Difficult economic times are resonating with everyone. The markets, including the digital markets have crashed and the bear market has arrived. The crash has raised more interest in cryptocurrency and digital investment. Those who may not have understood how cryptocurrency works have a better understanding, as the media seeks to put it at the top of its agenda. However, they are likening cryptocurrency to the Great Depression, warning of people losing so much money they’ll throw themselves off buildings. There has recently been a fall out within the market but is this the end. Many people disagree.
Could this be the start of a new cycle?
I talked to CEO of Baron Capital Blake Templeton on my podcast The Transition Man. He says learn the rules of the game fast if you are investing in cryptocurrency. The story behind Black Wednesday is a good example of this: In 1992 George Soros became one of the most famous currency traders in the world. The European exchange rate mechanism of the Bank of England was set up to reduce exchange rate variability and stabilize monetary policy across Europe. However, the UK at that time had not questioned their assumptions and they had variables, which left them with a hole which could be exploited. Soros found the hole where certain variables had not been taken into consideration, played the game and made a billion dollars profit as everything shifted. Ultimately the Bank of England was unable to defend itself against a 3.3 billion pound attack.
The cryptocurrency crash.
What’s happening now in the digital investments market is exactly what happened then. Like George Soros It seems that both BlackRock and Citadel looked for a vulnerability in someone trying to stabilize the market and exploited it. Terra Luna created a vulnerable place in the market by creating one stable coin backed by Bitcoin. BlackRock and Citadel borrowed 100,000 Bitcoin from Gemini. They then swapped 25,000 Bitcoin into USD stablecoin, anticipating an attack in the game. They then sold their large block of bitcoin to Terra Luna at a discount for them taking his USD stable coin. This left him in a vulnerable position. By giving up a chunk of his USD Stablecoin, his liquidity was lowered. BlackRock and Citadel then dumped all their Bitcoin and UST causing this massive slippage with people selling their stablecoin and bitcoin assets. The culture behind the cryptocurrency market is so fresh. Anyone investing must think of it as a game
Playing the cryptocurrency game:
The global economy is unstable. Those with great power very often will look to work hand in hand with disruptors and major players to disrupt and regain power in the form of holding people’s finances as they mainly do now.. When transitioning into bitcoin, it is wise to hold it in an app, cold storage or on an exchange and just ride it out. Down markets create massive profits. Volatility is not always bad for business. It highlights what is happening behind the scenes and creates a new narrative. This is not the end of the cryptocurrency market. Cryptocurrency is democratizing wealth. 6 billion people in the world don’t have a bank account, mainly in Africa although they often do have smartphones. With cryptocurrency you don’t need a bank account – just access to a smartphone. Cryptocurrency is changing the world.
Is cryptocurrency the end of the money man?
It is likely that the future of banking will see money being lent from crypto blockchain technology. Technology cuts out the middleman. Cryptocurrency will ultimately make everything more accurate and efficient. It may be that we start to see big companies and corporations investing in cryptocurrency as opposed to bonds. There will be a transition from one economy to another. Many of us don’t understand how cryptocurrency works but many of us also don’t know how the money gets from our banks onto our debit cards, however we just accept it. In years to come using cryptocurrency blockchain technology will just become a way of life.
To find out more about my discussion with Blake Templeton, who is CEO and founder of Boron Capital on The Transition Guy podcast click here where he has some useful tips and masterclasses for you:
Don’t forget if you are looking to grow your business then get in touch with me here: And always remember, failing to learn is learning to fail.
Thousands of businesses are being sold cheaply each year thanks to the global economic situation. I believe that every startup should be considering the sale of their business as their ultimate end game. It helps to successfully build your business with structure and purpose regardless of whether you sell it or not. So, how do you ensure that your business sells for the optimum value?
Most businesses sell for a typical multiple.
If you are thinking of selling your business how do you ensure you get the highest price? Most businesses sell for a typical multiple which is often around four times their value. A smaller group of entrepreneurs sell for far more than that multiple and there is nothing particularly remarkable about their businesses. So how do they do it?
Work out the value of your business to someone else.
