Posts Tagged focus
The importance of “Why” for your business
Posted by Billy in Business Theory & Strategy on May 11, 2010
Why do you do what you do? Don’t think just ‘what’ or ‘how’ but WHY!! This is a great talk that discusses the importance of purpose in motive (and sorry, profit is not purpose but result). This is a great way to start the conversation about your business’ mission, vision, and values. I hesitate to even use those buzz words as they’ve been so prostituted out they’re nearly worthless (thanks in large to monotonous academia, sorry you crazy academics but its true). If these concepts can penetrate to the core of who you are and who your organization is, THEN they become powerful enough to overcome all odds, just as the Wright brothers example given in the vid. Ensure you check out the last post here to continue the conversation of “why”. Check it out and let me know what you think!
Steps to kick off the year right!
Posted by Billy in Trends & Ideas on January 4, 2010
The new year is upon us! Thousands of bloggers are discussing new year’s resolutions and its a great time to set up goals, renew efforts and get back into the swing of things. Renewal is powerful and what a better time than following a long holiday vacation, the rejuvenation there from, and a new tax year. Which brings me to my point today! What are some areas to remember in business while making your resolutions and starting out in 2010? Lets list them out:
- Get organized! – possibly a more common goal is to get organized. The opportunity to re-look at your systems and methods of tracking the stuff that needs to get done is one that should not be missed. Look at the tools you use, the concepts and tenets you follow (i.e. GTD, 7 Habits, etc.) and the schedule (work, home, balance) you keep. We will be unveiling a new system and tool to help with this over the next few months called Akomplish. I’m excited for what it will do and the flexibility it will offer for you to live and work the way YOU want to.
- re-address your tax planning – With 2009 said and done, it is a great time to look at how you do taxes, bookkeeping, and financial accountability and tracking. It will be much easier to start now than shift gears mid-year and cause confusion and chaos for yourself and your accountants. Look at the past year and see what expenses could have been written off but were lost in the minutiae of living. I know, I know, accounting sucks and is no fun (unless you actually ARE an accountant, then it might be okay to you although you also may not like it!). The advantages of doing it right the first time and from the beginning will pay off, no doubt about it.
- 2009 in review – Take a look at what was done and not done in 2009. What could you have done better? What should you have done but didn’t? What bold moves do you wish you’d taken? Well, lets do them this year!! How can this information and introspection be incorporated into your new year’s resolutions?
- Life Balance – Well, you work too much or too little. You probably don’t have any hobbies but “family” or something cliche like that. By the way, family is not a ‘hobby’, although important to you. What do you do with them? What can you do to unwind and breakup the life of work? Having hobbies will prove invaluable as stress mounts from other money-generating areas of life. For myself, I find this solace in photography, painting, mountain biking, and the like. In fact, my wife would contend that I have too many hobbies! Either way, having a good way to be productive without ‘work’ or pay (this does NOT include watching TV or wasting time) is an important part of balance. Now, maybe you are lucky enough to do what you love for a living! Yay, hooray! I don’t care… find another hobby as well. That doesn’t mean you quit loving work but you don’t want work to burn you out of loving it anymore. For that reason, find a hobby! Now don’t neglect your family for this hobby, again we are discussing BALANCE. Maybe share your hobby with them or find some other way to balance.
Well, there you go. Four points to consider with your New Year’s resolutions!! Any other major points that we all ought to consider?
Jason Fried goes against the grain, always interesting
Posted by Billy in Business Theory & Strategy, Entrepreneurship on December 15, 2009
Episode 4 of 37 Signals’ podcast is Jason Fried’s speech at BIG Omaha 2009. As usual, he creates some friction with his viewpoints that often oppose the “trend & hype” of current venture buzz. I like it! I like the balance and alternative thinking that helps ground the entrepreneur. Listen to it here. and here is the quick and dirty summary from their site:
In this talk, Jason discusses what he’s learned at 37signals over the years. Topics covered: The idea that you should “fail early, fail often” is bogus. Plans are guesses. Interruption is the enemy of productivity. Sell your byproduct. Emulate chefs. Focus on what won’t change. If you want to do something, you’ve got to do it now.
Listen to it, I highly recommend it. If you feel the need, let me know what you think of the key ideas, namely:
- “Fail early, fail often” debunked.
- Planning is a joke, just live in the moment!
- Don’t talk to each other, its an interruption. Use tools instead.
