We still have products, services, and ideas to sell at some price. We still deliver to our customers via some means of distribution. We still promote and we still advertise. Those are the basics. Those basics still exist and always will.

What *has* changed is the business environment. Companies compete with more efficient technologies. Customers have better access to their cost options and they communicate to each other in ways not even conceivable in the pre-Internet age.
In some industries, the Internet has lowered the cost of entry so that entrepreneurs – many times from a home office – have entered the competition. The changes in competitive environment are numerous. What have also changed are marketing strategies and the marketing programs we have available to implement those strategies.
These have changed, but basic marketing has not. Superior marketing is and always has been analysis, then action. It is strategy development, then logical and thought-out tactical implementation. It is the way to customer satisfaction and increasing profit. It is the process of:
1) Analyzing your customers and the business environment in order to
2) identify key opportunities to better and more profitably meet customer needs,
3) figuring out how to act on those opportunities, and then
4) implementing your plan.
The process doesn’t have to be cumbersome. Five-year plans and novel-length documents are not required. The logic of the action is what’s important.
By applying the basic marketing process both online and offline, your chances of success skyrocket.


Managers: Should Your PR Budget Stress Tactics or Strategy?

If public relations tactics like special events, brochures, broadcast plugs and press releases dominate your answer, you’re missing the best PR has to offer.

Such a budget would tell us that you believe tactics ARE public relations. And that would be too bad, because it means you are not effectively planning to alter individual perception among your key outside audiences which then would help you achieve your managerial objectives.

It would also tell us that, even as a business, non-profit or association manager, you’re not planning to do anything positive about the behaviors of those important external audiences of yours that MOST affect your operation. Nor are you preparing to persuade those key outside folks to your way of thinking by helping to move them to take actions that allow your firm, department, division or subsidiary to succeed.

So, it takes more than good intentions for you as a manager to alter individual, key-audience perception leading to changed behaviors. It takes a carefully structured plan dedicated to getting every member of the PR team working towards the same external audience behaviors insuring that the organization’s public relations effort stays sharply focused.

The absence of such a plan is always unfortunate because the right public relations planning really CAN alter individual perception and lead to changed behaviors among key outside audiences.

If this sounds vaguely familiar, try to remember that your PR effort must require more than special events, news releases and talk show tactics if you are to receive the quality public relations results you deserve.

The payoff can materialize faster than you may think in the form of welcome bounces in show room visits; customers beginning to make repeat purchases; capital givers or specifying sources beginning to look your way; membership applications on the rise; the appearance of new proposals for strategic alliances and joint ventures;politicians and legislators beginning to look at you as a key member of the business, non-profit or association communities; prospects actually starting to do business with you; and community leaders begin to seek you out.

It’s always nice to simply hire a survey firm to handle the opinion monitoring/data gathering phase of your effort. But that can cost real money. Luckily, your public relations professionals can often fill that bill because they are already in the perception and behavior business. But satisfy yourself that the PR staff really accepts why it’s SO important to know how your most important outside audiences perceive your operations, products or services. And be doubly certain they believe that perceptions almost always result in behaviors that can help or hurt your operation.

Share your plans with them for monitoring and gathering perceptions by questioning members of your most important outside audiences. Ask questions like these: how much do you know about our organization? Have you had prior contact with us and were you pleased with the interchange? Are you familiar with our services or products and employees? Have you experienced problems with our people or procedures?

But whether it’s your people or a survey firm asking the questions, the objective remains the same: identify untruths, false assumptions, unfounded rumors, inaccuracies, misconceptions and any other negative perception that might translate into hurtful behaviors.

It’s goal-setting time during which you will establish a goal calling for action on the most serious problem areas you uncovered during your key audience perception monitoring. You’ll want to straighten out that dangerous misconception? Correct that gross inaccuracy? Or, stop that potentially painful rumor cold?

Of course, setting your PR goal requires an equally specific strategy that tells you how to get there. Only three strategic options are available to you when it comes to doing something about perception and opinion. Change existing perception, create perception where there may be none, or reinforce it. The wrong strategy pick will taste like onion gravy on your rhubarb pie. So be sure your new strategy fits well with your new public relations goal. You certainly don’t want to select “change” when the facts dictate a strategy of reinforcement.

