Picking up from my last post…

I got into some bad habits as to my own time management was concerned.

First, I started doing the small and or unimportant things early in the morning, rationalizing to myself that this would leave me some good blocks of time for my more difficult and also more strategic issues.

WRONG – the best time to work strategically (working on your business) is the first thing, this is when you are sharpest, when you are your most creative and when your concentration is highest.

Second, even though I do monthly, weekly and daily planning and schedules, I stopped reviewing them always at the end of the time frame. I was telling myself that there were good reasons for not reviewing them – heck, I am always productive, I always get things done.

WRONG – the lined out items became fewer and fewer which led to…

Third, I started pushing things to Saturday – “my free day” again rationalizing to myself that there were good reasons for this – I’m busy guy. And fourth I stopped using my accountability partner to check my progress.

WRONG on both counts… again! This caused a major upheaval in my household, my put her foot down about all work and no play.

My solution – go back to the basics:
1) I got back together with my accountability partner. It’s too easy to rationalize to yourself. It’s much harder to blow smoke at your accountability partner.
2) I started working on the strategic things first thing during the day – depending on coaching appointments.
3) At the end of each day I went back to reviewing my schedule to see what I got done and why.

The results are in, for the last month I have been more productive than I have been for at least six months. My sense of accomplishment and achievement were sky-high. My Saturdays became semi-free (I still have two major projects that I knew would take some Saturday time) and I am a much happier camper.

So, the moral of the story is – never, never, never get away from the sound fundamentals of any discipline. There is a reason they are sound fundamentals – THEY WORK!!!
 

As a business consultant, one of the first issues I address with clients is Time Management. Entrepreneurs typically don’t have good time management. Most of them are used to doing what they want, when they want, where they want, and how they want.

I’m not saying they lack discipline, after all they started a business and they built a business to some level or another. But and this is a big but, they generally don’t have a tight structure that they operate under. This structure is not necessarily a rigid and dogmatic structure, but structure nonetheless.

Somewhere along the way they lost an amount of the discipline that made them so effective in the start up and building stages of their business. So as a business consultant it is my job to help them rediscover that structure and discipline that will help them become effective time managers again.

Some of the pillars of good time management are
Be strategic first (working ON the business), tactical second (working IN the business)
Work on the most important things earlier, rather than later
Work on the same type of thing (strategies, tactics, sales, marketing – whatever) at a consistent time, on consistent days of the week
Measuring themselves as to their effectiveness

These pillars are there to put the entrepreneur in the right frame of mind, to give them a routine, to help them gain a sense of accomplishment and achievement and allow them to check themselves against their plan and course correct as necessary.

In my next post your humble correspondent will relate some personal observations.
 

This is part two of a two part blog…

When advising business owners one of the issues we insist they do is periodic reviews of their business. While year-end is a great time to take stock of the past year and lay plans for the New Year, you should also do mid-year and even quarterly reviews.

Here are the last four of the seven tips to get you started!

Create a Marketing Plan - Evaluate your marketing mix for the past year, and make changes for the better for the coming year. Freshen up your marketing message and strategy. Are you consistently getting the right message out to the public, or do you find your strategy and materials are sending out mixed messages? ¬

Update the Database - Review your database, updating information as needed. Renew contact with lapsed customers, and touch base with your existing customers. Ask for more referrals from some of your best customers; connecting their associates business with yours is a win-win situation. It is a quick and inexpensive way to increase business.

Review Staff- ldentify staff behaviors and accomplishments that should be acknowledged or even rewarded. Also, identify those whose behaviors or work need to be addressed and improved. Everyone wants feedback on: how they are doing. If you have difficulty remembering pertinent examples, schedule a few minutes each day or week to update notes (both positive and negative) for performance reviews for each of your direct reports.

Learn Something New - Resolve to update or improve your profession¬al skills. Take a class or plan to read a book or two in an area in which you feel you could use more training.

Eliminating products or services? Let affected customers know the reasons and provide alternatives (even a competitor) for their needs. Some of these customers may also purchase from your more profitable areas now or in the future, so do not alienate them or adversely affect your reputation.
 

This is part one of a two part blog…

When advising business owners one of the issues we insist they do is periodic reviews of their business. While year-end is a great time to take stock of the past year and lay plans for the New Year, you should also do mid-year and even quarterly reviews.