I spoke to John Warrilow on my Transition Man Podcast. He gave me a very strong example of a US business that beat the multiple when they sold. The business was a payroll company specifically for people who pay privately for nannies/childcare. After 25 years the business was turning over 9 million dollars and had 10,000 customers. The founder looked at another thriving business in the sector which provided nannies for parents needing childcare, that business had 7 million subscribers all who needed to pay their nannies. The payroll founder calculated that 1% of 7 million is 70,000 which is 7 times the size of her company. She managed to sell the 9 million turnover payroll business for 54 million dollars – 6 times its top line revenue. When selling your business look at your business model and work out which other businesses it might be useful to.
Selling a business takes time.
Be warned: Selling a business takes time. You will have to go through a period of due diligence which can be as little as a year or as much as four years where the buyer is looking at all the financial aspects of the business. Before that you have pre due diligence where you are getting the business in a position to sell by looking at the market and identifying possible buyers as well as creating a package which demonstrates to buyers why your business is so valuable to them. Finally after you have completed your sale you have an earn out clause which is covered in more detail below. In reality selling your business could take as much as 7 years in total.
The post purchase relationship.
Also known as the earn out part of a sale. When selling your business, earn outs can deeply affect the profit of a sale. A buyer will agree to pay x amount for the business. Payment of say 20% might be given at the time of the sale. The extra 80% may be due once the earn out clause has been completed. Earn outs can be as much as seven years or as little as 6 months depending on how much value the buyer attributes to you as an individual. Earn outs very often include you having to personally hit targets to get the rest of the sale price. If you don’t you may not realize the full price of your sale.
Make yourself redundant within your business.
When selling your business how can you ensure that you don’t have to agree to a long arduous earn out period after the sale? The answer is work on making yourself redundant within the business. The less worth you have, the less valuable you are in an earn out clause. If the business runs smoothly without much input from you because you have put structures in place in the pre due diligence part of the process, it will minimize the time you need to spend in the business once a purchase is done. The idea really is to maximize your upfront payment and minimize the proportion of your earn out deal.
Tie your earn-out to something you fully can control.
Earn-outs are typically your earnings as a division of a company of another company. As soon as you have sold your company you give up the ability to run your own bookkeeping. When selling your business try to avoid tying your earn-out to earnings. You may try to tie it to top-line revenue which is something you will likely be able to still have some control over. It may be that you can introduce a new product that only you can deliver.
If there’s anything that resonates with you or you are looking to sell your company get in touch here to see if I can help. Remember failing to learn is learning to fail.
Why dream big and think small?
Many CEOs and business owners have big dreams but are poor at executing them. Things become overcomplicated. Start with something small. Jeff Bezos had a big dream with Amazon, hence the name. He wanted to sell products around the world. However, he started small by selling only books. The mistake would have been starting out trying to sell 20 different products at the very beginning. He had a vision of how big he wanted amazon to be but understood he had to be known and trusted for one product to begin with. It is a mistake to try and be all things to all people.
Some people diversify to compensate for bad performance in a certain area. A challenge which is not dealt with well will not be solved by diversification. It can be a symptom of business insecurity. Be a specialist. Build trust in your expertise. Don’t be what you think people want you to be. Provide a specialist service as an expert in your field. Make your customers’ lives easier. If you remove the friction from the consumer’s life, then you can pretty much name your price.
Understand the zeitgeist
The mood of the time has an impact on your business. The pandemic forced us all further into the digital world. Those who survived embraced this new digital era and passed that through to the customer. They facilitated change for us all. There are opportunities everywhere despite the economic landscape. Zoom is a good example of this. They embraced the digital move, found their place in the market, understood what people needed. They then upped their original game, ironed out glitches and became a video collaboration solution as opposed to just a video conferencing solution.
Don’t let fear stop you achieving your dreams
The economic uncertainty caused by the pandemic and now the Ukraine- Russia conflict has caused some entrepreneurs to stop dreaming. They are fearful. Fear mode will cause a business to shrink. Mentally rest. Make adjustments. Don’t just take the safe route. Find the opportunities, dream big and think small. Look for a way to systematically do a lot of great small things. Get back to the fundamentals.
