A new beginning

At the start of a new year, many of us want to make a change. Can we change a bad habit into a good habit? Can we make our diet more healthy? Can we start that exercise program we let slip? Can we start meditating or journal writing regularly?

At the start of a new year, we make resolutions. We will volunteer with a local non-profit. We will be active in a political campaign to get our favorite people elected to office. We will engage with our neighbors and become more a part of our community. We want to change our habits and improve our relationships and have a larger impact on the world around us. There is so much to do!

In business, the beginning of the year is a great time for long-term planning – which essentially means planning for growth or positive change. Our planning process may entail making or modifying a to-do list with key tasks and timelines or creating financial projections. For most of us who run very small businesses, the best thing we can do is sit down (either alone or with a trusted support person) and decide on one specific goal or outcome that we would like to reach by year end. We can then make monthly commitments to get there. We will then be just 12 steps away from a completely different place!

That is the crux of taking action. Create attainable goals, outline the steps that are needed to get there (with realistic deadlines), and hold yourself accountable to the plan.

This planning process is essential when you want to make a big management transition, such as adjusting the ownership structure of your business, adding partners/investors or improving management systems. Whatever the transition, it definitely needs to include creating a realistic plan to reach your goal.

As we move into the year, let’s resolve to make a plan and let’s be sure to hold onto the beginner’s mind. That’s the mind full of possibilities. Setting a goal and a particular path does not mean you have to close yourself off to other directions. Keep your eyes open, connect with others, test your assumptions, learn and be influenced. Here’s to a year of change!

“In the beginner’s mind there are many possibilities…”
– Zen teacher Shunryu Suzuki,

Where did the time go?

This is the question we all ask, and perhaps small business owners ask the most! Many time management experts say that the key to managing our time well and being productive is figuring out what is most important, and making time to do that first. But how can we do that when it all feels so urgent?

The pros and cons of the to do list

Many of us keep detailed to-do lists. Our list will grow and grow and can become so long that it’s easier to focus on the “simple stuff” we can quickly complete and check off the list. We put off the tasks that will be most strategic for our business, the tasks that will help us grow and be a success.

Multi-tasking

As small business owners we wear many hats and must often multi-task. We have the tendency to want to do it all ourselves (even when we are stuck) and we don’t want to delegate (or don’t know how to). We are often completely consumed in the business without making time to work on the business, or we let personal stuff get in the way of how we run our business.

The effects of overwhelm

There can be a lot of emotions tied up with how we spend and “manage” our time, too. When we have too much to do we can get overwhelmed and frustrated. Our actions become non-productive. We procrastinate (ignoring what we know we must do) or we sabotage ourselves (purposely doing something counterproductive), and we end up paralyzed – blaming ourselves and sometimes even giving up.

The 80/20 Rule

One way out of this overwhelm is by paying attention to the Pareto Principle or what is often referred to as the “80/20 Rule”:

If you can figure out which tasks are producing your business’ results, you can spend more time on those activities and less time on others. Often if a task makes you feel uncomfortable or if you are putting it off, it may be a sign that it needs your attention!

As a simple way to start, Perry Marshall, author of 80/20 Sales and Marketing, recommends that we flip our daily to do list. “If there are 10 things you need to do today, odds are that one task is worth 10 times more than the rest. It is natural to want to put it off and get the other tasks done first but you need to switch it around and first focus on that one thing that is most important.” Do you need to write your marketing plan, call a disgruntled customer, create financial projections or go after a new client? Focus on that key task first.

When I talk to my business students about time management I share the same essential message. The first step is to identify the priorities — or BIG ROCKS — for your business and then structure your time to put them first. If you are a small business owner (particularly if you are just launching your businesses) you really cannot do it all. You need to focus on the key 10-20% of your business that can bring the best results now. Once you have some comfort in or mastery over that area, you can expand your focus.