Here are three of the seven tips to get you started!

Run a Financial Check-Up - Are you where you had hoped to be finan¬cially for the year? Check your Profit and Loss, Income, and Expense Reports. Review your sales reports to determine the more profitable areas of business and areas where sales were sub par. Create a plan for increasing business in more profitable areas during the coming year. Either prepare to eliminate less profitable ventures, channels, or market segments or create plans to increase their profitability.

Prepare a Budget - Examine your projected budget and actual expenses for the year. Prepare a budget for the New Year, and resolve to stick to it! Factor in expenses for computer and software updates and purchas¬es of new equipment. Be sure to allow for changes in your marketing strategy for the upcoming year. Prepare a list of areas to cut if profits or cash flow start running below expectations and a list of contingent opportunities to add or increase if cash flow runs higher.

Plan to Succeed - Businesses that fail to plan, plan to fail. Create that fresh business plan you’ve been thinking about. Or, if your financial check-up shows variances, fine-tune your existing business plan for the coming year. Set aside some quality time in January to lay the ground¬work for future sales.
 

As a business advisor, when I work with decision makers on one of the more difficult issues confronting them – managing change, I give them a few key items that they must address early on in the process…

If you are trying top steer a new course, be sure your seasoned veterans and new recruits are on board.

It Takes Many Hands to Move a Ship - Maybe you have heard from, or commiserated with, other owners and managers who have been trying to "turn the ship" and feel that it is a solitary endeavor. Steering a new course is always challenging, but if you agree with the premise that it is easier to steer a ship when all hands set the rigging toward your intended heading, then it makes sense to bring your "crew" up to speed with your plans and not to consider them as adversaries. If you see yourself as solely responsible for bringing about change, your employees will probably wonder where, if at all, they fit into your plans. When they know "something" - but not "what" - is going on, they may fear that any action might hinder rather than assist your change, or they may take incorrect action. This can take the "wind out of their sails" and cause them to step back and avoid any actions that you may potentially welcome.

Keep an Open Mind - If you are coming into a new situation, keep an open mind about an individual employee’s performance. Most people perform differently under various circumstances. Evaluate any informa¬tion given to you by previous management in light of your own obser¬vations. Communicate and interact with employees to learn more about their strengths and weaknesses and how they interact and work with others. You may be able to inspire a disgruntled or underutilized employee to step up and meet new challenges. Going into a new endeavor with a "clean house" approach usually becomes a self-fulfill¬ing prophecy and can cripple your business, leaving it short on valu¬able experience. Better to go with a "clean slate" approach.

Address Employee Fears - Employee resistance to change is largely based on fear of change. If your employees appear to be resisting change, ask questions to find out why. They may fear that the company will not survive a change, or that they will lose their job. Change may bring specific challenges to them that they feel ill equipped to meet. Communicate your reasons for bringing change to the company and the negative consequences of not taking action. Listen to and acknowl¬edge your employees’ thoughts. Try to minimize the hardships of change for employees. If job responsibilities are changed, offer an opportunity for training. If an employee wants to take this opportunity to try something different, see if this can fit with, or even facilitate, your plans. If you need to cut staff in come areas, retained staff will judge how you handle it. You might shuffle staff in different groups; give ample notice; or provide outplacement assistance, severance, or re-training.

Tips for Time Management

As a business coach and advisor I have found that Time Managment is one of the most difficult issues for the harried entrepreneur to master.  Here are some tips that should help. 

We all begin our days with the best of intentions to be as productive as possible, but we frequently find our¬selves "sidetracked" by the day-to¬day unforeseen circumstances that tug us in different directions. Here are some tips to help you navigate around day-to-day time "hazards."

* Set aside 15 minutes to a half hour at the end of each day to review what you’ve accomplished and to make a To-Do list for the next day. Prioritize! Either list the tasks in order of importance or assign a letter to each task "A" being urgent, "B," important, and "C," of less importance. The next day, pull out your list and take care of your priority tasks first.

* Some times it’s good to get "lost," because you can’t be found and interrupted. If possible, schedule blocks of time out of the office to complete important pro¬jects. Work at your library, your home office, or a local coffee shop. Or set time to close your office door and let employees know that time is sacred.

* Coming and going from the office to run errands can be a time¬waster. Group errands to the post office, store, and bank to make the best use of your time, or, if possible, delegate them to an employee.

