Archive for the 'time management' Category

May262008

Work/Life Balance - Myth or Reality?

Since my wife is vacationing in Europe with family, the whole concept of ‘work/life’ balance has been occupying my thoughts of late.

I often wonder if my work/life scale is in balance or in a state of constant flux. Sometimes I feel like I am back in 9th grade science class, trying to balance one of those metric scales with strange substances on each side (one of which was sure to cause a chemical burn).

How do we ever really know if we are balancing our businesses or careers with the other aspect of life?

When I worked in corporate America, it was widely assumed that anyone who had a ‘work/life’ balance was not serious about their career and they were doomed to the droves of mediocrity. I remember having lunch with about 7 or 8 co-workers one day and the subject came up. Here’s an excerpt from the conversation:

Person A: “Jim? Yeah, Jim has a pretty good work/life balance.”

Person B: “True. But he’s probably not going to get anywhere that way.”

Person C: “Right. He’s just not at that level yet.”

For some people, I doubt that serious thoughts about anything other then work or career advancement enter into their psyche. For others, I think they dedicate as few neurons as possible to work.

I admit to being only a partially painted canvas, specks and blotches of paint slapped on with the beginnings of shapes taking form. I am evolving.

What amazes me is how many people wear the markings of a zero balance life like a badge of honor. Strained relationships, poor health, chronic fatigue, high stress. I have too often worn these markings proudly, only to realize that nobody really thought they were cool.

Work/life balance is not something easily divvied into piles of type A and type B personalities. It goes much further than that. For many, work defines their life. Therefore, the subject of balance is non-existent - there is nothing on the other side of the scale.

Have you ever heard an American make fun of the fact that many European countries take extensive summer holidays? I am not sure if this smacks of only pure jealousy or downright contempt, but it always seems to be said in a tone that implies that ‘Europeans are lazy.’ Lazy? Or perhaps more balanced?

The question of whether work/life balance is myth or reality is most definitely not going to be settled over the course of a blog post.

As I sit and type in the early morning of Memorial Day, I can only ponder further and continually evolve in the direction of my optimal lifestyle. I like the challenge.

May62008

Tuesday Top 5: Practical Outsourcing Tips for Part-Time Entrepreneurs

After a brief hiatus, The Weekly “Tuesday Top 5″ is back (hey, give me a break, business is on fire here!)

Some of the qualities that I value most in business are: clarity and focus. This is the impetus for the Tuesday Top 5: it is my attempt to provide some nuggets for you to use right away. If you have noticed from my prior posts, I am a very action oriented person. Having something clear and concise to work with does wonders for my psyche.

Many entrepreneurs start their businesses part time. They work a full time job and run their business at night, from home and through email and cell phone calls during the workweek. What I want to do is to give some practical guidance that will help part-time entrepreneurs be more productive so they can drive revenues higher and fire the boss once and for all.

1. Delegate non-marketing/sales functions

As an entrepreneur and small business owner, marketing is the single most important activity that you will undertake. Therefore, you should start outsourcing any activities that prevent you from spending 75%-80% of your time on marketing and selling. Some of these activities include: accounting/bookkeeping, payroll/human resource management, order fulfillment, inventory management, logistics, etc.

You will find these areas to have more redundancies and you can make them system and process dependent much faster and easier as a small business than the marketing and sales functions.

2. Go for quality over quantity

I often talk about using ‘best cost’ providers instead of ‘lowest cost’ providers. What does this mean? It means that you need to chose service providers that give you the best ‘bang for your buck’ - in terms of price, turnaround time, quality and professionalism and communication. The level to which you ignore this principle will directly correlate to dollars drained out of your bank account. Trust me.

3. Use a consistent method of communication

Chose a communication medium that works well for you and your service provider. Examples are: email, private message board and instant messaging services. I strongly advice you to use the same communication method for all interactions with your service provider. This will come in handy if there are ever any issues or problems because you can refer back to prior conversations to sort out any problems in communication or instructions or feedback.

4. Use escrow payment methods with your service providers

Escrow payment methods can provide protection for you if you feel that your service provider has not performed to the agreed upon terms and metrics. Websites like elance and guru provide this service for free and also provide a good website community.

5. Don’t be afraid to fire your providers

You must demand that your service providers perform to your expectations. Make sure you outline your expectations and performance requirements at the beginning of the business relationship. If your system breaks down with an outsourcing vendor that you are using make sure you fire them right away. After all, you are paying them - not the other way around. There is a big world of potential providers

Remember: always focus on revenue generating activities. As an entrepreneur you have to relentlessly focus on your top line and managing your cash flow. Far too many start-up businesses put the brakes on marketing and sales only to see their pipeline dry up at the most inopportune times. Keep stoking the fire.

The Top 5 for today should give you some serious ammunition that will allow you to focus more on sales and marketing. Don’t forsake this aspect of your business. To me, outsourcing is the best weapon that entrepreneurs to focus on the truly important aspects of building a business.

Here is an example of what I am talking about in action in our real estate investing business:

Our revenue generating activities surround providing both experienced and new real estate investors the best deals that fit their financial parameters and investing goals. Our daily activities focus on obtaining new investor relationships and cultivating existing relationships.

As you might guess, there can be a lot of paperwork and administrative overhead involved with real estate. It is very easy (I know from experience) to get bogged down in the process of buying and selling houses (not our business) instead of focusing on the people (this is our business). Our business is about helping people achieve their wealth accumulation goals through real estate investing. Therefore, we outsource any function we can that does not help us reach more people and bring them closer to what they need with real estate.