If you are personally disciplined, your business will run in a disciplined way. Create good habits and maintain them. You are the health of your business. Building and growing your business takes time. Put the time in. Be resilient. Don’t be complacent. Complacency can cost you your business. Don’t get distracted and keep things simple. Build a solid loyal talented team around you.
If you want more help to dream big and think small get in touch with me here: If you want to listen to more interviews with global industry leaders head over to my podcast The Transition Guy. Remember Failing to learn is learning to fail.
Podcasting has become big business since its inception in 2004. In 2020, the number of podcast listeners worldwide amounted to 332.2 million internet users. This number grew to 383.7 in 2021. I have been podcasting for 5 years. I talk to industry leaders about different aspects of running a business for my entrepreneurs and business owners podcast, The Transition Guy. It is a very important part of my marketing strategy. I like to learn along with my audience. Data shows that podcasting is becoming more powerful year on year.
Podcasts can be accessed anywhere by anyone:
It used to be the case that you could only listen to a podcast on your Apple device. That has changed and more platforms have opened up. You could be listening to a podcast on Facebook now. YouTube has become the great search engine of podcasts because two thirds of them now include videos. Radio stations produce their own podcasts and host them on their sites. Podcasting and its reach continues to develop and grow.
Podcasts are easy to make but hard to get right:
Content is king. Podcasts can deep dive into issues that normally are only touched on elsewhere. It gives your audience the chance to learn more about something that is important to them at no cost to them. It gives them a unique insight and access to industry leaders who can make a difference to them. It is also one of the few mediums that can’t be shut off. In the past businesses have built their entire business on Facebook, then Facebook took it down saying they have violated the rules. Youtube can take your content down in a heartbeat. With podcasts, the RSS Feed can go to a hundred places. It’s one of the few platforms as a content creator that you can say that you can actually control.
Podcasts help your visibility:
One of the biggest problems business owners have is obscurity. Tens of thousands of customers need your product or service. The problem is they don’t know you exist. A podcast is a powerful way to be visible either as a host or guest. People buy from those they know, like and trust. It is often more of a relationship than a transaction. Being a host can nurture your current audience and current leads. Being a guest can get you new exposure by tapping into other people’s audience. Customers want to buy from people they feel they know. Podcasting can help you access your audience and build real relationships and trust. They want to learn about the person behind the business and build a connection.
How do you get on a podcast:
Don’t just email them. Listen to the podcast you want to be on. Leave a rating and review. The host will see it. Comment and share on social media. Build a relationship. Then reach out to the host, not with a pitch but with a general human connection. Tell them how you can bring value to their listeners.
Choosing the right podcasts to be on:
Does the podcast have your ideal customers listening? Are they talking about the things that you have expertise in? And a great way to do that is look and often the host or excuse me, the guest is like the host or aspires to be like the host. Look at the website. Do they have show notes? Do they have backlinks? Are they putting it out there on the internet? That can be very powerful. Especially, if you’re looking at this as an SEO strategy. How many people are going to hear you? That doesn’t just mean the number of downloads but also how they promote it on social media? Is it the right social media? Do they promote it to an email list?
Brand affinity is important:
The podcast must be consistent with your brand. We are judged by the company we keep. When you Google somebody’s name, often their last video or the last podcast they appeared in, shows up. You do not want to be on a podcast that’s not consistent with your brand. For example: you’re going to close a big six-figure deal then somebody Googles your name, and you show up on some podcast that’s not consistent with your brand. That could kill a deal.
Remember failing to learn is learning to fail.
The global great resignation of late 2021 forced businesses to look inwards and assess their worth and value. Back in November 2021 4.7 million people exited the workforce in the US. Now we find ourselves in the economy of impact.
What is a purpose driven business?
Purpose-driven businesses are set up to deliver meaningfully and tangibly on their purpose. It is not enough for a business to simply exist. They must also have a clear plan on how they are going to live out their purpose in practice. This often takes the form of adding value through ensuring employees are contributing to the team ethos and values. The pandemic changed the working landscape. Business owners realised they had to prioritise making an impact above just making money. A shift happened and employees started to lead the need for a different set of core values within their organisations.
