7 Little Strategies that Equal Big Success

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It is often practicing the simple habits that result in running a successful business. There are proven leadership methods that can make the difference between a growing and profitable business that stays afloat, and one that sinks. You’ve heard it before: Work smarter, not harder.

Here are 7 tips to do just that in this new year:

  1. Watch cash flow. Poor finances can ruin any business, so it is imperative that a small business owner understands how to keep the cash flow steady, spend intelligently, and grow the business intentionally. Regular cash flow projections are an important ingredient to ensure you don’t run out of cash.
  2. Follow the leader. It’s key to learn from people who have achieved goals like yours. It’s lonely at the top, but having a mentor, or being in a business leader program, are smart and simple options.
  3. Track spending! It’s easy to go overboard on certain areas of your business, such as marketing. Pay close attention and track spending to determine what spend activities work and why.
  4. Know your strengths and hire for your weaknesses. Hire people who can complement your skills and help fill in your blind spots. Think efficient use of energy and resources.
  5. Take a minute to plan. Strategizing and planning can oftentimes be easier said than done. However, spending time on this activity up front will lead to greater successes and less risk in the long run. Successful companies have vision and execution.
  6. Get in the right mindset. Having confidence in your ability and knowing you can achieve success matters. Don’t underestimate your subconscious’ s ability to impact goals. Visualization techniques and the use of mantras you can live by can drive that impact. “Slow is smooth, and smooth is fast” is a mantra used by the Navy SEALS when they are under pressure situations.
  7. Delegate, delegate, delegate. There are people who can do it as well, if not better, than you can. Hiring the right people and clearly outlining their responsibilities will make your job easier and your company more effective. Micromanaging can be detrimental to your success.

Some successes in life are owed to good luck and good timing, but the majority are the result of good leadership, efficient use of resources, and seeing opportunities to take. The strategic habits we implement in our business are an important part of its success.

Should the ability to simplify be considered a superpower? Yes!

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The ability to simplify an issue is a skill that I feel is under appreciated these days.  We tend to add actions on processes thinking that it will improve it when it’s just making in more complicated and inefficient.  Why do we fall towards complexity?  The feeling is that all progress is the result of action.  But it’s the right action that needs to be implemented, not necessarily more actions.  For example, studies show that people who trade equity stocks frequently make less money than those who invest in a few equities and sit tight.

Isaac Newton once said, “truth is ever to be found in simplicity, and not in the multiplicity of things….”  For me this brings home the concept of the Pareto rule which states that 80% of your results comes from only 20% of your actions.  In other words, to get most of your results you can remove 80% of your activity.  Getting rid of distractions helps me feel less overloaded and more focused.

It’s interesting that Leonardo Da Vinci referred to simplicity as the ultimate sophistication.  It comes from subtraction–not addition–of activities.  Intentional subtraction from a process can make it more efficient.  One of the keys to this though is as Einstein said, “Everything should be made as simple as possible, but no simpler.”

Implementing this habit requires reflection and introspection on our part to see where we can remove the complexity from our business processes or your life design.  Once you do, you might find your work and personal pursuits more fulfilling.

Want to simplify your business planning? Check out our free one-page business plan template

Small Changes Lead to Big Productivity Results

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Some people seem to have the golden secret to being highly productive. They may be naturally motivated and organized, but in truth, everyone has the power to increase their productivity. It’s all about habits. There are small, very feasible changes that when done repeatedly become habits. Even people who seem inflexible and stuck in their ways can learn to be productive.

We’ve highlighted a few of our favorite productivity tips below:

  • Prioritize. It’s fine to write a 5-page to-do list, but make sure to separate the “must happen today” list from the “must happen this week/month/year” list. There’s also the “would be nice if it ever happens” list. You get the picture. There is a saying about the “power of three” which I use for my daily work.  Listing only three priorities on my daily “to do” list in order of priority.  I start on the first priority on the list, and I don’t go to the second one until the first one is completed.
  • Give yourself deadlines. Deadlines are powerful psychological tools. If you are expected to give a presentation on Friday, you would get everything done, even if you cram it in at the last minute, right? For most people, simply having the intention to do something “soon” or “eventually” means there’s a good chance it won’t get done at all. The more time you must do something, the longer it will take you to do it.  Set a date and stick to it!
  • Make work time work time. Have a specific work area and everything ready to go when it’s work time. Keep distractions at a minimum. Stay focused and avoid podcasts, TV, social media, online shopping, email, and unplanned phone calls. Turn off all unnecessary notifications and alarms. You’ll be amazed at how your production skyrockets. Find the time of the day you feel best suits your energy levels and block off a 3-4-hour chunk of time to do your deep work.
  • Keep your free time free. Time is not renewable, so honor yours. It’s quite easy to cram too much into a day and feel guilty when you don’t get everything done. It’s ok to say no to someone if it is not a priority that fits into your day. Resist the temptation to rearrange your schedule to make room for more obligations. As Derek Sivers, founder of CDBaby.com, says about making commitments:  “If it is not a heck yeah, it is a no!”
  • Take a walk. It’s not new news that physical activity is good for you. Add “increased productivity” to the list of walking benefits. Walks are refreshing and they provide much needed breaks, fresh air, and renewed energy. Don’t think you have time for it? A 5-10 minute walk will do the body (and mind) good.
  • Drink water. This is another one that we hear all the time. That’s because your body and your mind need enough water (2.5 liters/day for women and 3.5 liters/day for men) to operate at 100%. Dehydration impacts cognitive and motor functions, skin, mood, and more.
  • Take regular breaks. Everyone is different so be mindful of what you need for optimal productivity. Some people do best by working 25 minutes followed by a 5-minute break (pomodoro technique), while others do better work for an hour then taking a 10-minute break. These mini breaks are powerful when used correctly and can drastically improve a person’s ability to focus. Feel free to set a timer if it helps you to stay on track!
  • Prepare the night before. A day that begins by scrambling to find matching shoes, a coat, lunch, medication, your laptop, workout clothes, etc., is not fun. In fact, it’s stressful. I don’t regret waking up feeling prepared for the day ahead. So go ahead and make that list ahead of time.

While this list of tips might seem simple, implementing these small changes into your daily schedule can lead to big results. You will feel more productive in your work time, and you might even feel as if you have more free time.

7 Traits of Successful Leaders

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All business leaders are not alike. There are many different leadership styles, all of which can be successful. However, if you take a handful of department heads with unique management styles, and you will see very similar traits in all of them.

The seven traits that are common to most successful business leaders include the following:

  1. Authenticity.  People can sense authenticity and authenticity is directly related to trust. Employees are much more likely to work hard for someone who is the “real thing.” True leaders stay true to their values regardless of the pressure that they are under to act otherwise. They are honest with themselves and others, and take responsibility for their mistakes.
  2. Resilience.  There will always be challenges in work and home life — what’s important is how one responds to the challenges. A great leader not only faces challenges head on, but also grows stronger as a result.
  3. Ability to delegate. Delegating is difficult for many leaders, but it’s important. Leaders who are good at delegating show employees that they have trust in them and have confidence in them. Delegating promotes learning and growth in employees.
  4. Empathy.  Empathy can make the difference between good and bad leaders. Being able to put yourself in someone else’s place is a skill that many managers or top executives lack. A leader who shows empathy toward direct reports is more likely to be viewed as a better performer by “higher ups.” People will work hard for and appreciate an empathetic leader who demonstrates compassion.
  5. Excellent communication.  This one seems obvious but can sometimes be overlooked. This means communicating with a variety of people in a variety of ways, including social media, text, phone calls, Zoom meetings, email and face-to-face. Don’t forget that active listening is just as important as talking. Listening to concerns, asking for feedback, and showing appreciation all play vital roles in how a leader is viewed. Communication is also not always verbal, but seeing non-verbal cues is a quality in an effective leader. The quality of excellent communication directly correlates to the success of a business.
  6. Honesty. It’s often hard to speak up in the workplace, especially to executives, but it’s a trait that is essential to a thriving business. It’s easy for resentment to build and gossip to begin when employees don’t feel comfortable sharing ideas and opinions. Good leaders have the courage to be honest and demonstrate the ability to discuss difficult topics. Leaders intentionally create an environment that encourages employees to do the same.
  7. Respectful.  People who feel like their boss respects them work much harder to meet goals than those who don’t. Respect motivates people to trust others and to work hard to meet and exceed expectations. Employees who have the respect of a manager, also have a sense of purpose and feel valued by their company. A lack of respect can oftentimes lead to a lack of motivation and mediocre work.