Taking action

Now, it’s time to take action! Starting first thing tomorrow…

Look at your to-do list and pick only three tasks for the day – tasks that are the most important for your business right now. (What task will help you make money now? What task will build a key business skill now? What task will help solve the most critical issue?)
Tackle only one task at a time.
Set a start time and end time for each task to keep yourself focused.
Pick someone to hold you accountable and share what you are doing with them.
Don’t forget to get rid of all distractions. Clear other work off your desk, turn off email, put down your phone… and get to it!

The reality is that your to-do list will never go away and it will probably always be long. It may be helpful to write down all your tasks so they don’t keep swimming around in your head. But the goal is to not get distracted by your list.

And sometimes is important to put away the list entirely. Our best business breakthroughs often come when we aren’t focused on our business. Sometimes it is only when we take a break, that we can gain perspective.

Taking Action

At Paul Terry & Associates we help small business owners build successful and sustainable enterprises. Our consulting process is focused on clear assessments, careful advice and taking action. Central to our approach is business action planning.

Your passion and a strong vision for your enterprise may have launched you into small business ownership. However, a great idea alone won’t make you a successful business owner. You must turn your initial ideas into realistic goals with a specific plan for action.

Whether you are an emerging entrepreneur or an experienced business owner entrenched in the complexities of running a business, business action planning can help you identify measurable goals and create specific steps to reach your desired outcomes.

Every area of your business – customer/client relations, business operations, ownership expansion, and your eventual exit from the business – can benefit from action planning. So how do you begin?

DEFINE YOUR GOAL

Put it in writing. Writing down exactly where you are today and where you want to be in the future will force you to think concretely. Taking the time to write down your goals may spark some new ideas, too.

Be S.M.A.R.T. – that is, specific, measurable, achievable, realistic and timely/time-bound. You need to be able to clearly state what you want to achieve and your goal needs to be concrete and doable. Initially, steer clear of goals that might take you three to five years to achieve. Once you get comfortable with the action planning process, you can use it to tackle bigger, longer-term goals. For now, stay focused on something you can attain within a year’s time, or even less.

SET YOUR ACTION STEPS

Take it one step at a time. You are much more likely to attain your goal when you identify specific steps to reach it. Each step needs a realistic deadline and an estimate of how much it will cost you—not just in dollars but in your time and other resources.

GET SUPPORT

Everyone needs someone to lean on. Trusted advisors and people in your business support network are essential during this process. They can be a sounding board while you create your plan and they can keep you accountable once you have a plan… every step of the way.

USE YOUR PLAN

Long and pretty isn’t necessary. A business action plan isn’t a fancy document—it’s a usable one. It needs to be accessible and referred to frequently. It might help to set reminders on your calendar to review it so that you can stay on track and make adjustments if necessary.

Still feeling daunted by action planning? We support clients through the action planning process every day –helping them create relevant goals, identify specific action steps, measure results and stay on track. How can we help you build a successful outcome?

Planning for Business Success

Many people start small businesses and many seem to fail. Risks always exist in business.

You can reduce those risks if you set aside time to plan in advance. This means defining your business offerings, doing specific market research, recognizing the essential management skills you need, and projecting realistic financial expectations… in short, you can reduce risks when you write and use a business plan.

Small business owners often say they don’t have time to write a business plan. There is too much to do and they want to get on with running the business. (Or, they may be intimidated by the planning process or simply be procrastinating.)

It’s true that some small businesses start without planning and do very well. However, once a business is launched and things get complicated, it can be confusing to figure out next steps. A good business plan helps sort out your options and can help you focus.

Business experts disagree about the importance of writing a business plan. Though some research has found that writing a plan greatly increases the chances that a person actually goes into business, there are business school professors out there, like Steve Blank, who say that real entrepreneurs don’t write business plans.

Although it may not sound like it, I actually agree with Blank’s approach. In his Lean LaunchPad classes, he’s pushing students to constantly talk to people and test their theories as they plan. A hands-on, real world approach is central to how I teach entrepreneurship, too. You cannot write a business plan in a vacuum and expect it to serve you well. You must get out there, connect with people, and constantly test your assumptions.