It’s always time for good writing, but never as now. You must prepare a persuasive message that will help move your key audience to your way of thinking. It must be a carefully-written message targeted directly at your key external audience. Select your very best writer because s/he must come up with really corrective language that is not merely compelling, persuasive and believable, but clear and factual if they are to shift perception/opinion towards your point of view and lead to the behaviors you have in mind.

Here’s where you need the communications tactics certain to carry your message to the attention of your target audience. There are many available. From speeches, facility tours, emails and brochures to consumer briefings, media interviews, newsletters, personal meetings and many others. But be certain that the tactics you pick are known to reach folks just like your audience members.

How you communicate, however, is always a major concern. The credibility of any message is always fragile. Which is why you’ll probably want to unveil your corrective message before smaller meetings and presentations rather than using higher-profile news releases.

When the need for a progress report appears, you’ll want to begin a second perception monitoring session with members of your external audience. You’ll certainly use many of the same questions used in the benchmark session. But now, you will be watchingclosely for signs that the bad news perception is finally moving positively in your direction.

Fortunately, if things slow down, you can always speed things up by adding more communications tactics as well as increasing their frequencies.

Allow the tacticians a free hand in selecting whether this tactic or that tactic should be used as the beast of burden needed to carry your message to your target audience.

You take a broader view of public relations and stress the strategic approach because it requires you as the manager to effectively plan to alter individual perception among your key outside audiences, thus helping you achieve your managerial objectives.


The Strategy Is the Brand

About 95% of what executives in competing companies do is pretty much the same all around. This is good management. If you are CEO’ing a wireless communication services provider, you strive to put up an advanced technological infrastructure with a promising future, cool end-user phones, other devices and accessories, a great service system and competitive prices. Well, this is precisely where your competitors put their efforts as well. The 5% (give or take) that you do differently constitutes your strategy. The CEO of Southwest Airlines, the revolutionary domestic American airline, most of the time does exactly what other colleagues do. But Southwest firm offers Ticketless travel, and serves meals in the airport during waits, and not on the plane.

Doing well what you are supposed to be doing – is a prerequisite for competing. It is definitely not a strategy. Being better – is a deserving effort, yet it is not a strategy either, especially not in the long run. How, then, are you supposed to compete? Well, you could offer your clients more than what your competition offers, for a higher price, for the same price, for a lower price, or – offer them less value for a lower price. All of these options can give you an edge, but usually not for long.

You could also offer something different than what your competition does. You can cater to a need not formerly satisfied by your category. Nokia, for example, did just that when it decided to treat cellphones as fashion accessories and later as entertainment devices. Even this approach could not be considered as an insurance policy. There are no insurance policies in the world of business. But, if it is difficult or impossible to imitate, or it is something not likely to be imitated by your competition – then you might just have created for yourself a mini-monopoly of your own. Well, this is surely an accomplishment that should not be underestimated in a competitive market.

So, what really is a strategy? By definition, a strategy is the way by which you are planning to obtain your goals. In a competitive environment, your goal is that the consumer will prefer you to your competition. That is why the strategy is, in fact, the way by which you plan to achieve an advantage over your rivals – in the eyes of your consumers. Almost always, preference can be achieved only by differentiation, by either doing something other than what your competitors are doing or by doing things in a markedly dissimilar manner.

There are three types of differentiations and only one of them constitutes a strategy (or strategic differentiation). The transient differentiation is often achieved by promotional activities, such as a big sale. The circumstantial differentiation consists of things like a historical monopoly, or some kind of personal connection between the consumer and someone in the firm, or a convenient store location etc’. However, the differentiation we want to focus on is the strategic differentiation, such that provides a long lasting, circumstance-crossing advantage.

Is differentiation absolutely necessary? In any case where the consumer must choose between options – the answer is definitely yes. Why? Because the consumer chooses between alternatives on the basis of the differences as he or she perceives. Zoom-in on that sentence for a second. Do not fall into the most common trap of all: the consumer makes choices according to his perception of differences between alternatives, and not on the basis of what he values most in a product of that kind.

Competitive strategy is always a simultaneous answer to two questions.
The first one is: in which consumer group do you identify a potential for buying your product? By ‘group’ I do not mean necessarily shared socio-economic and demographic characteristics or even a similarity in personality or life style. What I mean is that they have in common some factor, enabling you to make them an offer, which will be more attractive to them than the options they already have, or at least a refreshingly new one. The second question is: what could you offer them that would help you realize that potential?