What traits are your strengths?  Where are you not as strong?  Having these traits as part of your leadership team will help set the tone at your business and its course of success.

Mastermind is the Name of the Game

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What is a mastermind group? This timeless concept is explained by Napoleon Hill in his books published in the 1920s and ’30s, The Law of Success and Think and Grow Rich.

Some mastermind groups are informal with 2-3 people and other groups are more formally organized, such as organizations like Vistage (www.Vistage.com), YPO (www.YPO.org), or View From the Top (www.viewfromthetop.com).   More formal mastermind groups consist of approximately 8-12 peers who meet on a regular basis (weekly or monthly) either in-person or via Zoom. Members pay monthly dues, and their fee often covers in-person speaker(s), activities, and/or retreats.

CEO & Co-Founder of Sustainable Investment Group (www.sigearth.com), Charlie Chichetti, has belonged to a 10-person mastermind group, Iron Sharpens Iron (“ISI”) as part of the View From the Top, for the past six years. Chichetti says the strength of a group lies in the diverse personal and business experiences of its members. Participants share best practices and hold each other accountable for tackling problems and meeting goals. Each member takes a turn in the “hot seat,” while the rest of the group brainstorms strategies and solutions to aid them in facing their challenges head on. A successful mastermind group enhances its members’ business AND personal lives.

Make no mistake, these formal groups like Vistage and ISI are not laid-back clubs.  Attendance and participation are  required. Members are expected to present problems, as well as provide feedback. The group devises a method of holding members accountable for following through, which keeps everyone focused and on track.

Charlie Chichetti offers the following guidelines to create an efficient and productive mastermind group:

  • Meetings are not the time to multi-task; they should be structured and begin and end on time.
  • Be present – both physically and mentally.
  • Members should come with a giving—as opposed to taking—mindset.
  • Include a mix of members, including “solopreneurs,” people from small- to large-size businesses and from different industries.

Trace Blackmore, owner of Blackmore Enterprises (www.blackmore-enterprises.com), has been part of a mastermind group for the past 10 years. He currently facilitates a mastermind group, Rising Tide (www.scalinguph2o.com/mastermind), and is a firm believer that learning from others’ mistakes and successes is one of the best tools for good decision making. Like Chichetti, Blackmore contends that the structure of mastermind groups is key to their success. He provided the following guidance to anyone who is part of a mastermind group, or is considering joining one:

  • All devices should be on silent mode during the meetings.
  • Progress is expected every week and a group may choose to offer consequences for members who come unprepared.
  • Before deciding to join a mastermind group, be sure you have the time, energy, and desire to make it a priority.
  • Each meeting should start by celebrating wins. Support and accolades are integral to keeping members motivated.
  • Ask questions! Questions help people think and look at circumstances from different perspectives and keep people from jumping to conclusions until they have all the information.
  • Members should be honest, while doing so in a tactful way. A book titled Fierce Conversations by Susan Scott is a good resource.
  • Individual goals and plans should be clearly verbalized to the group and should include deadlines for completion. This keeps people focused and on track.
  • What happens in mastermind stays in mastermind. Like all of life, business and personal events overlap, and problems and solutions are often of a personal nature.

Now you are officially aware of the who, what, when, where, and why and of mastermind groups. The benefits— accountability, strategy development, and healthy business and personal habits—are invaluable. Perhaps you will think it over and decide that membership is right for you.

As a member of a mastermind group for 10+ years now, I’m happy to advise you if you are thinking of joining one.   Feel free to contact me to discuss.

Prioritization: The Foremost Rockefeller Habit

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One of the best ways to improve your work productivity is to emulate the habits of someone highly successful. John D. Rockefeller, who founded the Standard Oil Company in 1870 and ran it until 1897, is one of the true titans of American business. And so, the book Mastering the Rockefeller Habits by Verne Harnish made its way onto my reading list.

As the book documents, Rockefeller’s approach to running a growing business was really quite simple. He identified three underlying habits that he considered essential to good business management:

  1. Setting priorities for the organization.
  2. Collecting and analyzing sufficient management data.
  3. Establishing an effective organizational rhythm.

Of the three key habits, setting priorities is first, and arguably the most important.

Setting Company Priorities

Rockefeller developed a list of the Top 5 priorities of his business for the upcoming year and the next quarter. He also ranked those top priorities in order and set a clear Top 1 priority from among his Top 5. He communicated these priorities throughout his company and encouraged employees to set personal priorities that aligned with and supported the company’s priorities.