Since technology has opened the floodgates of globalization, we can focus more and more on helping our clients. This has the added benefit of increasing our productivity and standard of living (we can work from anywhere if we choose).

My challenge to you is to implement today’s Top 5 with gusto. Give me your feedback and make sure you email me with questions or problems you have in the process.

Feb282008

30 Second Thursdays - Volume 7 - Communication and Delegation

If you want to take your business to the next level - outsourcing more and more and working less to make more money - than you need to become progressively more efficient and effective at communicating.

One of my mentors once told me that: “most problems in the world are problems of information or communication.”

Here is this week’s 30 Second Thursday with more to say on this subject:

Jan12008

Tuesday Top 5: Top 5 Productivity Killers You Need to Neutralize for 2008

Just like weeds that pop up in your driveway or on your sidewalk, productivity killers will creep up on you in your business and professional life.  In my ongoing quest to be come ever more productive, I want to share 5 of the biggest productivity killers that I am going to be on the lookout for in 2008. 

 1. Email Madness

How many email addicts are out there?  I freely admit to being a reformed email addicts.  I went cold turkey a few weeks ago and I am now checking and responding to email only twice daily.  I admit to having an the equivalent to an ‘intervention’ done to me by my wife in this regard.  She basically shoved Tim Ferriss’ book The Four Hour Workweek at me and told me that I absolutely HAD to read it.  Right she was.

email

 I cannot express enough how eliminating email addiction as improved my productivity.  I was constantly checking and re-checking my Outlook for the latest and greatest: questions that I needed to address, people I needed to contact.  I recall doing a time analysis on myself and found that I was spending about 2.5 hours per day in Outlook.  In addition, this constant email checking was interrupting innumerable other tasks that I needed to get done.

The fact of the matter was, for me, that most of the email I got was not truly urgent and thus did not require my immediate attention.  Once you rationalize in your mind that things are not truly urgent, it become easier to put them on the back burner and attend to other tasks without undue stress or paranoia.

2. Telephone madness

 How many of you answer your cell phone within the first ring?  Do you get upset that you have missed calls when you get out of a meeting?  Do you feel a compulsion to check voicemail the first instant you see that blinking light?  If you answered ‘yes’ to any of these questions (please, be honest with yourself), than you might be suffering from this productivity killer. 

The telephone madness productivity killer goes much along the same lines as email madness.  Most people simply don’t get that many urgent phone calls that require their immediate attention.  Cell phones and other telecommunications have made phone calls as easy as breathing oxygen.  Just ask yourself if the call is really urgent - does it require your immediate attention?  If you are honest with yourself, you may realize that more often than not the answer is ‘no’.

phone

By now,  I hope you are seeing the main theme of this post, which is to try to highlight for you that you must start thinking about structuring your day and your business life so that you aren’t always feeling like you are putting out fires and running around like a chicken with its head cut off.

 3. Administrative Madness (aka the Great Paper Chase)

paper

If you were to analyze your day, minute by minute, how much ow it would you say is spent on matters and tasks that have little or no consequence to your bottom line?  Entrepreneurs are some of the absolute worst offenders when it comes to this productivity killer.  The Great Paper chase takes on many forms, including (but not limited to): payroll and benefits administration, filing and organizing, bookkeeping, bill payment, scheduling, order fulfillment, etc.

It is easy to get caught up in doing these things.  You figure: “I might as well do it because nobody else can do it better,” or “nobody cares enough to get this stuff done correctly and on time.”  If this is the case for you, (it was for me for many years) than I want you to try and experiment.  For just one week, delegate one task.  It could be anything, like preparing a newsletter, updating a website or putting together a brochure.  Before you delegate your chosen task, make a punch list of everything you do when you perform the task.  Choose someone reasonably competent.  You can find great providers on websites like Guru or Elance.  The small delegation of this task should only cost you a few bucks, and it will give you tremendous insights on how you review the work you do versus the work other people do for you, in terms of quality, timing and productivity.  You may think that I am making an overly simplistic experiment, but the best business practice to live by is the KISS principle (Keep It Simple Stupid).

 The only way to focus on what really  matter to your bottom line is to eliminate the time you spend on that which doesn’t.

4. Internet Madness

This productivity killer was one of the most difficult (and still is) for me to manage.  I am an information junkie - especially on topics such as contemporary business, politics and anything involving the Green Bay Packers.  It is hard to resist the urge to read blogs like crazy, cruise Yahoo! Finance for the latest and greatest or head over to Digg to find out what’s going on.  However, I have found that budgeting 45 minutes maximum out of each day for information inhalation is plenty.  If you give yourself a limited time and a deadline, it will prevent you from slipping into the internet abyss.

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5. Mealtime Madness

As the saying goes: “if I had a nickel for every time…”.  Well, if I had a nickel for every ‘business lunch’ that I have had that turned out to be a waste of time, I would be rich.  Some of you might point a finger at me and suggest that I chose my foodmates with greater care.  But, let’s be honest: we all do it. 

food1

Plain and simple, you should be setting up and going to business meals for two main reasons: to gain or cultivate new clients/customers/key suppliers/financiers or to celebrate business victories.  There simply is no other reason to kill 2.5 hours out of a day.  I can’t count how many business people and professionals that I know that spend about 2o hours a week having meals and coffee with people and not getting much of anything out of it.  Be selective and make sure you eat at places where the food is good in case the company is not!

Take some time to digest the first Top 5 of 2008 with the rest of your New Year’s feast.  Make 2008 the most you can by being as productive as you can.  The one thing that everyone on earth has equally is 24 hours in a day.