* Take a break or two. Take time to breathe, relax, or stretch. Don’t skip the morning coffee break. If you work on a comput¬er for long stretches of time, be sure to stand up and stretch your arms and legs.

* Are you in control of your paperwork, or is controlling you? If you have difficulty finding important papers, hire someone to help you set up a simple filing system.

* The manner in which you organize and plan is up to you, whether your choice be a detailed planning system or simple To-Do lists. Electronic devices are great when you’re on the go and computer software calendars and organizers are useful for those who travel with a laptop. You might find a program like Microsoft Entourage, which provides project management tools, helpful. The important thing is to choose a system that works best for you.

* Technology is a godsend, and a curse. E-mail, the internet, and faxes are fantastic business tools, but they can be great time¬wasters as well. Unless you have urgent outgoing or incoming communication, check your e-mail and faxes after lunch and again later in the day. Respond to the most urgent and put the others on your agenda for the next day. As much as possible, set aside a scheduled time for e-mailing, faxing, or surfing the net. This will make it easier to set limits.

* Communication is important, but too many phone interruptions can leave you with a feeling you’ve accomplished nothing. If your days are fragmented with incoming and outgoing phone calls, and if your business allows, schedule blocks of time dur¬ing the day to return or make calls. Consider hiring a secretary to answer and screen calls, or allowing calls to go to voice mail if you’re in the middle of a project. Cell phones are a great way to keep in touch, but again, allow yourself some down time; don’t be afraid to turn your cell phone off.

"Time is the coin of your life. It is the only coin you have, and only you can determine how it will be spent. Be careful lest you let other people spend it for you."
Carl Sandberg

You can’t create time, however, you may be able to better manage the time you have. Here’s how:

Choose a Destination - Increasing time spent on one task or project requires you spending less time on another. Take a moment to re-examine your long-term goals. What are your work and personal goals for the year? List five things you would like to accomplish, such as: cultivate clients in a different sector, boost sales of an existing product, or spend more time with family.

Prioritize them, giving as much thought to your "wants" as to your "needs." Focus first on the goals that are most important or urgent-the ones you value most and are willing to commit to.

Make Each Mile Count - Choose one or two goals to accomplish over the next few months, moving on to other goals on your list as the year proceeds. The majority of your time should be spent in completing goal-directed tasks.

Create a list of objectives, or "steps" towards each goal. If your goal is to expand your business a new sector, schedule time to research potential areas of profitability or identify and meet new clients.

Schedule tasks such as soliciting a number of clients each month or attending a networking event to help you keep moving forward. You’ll stay on target if you ask yourself daily, "Am I doing what I’m supposed to be doing in order to reach my goals?"

Take What You Need - Consider the equipment or services you need in order to reach your goals. Use of accounting software such as QuickBooks or Peachtree, could allow you to spend more time soliciting clients and less time going over the books. Minding the store could be delegated to a capable employee. Hiring an expert to update your website or help with other areas could free up more time to concentrate on goal-oriented items.

Pack Well - Everybody has their own organiza¬tional style; some offices are cluttered and others pristine. As a general rule of thumb, organize the tools of your trade in such a way that they are always at hand when you need them. Don’t lose a half-hour searching for the "one thing" you need in order to complete a simple five-minute task. If clut¬ter bums up excess time, bring in a file clerk or professional organizer for a "tune-up."

Always Look Ahead - Keep your calendar handy and with you at all times. If you make an appointment, get some news, or have an idea, jot it down immediately. Set aside some time at the end of each day and week to assess your progress and to strategize for the following day and week. Schedule tasks, meetings, and, most importantly, blocks of uninterrupted time to work on your short- and long-term goals. If you have work due for a client, allot enough time for completion. Don’t forget to factor in important personal and social obligations!

Fuel Up - You can’t run on fumes forever, and you can’t run on empty at all. Be sure not to drain yourself by overbooking, over-committing, skipping breakfast, or sacrificing exercise or family time on a regular basis.

Plan quality time with family and friends. If exercise is important to you, schedule it. Allow yourself substantial time to complete tasks. After work on a big project, take a break. Meet a friend for lunch, take a walk or shift to work that requires less thought or energy. Put yourself and your needs "on the agenda."