Identify your value:
Finding your purpose as an organisation is paramount to your growth and success. Ask yourself these questions: Why is it that you exist in the first place as a company? Why are you doing what you’re doing? What value do you deliver? Your business will grow if you effectively and consistently deliver value. You can achieve this by communicating with your employees and customers. A quick win business is unsustainable and temporary. Take time to understand your motivations and how those motivations translate into the service you offer.
Post pandemic values have changed:
Values that you may have identified for your business pre pandemic may not be the same now. Take time to reassess how those values are different. Have your customers’ behaviours changed. Are your employees’ needs different? Your value will likely be tailored to a new reality. Every business has the opportunity to be a purpose-driven business and thrive in the purpose economy.
A purpose driven business adds value:
There is a general misunderstanding of what a purpose driven business is. People believe you can’t make money if you focus on being a purpose driven business. However, a purpose-driven model allows businesses to go beyond selling products and make a difference through their decisions and strategies, or through their support of social and environmental programmes. You can add value to your customers and employees and still make money.
If you stop learning about your business, your customers and your employees then you can very often grind to a halt. Your business will stagnate and ultimately fail. Business owners need to connect their personal purpose and the unique capabilities their staff bring to advance their corporate purpose. Provide your staff with stability, help them to build relationships and a community that they can’t get on their own. Make your team and your customers want to be a part of your organisation because it feels good.
Build team relationships in a human centred way. We are spending more time working digitally and remotely but we can still build relationships in the same way we would in person. Ensure your staff understand what is expected of them. Communicate with them and understand their individual needs. Realise that as a business leader it is not all about you! It is about the value your business adds to the marketplace. You find that by communicating, learning and being flexible and open to change with both your teams and customers.
If you want help to add value to your organisation get in touch here: Remember failing to learn is learning to fail, and we are in a learning environment.
It is impossible to outrun the clock. I tell all my clients that there are a set amount of hours in the day and often it is necessary to work smarter not harder. Trying to beat the clock will end up breaking you and your business.
Hire a team:
I recently had Kris Ward, author of, Win The Hour Win The Day on my Transition Guy podcast. She says if you can win the hour, you can win the day. So what does she mean by that? She started off as a marketing strategist and was working 16 hour days to get her business off the ground but by year 2 and no sleep she realised it wasn’t sustainable. She got her 16 hour days down to 6. She was more effective, productive and was making more money in less time. How did she do it? She hired a team.
Don’t wait to hire your team:
Too many entrepreneurs wait until they are burned out to hire a team. Many are waiting for their revenue to hit a certain peak before they commit to building their team. This is a mistake. Kris talked about the 3 D’s: Damaging overhead, delayed income, diminished opportunity. As an entrepreneur you must constantly learn aspects of business to grow it. Social media for example is a necessary and time consuming lesson needed to grow your business. However, whilst you are learning you can’t concentrate on the paid work – you become your own damaging overhead which then means that income is delayed and opportunity diminishes. You don’t have time to take on new work as you are constantly playing catch up.
Make sure you hire the right team for the job:
If you hire the wrong team you’ll end up doing their work as well as your own. Your workload will increase rather than diminish. Approach hiring in a new way. Don’t fall back on loyalty or tradition. Hire the right person for the job. I work with my clients on ways of finding the right people for the job. There are methods that you can use to ensure you are hiring a capable person. For example, if you need to hire someone who is good at selling on the phone, interview them on the phone. Get them to sell you themselves.
Don’t micromanage your team:
We inhabit a very different business landscape to that of the 80’s and 90’s. People have access to more information and resources to do their jobs. Hiring a team is about hiring people that you can delegate jobs to. You have to form a new habit of trust. You must trust that you have hired the right person for the job and that they can do the tasks they are given to the standard required. To help you to this you need to come up with clear systems and processes to manage your team that are effective and allow you to accelerate your growth without adding to your to do list.
Structuring a team is the key to surviving uncertainty:
Systems help to structure a team. If something happens and your workforce suddenly changes and you need to hire someone new quickly then your systems toolkit will help to prepare that person. This way they will be able to hit the ground running and do their job straight away. Many of us are managing remote teams now and it is even more important we have proper systems in place that mean everyone knows what is expected of them and when to run the business. The remote working movement is here to stay and it is forcing us into a new way of working and structuring teams.