It seems to be common sense to solve the problem at hand before moving on to another challenge, but not every team or employee has the discipline to follow through to completion of a difficult task. Rockefeller’s managers provided the discipline needed to make sure the top priority was completed before the second priority was undertaken.

As productivity tools go, Rockefeller’s Top 5 priorities list is one of the most widely used in American business history. As an example of the effectiveness of the tool and how soon it came to be appreciated by others, Harnish relates the story of a management consultant who was summoned to the office of Charles Schwab in the early 1900s. At the time, Schwab was the CEO of Bethlehem Steel, and he was looking for ideas to improve the business.

The consultant told Schwab how he could improve Bethlehem Steel’s bottom line by using a simple productivity tool. It was Rockefeller’s Top 5 priorities list.

The consultant told Schwab to start each day by writing down the top 5 things he wanted to accomplish for the company’s benefit. They had to be prioritized from 1 to 5, with 1 being the objective likely to have the greatest impact on the business.

Schwab was instructed to work only on priority 1 until it was completed. If it was not accomplished by day’s end, it remained the top priority the next day. Under no circumstance could he move to priority 2 without completing priority 1.

The consultant told Schwab to implement this principle and afterwards pay him whatever he felt the advice was worth. If it didn’t work, Schwab owed him nothing. A period of time elapsed and one day the consultant received a check in the mail from Mr. Schwab. The check was written for $25,000, which was a great deal of money in those days – over $600,000 in today’s terms. That’s how beneficial the borrowed productivity tool was to Bethlehem Steel, which became a world leader in its industry.

Rockefeller knew, and Schwab learned, this: Management of any business, large or small, needs to clearly establish and communicate to employees the most important priorities that will help the company make progress towards its vision.

How well have you identified and articulated to employees your company’s priorities? If you’re not sure, contact Trillium Financial and we’ll help you find the answer.

Traits of Successful Entrepreneurs

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Did you know that 20 percent of new businesses fail in their first year, 50 percent don’t last beyond five years, and 66 percent are gone before 10 years?

Lasting entrepreneurship involves so many factors – it’s not just being an industry or functional expert, or putting hard work into a great idea. External inputs such as economic, market, and industry conditions play a role. And so does plain old luck.

What tends to drive a business to succeed, or not, is its founder(s). And many serial entrepreneurs seem to have a skill set that balances industry and business knowledge, ideas, intuition, the ability to build relationships and close a deal, and willingness to embrace risk.

Entrepreneurs are much like someone who goes up in a plane, and jumps right out without hesitation. But starting a business, like sky diving, is not for everyone. And though there is not one “successful entrepreneur” mold, here are some qualities I have noticed that many profitable self-starting-business owners exemplify:

  • Discipline. Successful entrepreneurs limit distractions and stay focused on making tangible progress each day to drive their business forward. This builds momentum and both internal and external confidence.
  • Confidence. Entrepreneurs also display an uncanny confidence in their product or service from the onset. They absolutely believe their product or service and that it will succeed.
  • Creative. Being creative doesn’t mean an entrepreneur continually invents products or services. It does mean they can think of ways to solve a problem either better, faster, or cheaper than others. Just one of those traits is enough, but two or more of the three are even better.
  • Open-mindedness. This skill helps with the entrepreneur’s ability for agile problem-solving needed in a startup environment. Successful entrepreneurs are open to new ideas and truly listen to others.
  • People skills and empathy. An entrepreneur has learned to inspire, persuade, and communicate articulately their vision. The can also soundly judge others’ characters.
  • Business thinker. An entrepreneur understands motivation and emotion, and they consistently view every situation as a business opportunity or risk, and ensure that the path they take is executed upon to drive beneficial results.
  • Competitive spirit. Finally, entrepreneurs are competitive. They’re not cutthroat, because they know that people generally want to buy from and work with people who wish the best for others. But they do embrace the truth that competitiveness and ambition go hand-in-hand. They also realize when it’s time to move on to the next project.

How does this list make you feel? Motivated? Tense?  Exhausted? Bored? If you’re feeling motivated, you may have an “E” (entrepreneur) personality. You may have what it takes to start a new business venture and see it through to prosperity. More importantly, you may have what it takes to have a fulfilling career as an entrepreneur.