The goal is not to reach a consensus, nor is it to be OK by everyone. Experience has taught us that the key is to make a specific group of consumers, even a small one, think that you are irreplaceable. They will act as your success engine, even amongst consumers who are not as definite in their attitudes. BMW fans do not believe that Mercedes is a bad car; it’s just that it is not a BMW. For them, Mercedes is simply incomparable to BMW. That’s how Apple fans feel about IBM.

What has all this to do with branding? A brand is the consumer’s anticipation for a unique and defined experience, or for a certain unique benefit obtainable solely through consuming/owning a specific product/service manufactured/offered by a specific company. Thus, the anticipation from a trip to Paris would be to experience a romantic vacation. The anticipation from Ikea would be “state of the art design at a reasonable price”. It is fair to say that a brand is really a brand only when there exists, among its consumers, such anticipation. If this anticipation is both exclusive and attractive, you might say that it is a strong brand. A familiar name or logo – do not suffice to make for a strong brand.

This consumer anticipation is evoked and upheld by the marketer’s consistent execution of a business concept providing the consumer with a unique benefit or with a unique/novel way to deliver a benefit. This concept is the brand strategy, its promise and its commitment to its target consumers. The “third place”, the neighborhood place you frequent in between work and home offered by Starbucks – is a brand strategy. But, wait a minute! It is also the differentiation – the competitive strategy itself! These ARE the 5% that executives do differently in order to gain an advantage. This is why the brand IS the strategy. Or more accurately, the brand strategy is the translation of the competitive strategy into a language of promises made to the consumer.

The brand’s role in the realm of marketing has changed dramatically during the past decade. Today, brand building no longer constitutes a mere manipulation of the consumer’s perceptions and desires, but it is a creation of a system that on the one-hand makes promises and arouses anticipations, while on the other-hand it delivers and realizes the promises that it makes


All About Tax Planning

Tax planning is very important if you want to make sure that your income tax return is filed quickly, effectively, accurately, and painlessly. Through careful tax planning, you can have everything you need to file your income tax return at your fingertips whenever you are ready to file. Tax planning is also helpful in the case that your income tax return is brought up for audit by the Internal Revenue Service.

Tax planning is essentially tracking your income tax deductible items as they come up, and keeping records organized and handy in case they are needed. The most important tool for tax planning is a small filing cabinet. You can use this filing cabinet to file your tax planning documents and receipts, as well as keep track of previous tax returns filed and other important documents such as birth certificates and social security cards etc. The file cabinet you get to use for your tax planning should be fire proof and have a lock. That way your tax planning documents are safe in almost any disaster, and other people cannot easily gain access to your tax planning and other important documents.

Part of tax planning is making sure that you are aware of what expenses are tax deductible. You cannot engage in tax planning and track tax deductible expenses if you don’t know what you should be tracking! The Internal Revenue Service offers many publications on this subject. However, if you have any questions about income tax deductible items you should contact a qualified, certified, and licensed tax professional.

Once you know what tax deductible expenses you will need to track for the coming tax year, you need to set up tax planning record keeping system. This can be a simple receipt book, expanding file, index cards, envelopes, or any other method that makes sense to you. Keep in mind, however, as you engage in tax planning, that your tax planning record keeping system should not only make sense to you, but also make sense to your income tax preparer and the Internal Revenue Service if necessary.

At the end of each month, you can add up the totals for the different types of income tax deductible expenses you recorded in your tax planning records for that month. This way, all you have to do to discover your tax deductible amount is add up the totals for each month. The other records you collect and track through your tax planning are simply for proof that you can claim these income tax deductions, and are not really needed for preparing your income tax return if you have all of your totals in order.

On the surface, income tax planning may seem complicated and difficult. But with proper organization, tax planning is really quite easy. Not only that, but when you engage in income tax planning, you better your chances for that larger income tax refund that you need and deserve. If you have any questions about tax planning, you should contact a tax planning professional tax accountant today!


International Business Risks

Companies rapidly expanding to the global marketplace may have the great opportunities for profit, however, if unable to carefully evaluate the international business risks involve, the “golden opportunity” perceived may soon turn into an expensive mistake.

Doing business in the domestic marketplace may involve looking only as far as the potential customer’s ability to pay and willingness to pay. When doing business internationally however, the definition of risk expands beyond customer commercial risk that includes country risk. In fact, the first thing that should be analyzed before evaluating the elements of risks associated to individual customers, is the country risk. If the country risk shows great risk then it is senseless to continue information on the customer, but if the country risk is acceptable then the nature and extent of the country risk can help formulate the method of customer risk analysis.