Hiring a team will help productivity and grow your business:
Don’t delay. If you want to be more productive you need to work out how to concentrate on your expertise and get a team behind you to deal with the parts of the business that are consuming your time. Work out where the most time consuming areas are and what sort of role or person could help you and take the pressure off in that area. If you don’t you will find that your business will stagnate. You won’t be able to move forward and grow.
If any of the above has resonated with you and you want some help and guidance on how to build or grow your team please get in touch. To listen to Kris Ward talking to me on my podcast click here: and remember failing to learn is learning to fail.
Will this new phase of the pandemic post covid, render virtual events obsolete? The lockdown sent us all online. We got used to In person meetings becoming zoom or teams meetings. The question is will there still be a place for online events and meetings Post-COVID?
I spoke to Bari and Blue, the owners of Sage Events Management. They told me that the world has tilted so much due to the pandemic that, in their opinion, post covid it is never going to return to where it was. There are 350 million users on Zoom every single day around the globe which means that virtual events still have a place. Virtual events have the global reach that in person events do not. Therefore, your revenue and impact can dramatically increase. If you want to make a difference, you need a global audience. It is said that in person events can potentially eliminate 99% of your audience.
The reach of virtual events is often higher and your reach is global. You may have whole families watching the screen which would not be the case in physical ticketed events. It takes away the need to travel, to leave your family for the weekend. Bari and Blue say that a higher percentage of virtual event attendees stay for the full course of the event. In their experience they say that is not the case in in person events. They say there is higher interactivity and immersitivity because of this. It is important to consider interactivity when hosting or attending a virtual event. All events have the ability to be exceptional, extraordinary, or ordinary. It is no different for virtual events. It is important to actively engage people. Call out their names, ask them questions, send them into breakouts. You may have to work harder to get people interacting. It can be a challenge to ensure attendees are present in a virtual sphere.
It is important that you make sure the event is 100% live. No recordings. Ensure the tickets are paid for upfront. Register your delegates. Many virtual events turn to gamification to ensure attendees are present. They are constantly rewarded for showing up and that keeps interactivity up.
Some in person events are held in stadiums. The people closest to the stage pay premiums and those in the ‘nosebleed’ seats, far away from the stage pay less. Some might say they are getting a lesser experience. With a virtual event, there are no bad seats. Everyone is getting the same experience. Everyone has a front row seat. It allows for better communication. For those who want the VIP experience, technology allows for this. Break outs are common at virtual events and it allows for those who want to pay for that heightened experience.
Live virtual events can generate more money. For entrepreneurs the idea is to make money. To net a higher gross figure. In person events by their very nature have a lower reach. Virtual events open up to a global audience. This means more ticket sales and higher net profits as your overheads are also lower. The user experience must be carefully considered though. Hosts need to invest in the right technology and equipment.
Some conferences do not work online but that will not affect the future of online events. Instead, often those events which require a degree of in person attendance offer a virtual arm to the event also. There’s now a whole new world of hybrid events. In person events run together with virtual parts of the event. They are equally powerful and they both have their own strengths and their own weaknesses. The future of events remains to be seen but virtual events are here to stay.
If you want to hear more about virtual and hybrid post covid events, have a listen to my podcast The Transition Man here and if you want help to grow your business or learn some public speaking strategies get in touch with me:
Remember failing to learn is learning to fail.
What is compassion in business?
I recently had Donato Tramuto on my podcast ‘Business Owners and Entrepreneurs with Peter Boolkah – The Transition Guy.’ We talked about the compassion leadership gap and how to close it. The 1980’s were my formative business years and the environment was not a compassionate one. Employees were often treated badly. Results were just as important as today but the way they were achieved was more by bully boy tactics and targets than by compassion or understanding. This changed as the digital era took shape around 2005. However, due to the zeitgeist we seem to be slipping back into a less compassionate way of leading and it is important we address closing the gap in compassionate leadership which seems to have grown.
What does a gap in compassionate leadership mean?