Let us know how we can help you design your entrepreneurial business for financial success!

Mike

The Art of Attracting Outstanding Employees

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We’ve all had those absolutely outstanding employees:  well-qualified, quick to learn company operations and culture, exhibit great attitudes. They do what they say they will do, on time and with high quality.

Sometimes it can feel like we just fall into this type of employee. But there are ways to make the “fall” more likely. And since a company is only as good as its employees, attracting outstanding prospective employees is worth the effort.

There are many ways to attract and find great employees. The following are some I have found effective.  Try them out to create an ideal applicant pool.

  1. Go where the best go. Use events – even online – to observe and identify qualified people. Join relevant associations, talk with your customers, look on LinkedIn or other social media sites. Approach potential candidates with appreciation and ideas.
  2. Align your hiring process with your company’s culture and vision. This may seem obvious, however, the saying goes “hire for attitude, train for skills” is important. If the person does not have the traits that align with your culture and the norms you expect of all employees, then no amount of skill can make up the difference.
  3. Hire a good recruiter or staffing agency. Recruiters often follow people through their careers and will know when people are thinking about changing companies – giving you early access to the best candidates.
  4. Participate in the community. Sponsor a nonprofit or charity event. Offer scholarships or internships to local students.
  5. Write a realistic and detailed job description. Include job title, salary range based on seniority, and responsibilities. Try to tell a story about the company so people will get an idea of the work environment and company goals.
  6. Establish relationships with trade schools, colleges, and universities. It’s a win/win for companies who want access to the best candidates entering the workforce and schools who want outstanding career services programs.
  7. Foster a positive, modern, environmentally-responsible, and attractive workspace – wherever it might be. During these days when many desk employees are working from home, that might mean investing in fresh collaboration software, encouraging a daily stretch break, or offering perks like a small home office stipend or shipping an oxygen-releasing houseplant to each employee. For employees going into the office, give some thought to amenities like access to healthy, free snacks and coffee, relaxation areas, and ergonomically correct furniture.
  8. Offer the best benefits you can afford. Many companies use their benefit offering to attract and retain their employees. This could include paid vacation and sick time, mental health days, flexible work times, job-sharing, work-from-home, 401k, profit sharing, casual days, health, life, disability, dental and vision insurance, and tax-free health spending accounts to name a few. Paid gym memberships, parental leave, and student loan and tuition assistance are also gaining popularity.
  9. Ask your highest-performing employees for referrals – because like attracts like. They have first-hand knowledge of your business, plus networks of similarly-talented friends and business contacts. Hiring employee referrals can help build morale and be an opportunity to offer a referral bonus.

This list may seem overwhelming, but there’s no need to tackle them all at once. Test one or two at a time to see which resonate with your business, industry, and the roles you hire. I expect you’ll discover happier, more effective employees – and outstanding candidates.

It’s Decision Time

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The average adult makes about 35,000 decisions a day. Sounds like a lot, doesn’t it?

According to Psychology Today it’s not. And if you think about it, it makes sense: people make many decisions without thinking of them as decisions. (Which pen do I take out of the pen holder? Do I have time to review the report before the meeting?) With all of these opportunities to change the course of our day, our career, our life, it’s a good idea to explore ways to improve decision-making.

The results of a study published in the journal Cognition indicate that not all times of day are created equal when it comes to making decisions. The study tracked 184 chess players who made about 40 “complex human thinking decisions” during a 3- to 15-minute chess game. The results are interesting.

To summarize, study subjects made the decisions most favorable to their game when they were playing between the hours of 8 a.m. and 1 p.m. After 1 p.m., players made decisions more quickly (presumably they were in a post-lunch slump or tiring as the day was progressing), and their decisions were less favorable to their game.

Bottom line: make important decisions in the morning. Sort of. When you sleep and when you get up matters too. If you are a morning person—you know, the early to bed, early to rise type—then your best decision-making time is the morning. But if you’re a night person, then your “morning” is during the five hours after you rise for the day. So, relax: if you don’t get out of bed until 9 or 10 a.m. , then you haven’t missed your prime decision-making hours.

A lifehacker.com article by Adam Dachis also supports the morning person/night owl concept, recommending that people identify when they’re most able to make good decisions and then resolve to make important decisions during that span only. Creativity coach Mark McGuinness advises people not to worry too much about little decisions, because they generally don’t have a long-term impact on your life.  For example, what clothes you wear on a particular day or what you eat for dinner doesn’t change the direction of your life. (Although, should you wear neon orange cowboy boots with your suit and purple fedora to the office, the boss may question your judgment.)