International Business Risks #1 – Country Risk

Approving and accepting credit to a foreign customer is also accepting the risk of the customer’s country. Country risk analysis means being decisive of the “country credit-worthiness” in terms of the willingness and ability of a foreign government to make available to local companies’ foreign exchange essential to service their foreign currency denominated responsibility or debts to foreign suppliers.

Evaluation of country risks takes into account the possibility of delayed payment or credit loss which can result from any one or a combination of four wide risk conditions such as the resource base, external accounts, political risks, and government policy. Always remember that these factors are interrelated and often overlap with each other.

International Business Risks #2 – Political Risks

Analyzing the political outlook of a country maybe more important than analyzing the financial and economic matters of the country. In political risk analysis, one should look into reasonable assurance that if ever political change comes, as it always does, the change will be orderly and there will be practical continuity in basic economic and financial policies.

The possibility of suspension on external debt or even rejection should be carefully assessed. Leadership changes can also change the way in which international investment community views the economic future of the country. Wide fluctuations in currency markets can occur as well as government policies threatening to destroy investment and property of commercial investors in a country. Capital flight is inevitable usually resulting to restrictions of the country’s government on the flow of currency and disruption in international trade.

International Business Risk #3 – Foreign Exchange Risks

Like any other commodity, currencies also follow the law of supply and demand which is subject to economic as well as political conditions. Exchange rates can fluctuate uncontrollably, sometimes a lot of times in a day, harshly complicating a company’s short-term and long-term financial strategic decisions.

The importance of analyzing international business risks should never be underestimated as all these risks have a tremendous impact on the trade of goods and services between nations and thus affecting the failure or success of a business internationally.


Four Ways To Keep Your Business Going During A Crisis

If you are a small or home based entrepreneur or a solo business owner, there is little room in your business for taking a sick day when a crisis or stressful life event happens. In today’s world our lives are complex, fast paced, and challenging. How do you keep your business going and growing during the times when life happens and you can’t work?

There are several answers to this question, and one very important caveat – if you have not yet built into your business plan this kind of possibility, then take some time and do it now!

When you are in the planning stages of business, you must consider how you are going to manage your business when you are not available. Will you hire a virtual assistant, get help from your family, or make some other arrangement?

When you are planning your business, consider early on how you are going to automate your business to be efficiently managed both from your home and work computer, and also remotely from a laptop or other internet access.

Arrange all your files in a clear and logical manner, so if you are getting help from someone, they will not be confused!

Once your business is up and running, there are several ways to manage your business in times of crisis or stress.

1. Focus on essential, income generating tasks only. An easy way to figure this out is to discover what is your Single Daily Action (SDA) that makes money in your business, and to do this. Depending on the type of business, your SDA will vary.

For example, if you build content websites, your SDA may be to add three new content pages to your site each day. If you are a writer, your SDA may be to write five pages per day. If you own a direct sales or network marketing business, your SDA may include talking to five new people about your business each day. If you own a local, service based business, your SDA may include developing new contact each day who can spread the word about your business.

2. Delegate and outsource the tasks you cannot accomplish right now. You may need to hire extra help!

3. Build into your business time for nurturance, rest and heart centered networking. Find other business people you can share with, so you are not going through this time alone.

4. Once the crisis has passed, give yourself some vacation time to recharge your batteries! This time spent will be worth every penny in helping you return to work with renewed passion and enthusiasm, no matter what challenges life may bring!


Managerial Survival Key

For business, non-profit or association managers like yourself, survival pretty much depends on whether you achieve, or fail to achieve your department, division or subsidiary objectives.

Which strongly suggests that, if you haven’t already done so, you may wish to employ a set of tools that will help you persuade your most important outside audiences to your way of thinking, then move them to take actions that lead to your success.

The tools comprise the fundamental premise of public relations: people act on their own perception of the facts before them, which leads to predictable behaviors about which something can be done. When we create, change or reinforce that opinion by reaching, persuading and moving-to-desired-action the very people whose behaviors affect the organization the most, the public relations mission is accomplished.

And the promise those tools hold for managers are behaviors like new prospects and more existing buyers, repeat purchasors, highly qualified job seekers, new capital contributions, increased membership referrals or more proposals for strategic alliances.