Donato Tramuto, is the author of the book ‘The Double Bottom Line’ and knows a lot about the compassion leadership gap, having conducted a survey as the basis of his book on the compassion leadership gap. His survey took in two groups of people. Firstly he interviewed 40 world leaders on how they understood and viewed compassion within their leadership skills. The second group he interviewed were 1500 random individuals selected from a database of over 500,000. Tramuto found that 84% of the respondents in the 1500 group believed that a compassionate workplace encourages cooperation, which in turn led to a greater sense of profitability and productivity. 68% believed that the workplace was more competitive than cooperative, but yet when he interviewed the 40 world leaders, they actually felt that the workplace wasn’t competitive, but highly co operative. This is where he found a gap in compassionate leadership. The two camps had different experiences of compassionate leadership.
Age gap leadership:
Another gap is undoubtedly the different expectations of leadership skills and styles between CEOs with an average age of 60+ and a workforce of generation Z and millennials. In the US, the average age of CEOs and C-suite executives is 59 years old. However 50% of the workforce is made up of individuals that are 40 years old and less. We talk about diversity but it is not just about gender and race. We must be more age inclusive. As CEOs we must not overlook the vast amount of digital and technological experience and knowledge Generation Z and millennial have to offer and how that creates value in our businesses. We live and work in a digital age now. Your business can only thrive if you surround yourself with people who can help you navigate this. The bias can work the other way of course. The younger generation must understand that they can learn from those that have years of experience.
How to be a compassionate leader:
Develop Trust. Compassionate leadership is about creating a culture of trust. All employees, whatever age must feel valued. Do not see developing the culture of your company as a tick box exercise. Talk to your people. Develop the company missions and aims with them. The remote working movement means that you have to develop trust in your employees in other ways than presenteeism in the office. In terms of leadership skills measure the output not the perceived activity. Get to know your staff. Tramuto talks about the three T’s. Tenderness to build trust and then create a tenacity within the workforce. Ask them how they are? If they’ve been sick, ask them how that felt and how it impacted them. We are hardwired to talk business straight away. Make sure your employers know they are valued and that your leadership skills project a resonance and understanding of their lives and how their work for you fits into that. There’s a strength in this way of leading.
Compassionate leadership will help you as a person:
There are clear benefits to compassionate leadership. Helping, understanding and guiding your employees is a good feeling. It helps build trust. Donato Tramuto found in his data research that 80% of leaders want to be compassionate, but they don’t know how to be. He found that compassion is empathy in action. Maya Angelo said, “People will forget about what you said. People will forget about what you did, but people will never forget how you made them feel.” Reducing the compassion leadership gap is becoming a movement. You just need a few people to affect a big change.
Compassionate leadership is a strength. To lead in this way will add value to your company. If you want to find out more about how we can help with a compassion leadership gap in your business or you want to overhaul your leadership skills let’s chat.
Remember, failing to learn is learning to fail.
What does that mean to you? I think it is often misunderstood. When people talk about being productive I hear them discuss issues like ‘how much can I get through on my to-do list’. There is this idea that being productive equals working harder or pedalling faster. To-do lists are extremely important. They help us remind ourselves of the tasks that we need to get through in a day. The challenge is, what if my to-do list is wrong? What if my to-do list is no longer appropriate because the tasks have changed or there is a new management structure in place?
The danger of procrastination:
Procrastination can occur in these situations. This can result in tasks not being dealt with and the CEO feeling like they are getting swallowed up. I am working with a client where we have spent the last six months putting infrastructure into the business. We strengthened and bolstered the management team by hiring additional people to make up the executive team. This ensures the right positions are being filled by the right people who can do the job. However, the CEO is still telling me he is working harder and harder. I had a look at his very comprehensive to- do list. The CEO is still doing the jobs he needs to delegate. This was greatly affecting his ability to be productive. His to-do list wasn’t making him more productive, it was making him less productive and having a detrimental impact on the business.
The CEO kept those tasks on his list because they were habitual tasks. He had been doing them for so long they were ingrained. He was comfortable with those tasks but others could action them. He needed to delegate to the staff he was employing to take care of those tasks. So we got ruthless. I looked at that list and together we got rid of 90% of them to the members of his executive team with the expertise to carry out the tasks. It was hard because he procrastinated and did not want to let some tasks go but eventually he understood the importance of the exercise. He had hired a new team and was not using them effectively which had a big impact on how productive he was.