McGuinness also recommends weighing the pros and cons before making big decisions. And don’t ignore your gut. He says it’s best to take more time (if possible) to land on a decision when your logical side disagrees with your instincts. In other words, intuition matters.

Should you follow this advice? Determine the best time, and then think it over. It’s your decision.

If You’re Happy and You Know It. . . You Likely Have Good Friends

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The key to happiness (along with the location of the Fountain of Youth) has eluded humans since the beginning of time.

Some keys to happiness have now been uncovered as a result of one of the world’s largest longitudinal studies of people’s health and happiness. Launched by Harvard University in 1938, the study followed then-college sophomores into old age. With fewer than 20 of the original subjects still alive, the results were released in 2015.

The study subjects were in several groups. The first consisted of sophomore students at Harvard, who graduated during WWII. The second group consisted of boys from some of the poorest neighborhoods in Boston. Additional groups were added over the years, including some of the men’s spouses and children.

The study had three primary takeaways about the keys to happiness, as outlined below:

  1. The most consistent factor in the lives of happy and healthy people is forming and maintaining close relationships with others. People who have meaningful connections to family, friends and their community tend to be healthier, so they are likely to live longer than those who do not.
  2. The quality of relationships is much more important than the quantity. Having a few good, supportive, close friends is much better than having a plethora of acquaintances or shallow relationships. And relationships that are full of conflict are not healthy. Robert Waldinger, a psychiatrist and professor at Harvard Medical School told The Harvard Gazette, “Good, warm and close relationships…have the ability to buffer us from some of the slings and arrows of getting old.”
  3. Good relationships are good for your brain. In addition to being good for physical and emotional health, the study also shows that people with meaningful relationships tend to have sharper and longer memories.

To have positive and close relationships, the article suggests trading some screen time for “people time,” and working on existing relationships by trying a new activity. Something as simple as taking walks together can revitalize a relationship. Another suggestion is to contact a friend or a relative with whom you have lost touch: reconnecting with people from the past is often very emotionally rewarding.

Virginia Tech gerontologist Dr. Rosemary Blieszner provides advice about making new friends: “Be sure to take the time to get to know one other. Share some personal information gradually, as you get to know each other. Find activities you both enjoy, and be sure to let the other person know you’re interested in getting together again.”

Advancements in medicine and science are enabling people to live longer and longer. The key to making the most of our longer lives is learning how to be as emotionally, mentally, and physically healthy as possible during these bonus years.

Don’t Waste Time in Bad Meetings!

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Everyone has them, but boy can they be painful.  No, I’m not talking about your annual physical (a worthwhile use of time!).  I’m talking about meetings.

According to Harvard Business Review, the average executive spends 23 hours per week in meetings. 23 HOURS A WEEK! That is just nuts. It’s not that meetings are a complete waste of time; ideas are conceived and problems are solved in meetings. But most meetings are not run efficiently. They waste a substantial amount of time. And we all know time is finite, and time is money.

Short, productive meetings aren’t a pipe dream. Here are a few basic steps to making the most of every minute:

  1. Each meeting should have a clear objective. The meeting leader must state the objective at the beginning of the meeting.
  2. The only people who should be at a meeting are the ones who are needed there.  You don’t need anyone to “observe” as a “stakeholder.”  Each person present should be integral to reaching the goal of the meeting.
  3. Require an agenda – even if it’s rough – in advance of the meeting.  Familiarize yourself with material that is pertinent to the meeting and ask others to do the same.
  4. Begin the meeting by discussing the most important issue.  If nothing else is accomplished, this will be it. List each item in order, and include the time allotted for each.  Post the agenda somewhere for all to see during the meeting.
  5. Start on time and wait for no one.  Latecomers will get the picture, and everyone else will be appreciative. People will show up (on time) to your meetings in the future, because they know exactly what to expect.
  6. Ban technology. No, you aren’t the parent, but it’s your meeting. Multi-tasking doesn’t work. Most people won’t like it, but you can bet they won’t be distracted.
  7. Stay focused and on track.  Chasing squirrels, as a friend of mine likes to say, is a big time-waster. Do not allow people to veer off on other topics, no matter how important they are, or how “quickly” they can be covered.
  8. Be sure that all attendees understand the plan and know exactly what action they need to take post-meeting.
  9. End on time.  This is crucial.  People will show up to future meetings because they know precisely when it begins and ends. The ideal meeting length is 30 minutes, but no meeting should surpass 60 minutes. After that, you lose people.  If they don’t find a physical way out then they are planning what to have for dinner. A meeting lasting longer than 60 minutes must have breaks, typically 10 to 15 minutes.
  10. Ensure that a follow-up email is sent within 24 hours.  Include all important decisions that were made.  Reiterate the tasks assigned to each person.  Even when all objectives are met in record time, the whole thing is pointless if there’s no follow-through.