As a business coach I advise every business owner I work with that their business can benefit from a leader’s laser focus and passionate attention to detail. However, when passion turns to obsession, productivity and morale are at risk.

Passion or micro-management? When owners can’t let go, companies fail to grow. Opportunities stall at the feet of an owner who insists on know¬ing every trivial thing, attending every routine meeting, meddling in the everyday tasks of competent staff, calling each and every shot. If you want your business to expand, you need to curb the urge to micro-manage.

You are not a Super Hero, and you cannot do it all. Trying to do it all, in fact, can be a recipe for failure. Taking everything upon yourself could eventually lead to an inability to meet a customers needs and frustrate capable employees who are eager to expand their skills and grow with your business. Learning to delegate, train, and trust key employees will ensure that you keep valued customers and retain qualified employees.

A desire for perfection can be trouble. Working to provide your cus¬tomers with the best service or product possible makes good sense. But beware thinking that no one else can do anything as well as you, nobody cares as much about customers, no one puts in as many dedicated or pro¬ductive hours. Recognize that nobody, including you, is perfect. You need a clear assessment of your own strengths and weaknesses, space for con¬tribution of good ideas, and a plan to develop additional talent to fuel growth. Some people out there have skills you may not have, and some of them may be your employees!

Let go in stages. Delegate thoughtfully and incrementally. Suddenly shift¬ing your responsibilities all at once won’t work. It should be done gradu¬ally, so both you and your employees can grow into new roles. Your employees will better represent you if you train them gradually and reward them with increased responsibility.

Get help from specialists. Tapping the objective insights of outsiders car help you figure out where to hold on and where to let go. Regular meet¬ings with an informal board of advisers can help, whether they’re paid or not. Also consider working with a professional business coach, or rely on close friends or professional associates.

As a business advisor when I’m working with clients who are having communications issues with their clients, vendors, employees or other stake holders, I educate them on listening and negotiating skills.  First they need to get to the root cause of the dispute and second they need to negotiate in (good faith) a reasonable result for all concerned.  Today I’ll review some communications skills and methods to employ.

Your ability to listen may be the difference between keeping or losing a valued customer, engaging or alienating an employee, or capturing or losing new business. Here are a few tips on how you can become a better listener.

Focus on the Speaker.
Stop what you’re doing, face the speaker, and make eye contact. When you acknowledge your customer, business contact, or employee, you show the speaker that you’re interested in hearing what she or he has to say. Don’t interrupt; hold that really good point you want to make until the speaker is finished.

Empathize and Accept.
"Walk a mile" in the speaker’s shoes. Make an effort to understand the speaker’s feelings as well as the facts. Avoid verbal and non-verbal expres¬sions of disagreement. Too many ques¬tions may lead the speaker to feel bad¬gered, while restating what’s been said can affirm you hear and understand the speaker.

Be Observant and Be Aware.
Remember that not all information is verbal. Watch the speaker’s expressions, gestures and other non¬verbal cues. Be aware of your body posture as well - remember that crossed arms may feel comfortable to you, but may look like you are putting up defenses from another’s point of view. On the other hand, nodding your head can be a great way to say, "I’m listening."

Be Candid.
Often, the easiest way you can get oth¬ers to open up is to be honest and open yourself. Throwing your sword and shield away can lead to a more open, problem-solving dialogue. Talk about your observations, perceptions, and feelings in a direct, concrete, non¬-threatening manner.

Tailor Your Response to the Situation.
When in doubt, listen. When asked to respond, respond thoughtfully. The more you listen, the more you’ll actually hear, and the more effective your conversation will be. Taking the time to listen can go a long way towards handling irate customers or frustrated employees and may help you to avoid those stressful situations in the first place.

In business it is unavoidable not to have conflicts. You can have conflicts with clients, vendors, partners, employees, regulatory agencies. When you do have conflicts there are methods to resolve the conflict.

One I’ve found and as a business advisor I recommend to my clients is from the Seton Hall University website; they recommend that we remember the four “C’s”

Communicate – Don’t sulk or hide. Talk out the problem

Cooperation – Work together to figure out exactly where you’re at odds. You can’t solve what you can’t identify.

Compromise – Each of you should prioritize what’s important to you. Once you know what you must keep, you will know what you’re will to give up.

Consolidation – Avoid future misunderstandings by formalizing your agreement in writing.

Try this method the next you need to resolve a conflict.