- Sell byproducts.
etc…
Empathy & principles of long-term success
Posted by Billy in Business Theory & Strategy on November 12, 2009
Being empathetic seems like one of the most intuitive and obvious necessities in business (that is empathy with your customer). Obviously this is not the case as books are being written to help businesses see this point. I recently read “Wired to Care” by [author], which centers on the concept of empathy regarding your “end user.” One of the biggest issues in business today is the focus on profits, particularly short-term profits. This is especially difficult with publicly traded companies as the reputation and stock price often lives and dies by quarterly results, thanks to a fickle, impatient, and often uneducated public response. This creates corporate actions opting for short-term, short-lived results over long-term growth when it may require short-term “sacrifices” (how much of a sacrifice is it if the long term result is so much better!). I really enjoyed the book and would recommend it to anyone looking to improve their “connection” with their client, which is about everyone. I definitely buy into the philosophy that a customer-centered business is and/or will be the most successful (especially for the long-haul). In fact, the Business Blueprint model is entirely centered in the “value exchange” with your customer and empathy is one of the keys to optimizing it. Empathy has many auxiliary benefits, not just improved products and services but brand loyalty, and customer retention.
One of my favorite examples given in the book was of a company called Zildjian which was founded 400 years ago (that’s right, 4 centuries!). You’ve gotta love an American company that is older than the U.S. of A! (it was founded in Constantinople by Avedis Zildjian, an Armenian Alchemist. Check them out …) The company has been officially recognized as the oldest continually family-owned biz in America. Some of the companies current success as the worlds best cymbal maker is attributed to the fact that Armand Zildjian played drums himself and had very close friendship with many of the best drummers of the time. This relationship with the drums allowed him to create a better, more innovative product that continues to lead the “pack” today in cymbal quality. A company that old requires some open mindedness (obviously it was not founded on “drum” products) and empathy-driven innovations. The ability to adapt to the variations and evolution of customer demand is a large part of this empathy that innovators must embrace in order to create 400 year old successful companies.
How will your company get to age 400? What strategies and core values can you implement now that will drive long term success?
The Myth of Job Security
Posted by Billy in Business Theory & Strategy, Entrepreneurship on November 10, 2009
In an economy such as this, I may be beating a dead horse in discussing job security but for those who hang on to certain notions of this myth, my goal is to rewire thinking. The millenial generation (we’ll call them genYers) is developing far different thought processes than their baby boomer parents and older generations. During the first half of the 20th century, the key to the good life was putting in 30+ years at a company and retiring with the gold watch and a pension. As Donna Fenn puts it in her book “Upstarts”, entrepreneurship was compared to hocking watches on a street corner, essentially, looked down upon. One of the biggest arguments put forth is regarding job security. Ideas such as “better safe than sorry” permeate the discussions. A big strong company will take care of you and the whims of the market can’t take down the big boys like they can a small business. Being self employed is dangerous and risky. As the market has marched on, the truth has been quite different. Not that the small businesses are surviving any more than others but simply that the big boys can and do fail, leaving many unemployed. Even if complete failure isn’t the issue, cutbacks and downsizing lead equally to lost jobs. What I find very interesting is the fact that job security is basically lost when it is needed most. You might work for a large company for years with all this great security. Suddenly, the economy takes a turn for the worst and the word at the water cooler is big downsizing and your position is on the chopping block! The fact is, when you actually had job security is when everyone is doing well, including the small “risky” business.
Entrepreneurs have True Job Security
Job security ultimately is found Read the rest of this entry »
Do less, make more: The Power of Focus (still works)
Posted by Billy in Business Theory & Strategy on September 12, 2009
This is definitely an old concept that you will find in all the best business and self-help books. Nearly every consultant will speak of focus as well and there is reason it has stood the tests of time. Often, we find ourselves in conflict with our willingness to perform any service or provide any product a potential client can imagine. Especially in it’s earliest stages, business tends to go “where the money is.” This typically leads to a lot of additional work with little additional reward, not justifying the investment (time, etc.). The idea of focus, especially in early development is crucial.
A recent discussion with a business associate and friend reminded me of the importance of focus. When you find yourself too busy, working late and wanting more, you may have a focus problem. A coach told my associate to look at the list of products and services he had written up on a board and went through a series of questions. Anyone should do a similar exercise: Create a list of all your products or services and ask yourself these questions. Which ONE offering makes the most economic sense? Which ONE of any would you want to do most? Which ONE offers the most potential? Now, take that service and FOCUS! Make that your primary service. Don’t waste much time on others, maybe a few auxiliary services and products but with little focus on these. As a new company, identify your bread and butter and make it the best bread and butter you’ve ever tasted. Now sell that bread and butter to everyone since its the best they’ll taste too. Later, once systems are developed, processes formed, pipelines automated, then you can look at the fringe, the extras, the additional pursuits.
Think about your endeavor and reassess your focus.
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