The next three suggestions are unconventional ideas (inspired during an unproductive meeting, perhaps?) from Scoro. Different is good; it wakes people up and adds energy to the room.

  • Meet outside the office—a picnic bench, park, coffee shop, wherever. A change of scenery wakes people up and seems to improve moods.
  • Have a stand up meeting. Seriously. Watch the extraneous talking come to an abrupt halt, and the ideas flow.
  • Be creative. Food manufacturer Plum Organics has a creative/brainstorming meeting during which they color in coloring books. According to the company’s innovation director, Jen Brush, “It’s proven that coloring during a meeting helps promote active listening, and is more beneficial than multitasking on something like email.”

It’s time to wrap up this post — any more will be a waste of time.

Good luck with your next meeting!

Prioritization: The Foremost Rockefeller Habit for Success

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There is a belief that the best way to improve your work productivity is to emulate the habits of someone highly successful. John D. Rockefeller, who founded the Standard Oil Company in 1870 and ran it until 1897, is one of the true titans of American business. And so, the book Mastering the Rockefeller Habits by Verne Harnish made its way onto my reading list.

As the book documents, Rockefeller’s approach to running a growing business was really quite simple.  He identified three underlying habits that he considered essential to good business management:

  1. Setting priorities for the organization.
  2. Collecting and analyzing sufficient management data.
  3. Establishing an effective organizational rhythm.

Of the three key habits, setting priorities is first, and arguably the most important.

Setting Company Priorities

Rockefeller developed a list of the Top 5 priorities of his business for the upcoming year and the next quarter.  He also ranked those top priorities in order and set a clear Top 1 priority from among his Top 5. He communicated these priorities throughout his company and encouraged employees to set personal priorities that aligned with and supported the company’s priorities.

It seems to be common sense to solve the problem at hand before moving to another challenge, but not every team or employee has the discipline to follow through to completion of a difficult task. Rockefeller’s managers provided the discipline needed to make sure the top priority was completed before the second priority was undertaken.

As productivity tools go, Rockefeller’s Top 5 priorities list is one of the most widely used in American business history.  As an example of the effectiveness of the tool and how soon it came to be appreciated by others, Harnish relates the story of a management consultant who was summoned to the office of Charles Schwab in the early 1900s. At the time, Schwab was the CEO of Bethlehem Steel, and he was looking for ideas to improve the business.

The consultant told Schwab how he could improve Bethlehem Steel’s bottom line by using a simple productivity tool. It was Rockefeller’s Top 5 priorities list.

The consultant told Schwab to start each day by writing down the top 5 things he wanted to accomplish for the company’s benefit. They had to be prioritized from 1 to 5, with 1 being the objective likely to have the greatest impact on the business.

Schwab was instructed to work only on priority 1 until it was completed. If it was not accomplished by day’s end, it remained the top priority the next day. Under no circumstance could he move to priority 2 without completing priority 1.

The consultant told Schwab to implement this principle and afterwards pay him whatever he felt the advice was worth. If it didn’t work, Schwab owed him nothing. A period of time elapsed and one day the consultant received a check in the mail from Mr. Schwab. The check was written for $25,000, which was a great deal of money in those days – something over $600,000 in today’s terms. That’s how beneficial the borrowed productivity tool was to Bethlehem Steel, which became a world leader in its industry.

Rockefeller knew, and Schwab learned, this: Management of any business, large or small, needs to clearly establish and communicate to employees important priorities that will help the company make progress towards its vision.

How well have you identified and articulated to employees your company’s priorities? If you’re not sure, give Trillium Financial a call at (404) 353-2148 and we’ll help find the answer.