Writing, implementing and maintaining a business plan is hard work. Planning means learning to take the pulse of your business — over and over again. You have to be open to new ideas and be willing to learn from your mistakes. There is a reward for all that hard work, though. You end up with an operational management tool, a marketing plan, financial projections, and a means of communicating your business to others.

The primary purpose for writing a plan, though, is for the process itself. It forces you to be objective and critical, identifying weaknesses, challenges and opportunities and setting benchmarks to track progress. Doing research, talking to people, and analyzing your operation will give you confidence to continue with the business.

It’s really important that the plan reflects your unique owner perspective. The plan is a foundation from which each owner’s business judgment, personal feelings and intuition are measured. You should write it in such a way that you can use it, in a format that is easy to update. To be truly useful, a business plan should be a dynamic document — current, accessible and appropriate for the business. Don’t spend a lot of time making a pretty document unless a formal plan is needed to present to a bank or other investor. It doesn’t have to be perfect looking; the key is that it is useful for you and your business.

A business plan doesn’t guarantee success but it can help prevent serious mistakes. It is a great way to stay attentive to the important details of your business, to industry trends and competitors, and to new directions and business growth. A good business plan will help you maintain profitability, acknowledge and minimize potential risks, and develop confidence for future opportunities.

So how do you find the time to write a business plan? As Tim Berry says, “You don’t. You are always planning. Your plan is never done but your planning process is your key to good management.”

So, write that plan (or revisit your old one). It will be well worth your effort!

Time for Action: Seven Steps

Planning and managing your time effectively is the single most important factor for the launching and management of a successful small business. You may have great ideas, a great product or service and a receptive marketplace. However, you still have to find and take the time to do all the work. How do you get things done?

Does any of this sound familiar:

you feel pressured and overwhelmed with too many tasks and not enough time
you work harder than anyone else with endless meetings, calls and interruptions
you have ideas on how to improve but no time to implement.

Therefore, you become paralyzed, tend to sabotage, procrastinate or simply give up. All of the above conditions are a common reality. There is simply too much to do and simply not enough time to do it. There is no one who is available to help you and only you, of course, can really do it right anyway. So the only other solution … you stretch, juggle and squeeze!

However, it is possible to get things done without such a “squeeze”. You can change and learn to work smarter so you can meet deadlines, be creative and then celebrate each success with a reward. You can start right away with one successful strategy and build from there. Pick a routine, a time management tool, or office procedure. Make it something simple and easy to initiate. Then include a monitoring or reward system to acknowledge that you have made this technique your routine and it is making a difference. We are talking about CHANGING BEHAVIOR…and we can do it one step at a time.

Here are seven simple suggestions that, if implemented, can really help:

1. Write out a goal that is very specific and measurable. (You want to open your business for the holidays. You must be ready with inventory and marketing collateral by the end of August or you will be too late.)

2. Use the master “to-do” list and match each task to pre-set goals. (Use a prioritized list of very specific action steps each with an estimated start date AND completion date).

3. Prioritize your “to-do” list based on effective criteria that will help your business now. (Make sales calls to new and old clients before you procrastinate to file old client files.)

4. Eliminate unproductive meetings or any personal phone calls during the business day. (Have meetings early in the day and make personal calls after 5 p.m or not at all.)

5. Establish a predetermined place where you get things done efficiently (For example, try to answer all calls right at your desk near client files when you first arrive at work and make all appointments right there).

6. Revise your plans constructively. If something doesn’t work out, you have learned from a “mistake”. (Learn from your OWN experience. This is NOT a failure but a discovery of what didn’t work. Take this lesson learned and change your next action accordingly.)

7. Take your predetermined reward. (Set up a reward in advance for your efforts. When you have achieved the “success” that you have set for that hour, day or week and take the reward when you are “done”).

Plan and use your time well. If your business is to be exciting and profitable, your attention to developing time management expertise will have a significant impact on your success!