When you are running a business or company you must master the art of delegation or you won’t be productive. You must hire people who are going to be productive. Ensure that your hires are the correct people for that particular role. Is that role fulfilled elsewhere for example? If you are more productive, you will add value to your organisation. The more productive your business the more value it has. Whatever your leadership role is, CEO, finance director or in an upper leadership position look through your to do list and ask yourself these appropriate tasks that will allow me to move my department and business forward. If the answer is no then you need to assess who you need to hire to take these tasks off your hands.
The idea is to grow our businesses and keep moving forward. Often we need to change a lot faster than we do. We need to take stock and look at how different parts of our business are productive. We also need to assess how productive we are as an individual. Always take stock of where you are when you are looking to maximise value and growth potential. If being productive is a challenge for you or you find you are falling into the depths of procrastination then know you can make a transition and I can help you with that. We can look at your to-do lists and turn them into to – stop lists. We can talk about your team taking the strain off you so you can focus on the right things. Get in touch.
And remember, failing to learn is learning to fail.
The challenge when it comes to running a successful business is how to manage your time effectively. I hear CEO’s and entrepreneurs constantly bemoaning the lack of hours in the day. However I will strike out and say there are enough hours in the day to get what you want done. It is about managing your time. Steven Covey’s time management matrix is an excellent tool for helping you to shape your time and add value to your business.
Time Management Quadrant:
Steven Covey’s time management quadrant first asks us to set out clearly how we are spending our time. List all the tasks you have for that day and list them as urgent, not urgent, important and not important. We then need to consider which tasks are urgent and important. Those need to be dealt with immediately. The time management quadrant is then likely to show you that many of your tasks require immediate action by you. There is the issue. Immediate action by you.
Urgent and Important Tasks:
You are leading a company by dealing with all the important issues yourself and being reactive. It is very difficult to grow a business in this way. You need to ascertain which tasks are important and urgent to you rather than urgent and important to the business. Those tasks need to be dealt with by other people that you employ. Not by you. That frees you up to deal with the task that directly relate to you. If you don’t have the employees to deal with the workload – hire some. Steven Covey’s time management matrix teaches you to have control over your time and find ways of doing that. Be careful with your staff. We often find that sometimes as leaders we lack the ability to delegate. We hire staff but end up dealing with more problems that are brought to our door by our staff. The lesson here is to recruit well and ensure the people you hire can do the job. Don’t get distracted. By ensuring that you have delegated some of the important and urgent jobs to members of your team means that you can deal with the important and urgent tasks that are specific to you.
Non Important Tasks:
The not important tasks on your list should be renamed as delusions and distractions. For example a business owner might have ‘tidy up the factory’ on his list. This is not his job and doesn’t benefit him in any way. Doing these tasks will take him away from the important money making tasks within his business. The time management quadrant helps you to clearly set out what tasks you need to be concentrating on immediately, what tasks need to be delegated and what tasks need to dropped or certainly delegated like the non important tasks
Non urgent tasks:
The not urgent are often tasks that need consideration and time given consistently going forward. For example spending time with a loved one is not urgent but it is important to the health and longevity of your relationship. The same goes for business. Be careful how you deal with non urgent tasks that are still deemed important. They take a lot of consistent work and may be tasks that are easy to put off but have a detrimental effect on the business if they aren’t dealt with. The tasks could well become less of a choice in dealing with them and more of an immediate and urgent problem. Often they indirectly relate to the growth and health of your business.
Demand, direction, delusion and distraction:
Steven Covey and his Time Management quadrant allow us to clearly list our tasks. Further to that we can look again at our list and apply the four D’s above. Each task we have will fall into a category. The urgent tasks become demanding and the important jobs become directional for your business. The non important and no urgent jobs fall into the delusion and distraction categories. What this does is create a strong business with clear aims and goals for each day or quarter. Your team will then replicate this in a ‘Monkey see, Monkey do’ kind of way. Be proactive. Follow the time management quadrant and your business will grow.
If you are struggling to use your time effectively and you want to go through Steven Covey and his time management quadrant with me get in touch.
The reality is, time is finite. Time spent is time spent. Do not allow the time thief to rob you of your time. And remember, failing to learn is learning to fail.