But there is work to do. You need information about those key external audiences. What do they know about your unit and its operations? How familiar are they, if at all, with your services or products? Have they ever worked with any of your people? Was the experience positive?

Tell the public relations folks assigned to your department, division or subsidiary that you want answers to those questions. And for the simple reason that how those important outside audiences perceive your operation usually leads to behaviors that can help or hinder you in achieving your objectives.

Work with them on a list of your key external audiences whose actions most affect your operations. Put those groups in priority order and let’s have a go at #1.

Remember that the success of your new public relations effort depends heavily on how well you gather these key audience perceptions.

Here, you have a choice. You and your PR staff can interact with members of that target audience, which seems appropriate since your PR folks are already in the perception and behavior business. Or, if a substantial budget is available to you, you can hire professional survey counsel to do the work for you.

Either way, asking members of your key target audience questions such as those outlined above along with the responses you receive, provide the foundation data that underpins your entire public relations effort.

But, as you monitor audience member responses to your questions, stay alert for hesitant or evasive observations about your organization. Do you note statements that are untrue or misconceived? How about inaccuracies, rumors or false assumptions? You’ll need to remedy them because we know that negative perceptions inevitably lead to negative behaviors that must be fixed to protect your operation.

As mentioned, the data your interactive monitoring produces is the raw material with which you create your public relations goal. And that might well be clearing up that misconception, correcting that inaccuracy or replacing an untruth with the truth.

Reaching that goal is another matter. You need the right strategy to show you how to get there. As luck would have it, they’re but three strategic choices in perception/opinion matters like this. Create perception/opinion where you have none, change that perception, or reinforce it.

Good writing doesn’t come easy, but that’s your next challenge. Here, you must put together the message you will use to transmit your corrective facts and figures to those members of your target audience.

Now, all at the same time – in a single message – you must be clear about why the false assumption, the misconception or the inaccuracy should be clarified, or even corrected. Your message must present truthful supporting facts, and must be believable and, if at all possible, compelling.

Your public relations team will provide that talent. Also discuss with them blending the message into a variety of public presentations so as not to damage its credibility with a high-profile announcement.

Keep in mind that the timetable can always be accelerated by adding new communications tactics and by increasing their frequencies. Also a good idea to continue refining and updating the message itself.

Happily, what you will have done is use a set of tools that helped you persuade your most important outside audiences to your way of thinking, then move them to take actions that lead to managerial success and, some might say, survival.


Jumping Business Hurdles

The biggest challenge that you are going to face in setting up your own business (or any other for that matter) is going to be overcoming the many hurdles that will get thrown up in front of you.

No matter what it is that you are going to be doing , whether it’s selling, reselling, freelancing or affiliate marketing there will be daily challenges thrust upon you that may sometimes make you feel like giving up. Overcoming these challenges and persevering to the other side is the only way to make a real success of your business.

Attitude is everything!

Taking the time to learn your trade is essential. Do the research and more importantly take action on what you learn. There is no point in gaining the knowledge if you are not going to put it into good use. When you buy a book, don’t just let it sit and gather dust on your book shelf.

But even when you do the above there will still be times when some things just seem beyond your reach or understanding.

“Life’s real failure is not knowing how close to success you were when you gave up.”

If you don’t understand something be sure to ask for help. A good manager will always surround themselves with people who can do well what they can’t. If your technical skills seem some what lacking then seek out those with the abilities that you need but most of all look to yourself and remember to ask why you are doing it in the first place. Keeping your motivational tools close by will help you to stay focused on what it is that you want to achieve.

“The definition of madness: Doing the same thing over and again and expecting to get different results.”

If what you are doing is not working to produce the results that you want then change your approach. Try something different. Go back to your research and find out what you can do to come at it form a different angle.

Don’t spread yourself too thin. Keep an eye on how much work you are taking on and if you find that your workload is getting to heavy then consider outsourcing to someone else or stopping your daily routine to take a step back and reassess the situation with more objectivity.

“Whether you tell yourself you can or you tell yourself you cant you’re always right.”

Your own personal philosophies are going to be your guide through the darker days of running your own business. A strong self belief in your own abilities will act as a rod of support when faced with new challenges.

Remember to congratulate and reward yourself when things go well. It’s all to easy to berate yourself for making a mistake but we can also learn from the things that we do well and use them as reference points in trying times.