Posts tagged "clear"

Advice Time Management

5 Steps to Get Things Done (GTD)

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“Contemplation often makes life miserable.  We should act more, think less, and stop watching ourselves live.” Nicolas de Chamfort

Every passing day signifies 24 hours of our life, which we will not be able to get back. Very often, days pass by so quickly that they turn into weeks, months and years before we know it. We often complain about the day not having enough hours, and yet, we tend to lose precious moments every day. It is only when we look back and think of what could have been, do we realize how vital it is to use the time we have to the best of our ability. I do not believe in regrets and beating myself up for what could have been. What upsets me however, is seeing myself waste time. It can be procrastination, day dreaming or the fact that I was overwhelmed with everything that needed to be done. Either way, I know I will not be able to get that time back. When searching for ways to organize my life and use time wisely, I found the GTD system, which has introduced accountability as part of my days. Listed below are 5 steps to use, and implement a system to get things done.

1. Collection: This begins with picking up pieces of our lives scattered all over the place. This includes cluttered desks, messy drawers, loose papers, over flowing inboxes and over loaded thoughts. We have to begin by collecting all these “open loops” and putting them into a system where we can process each and everyone of them. It requires much discipline and hard work to get all this stuff into one place initially. The key is to have a system in place which allows us to record these open loops as and when they are created. This takes a huge load of one’s mind, and allows it to focus, rather than be confused with all the happenings in your head. To learn more about how to get started on the collection step, please click here.

2. Processing: After step one, there will be much information to be processed. This means we need to go through each item and open loop, sort out which needs to be acted upon, those that need to be archived, and most importantly, those that need to be trashed. We have to make a conscious effort to minimize the number of items our system will hold as much as possible. Items which require 2 minutes or less of action, must be acted upon instantly, and those loops closed. For example, the expense sheet that needs your signature, sign it now, and send it to the required person. To learn more about how to process all your items please click here.

3. Organizing: Once we have the information after processing, it needs to be organized in a manner to enable us to refer to it, as and when needed. This means each item needs to be allocated specific buckets to slot into. These buckets can be projects or reference topics, in which to organize all the necessary items under one file. For example if you are launching a new corporate website, all the items and thoughts for that project need to be filed together. It is important to label all these action items with contexts that allow you to focus on them when required. Examples of contexts are “Phone Calls”, “Emails”, “Errands” etc. This way you can batch certain activities together. To learn more about how to organize your data please click here.

4. Reviewing: This is a critical step which refreshes your mind of commitments, and closes loops on projects taking up more time than they should. I use three reviewing cycles which are a daily, weekly and monthly review. In these review cycles, I ensure that my daily schedule is structured to maximize my time. Weekly reviews give me a higher level view of everything accomplished during the course of the week, and the progress made. Lastly, the monthly view provides me a snapshot of the larger picture. Without these constant reminders it is easy to get side tracked, and revert to old ways. To learn more about my review cycles please click here.

5. Doing: Very often it comes down to taking action. Lists are only useful, when the items on them are periodically checked off and progress made. Without action we could use the most sophisticated technology in the world to collect, process and organize our data; without seeing any improvements at all in our lives. I use the four criterion model where the task I choose depends on the context, time available, energy and priority. For example if my commute to work everyday is 30 minutes and I have access to my phone during that period of time, I use my “Phone Calls” list and make all the calls during this period of time. Likewise the task I choose depends on the time available, the amount of energy I have and most importantly how important the task is. To learn more about the four criterion model please click here.

There is not just one way the GTD system can be implemented into your daily lives. Everyone has different needs and requirements, each step can be customized. What is important is that we create a system which is reliable and all encompassing. We need to take the load of our minds and put it down on paper, where we can process it more efficiently. As David Allen says, the aim is to reach a “mind like water” state. Where we will be able to move seamlessly from one activity to another, while maintaining a high level of productivity and efficiency. I hope this simple guide serves as a helpful starter for those wanting to begin using this system. I would appreciate your comments, feedback and experience using the GTD system.

Advice Time Management

GTD Step 5: Doing

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“Success will never be a big step in the future, success is a small step taken just now.” Jonatan Mårtensson

Going through steps one to four, can be a liberating experience in itself. Through these steps, we have I believe, brought some structure to our often chaotic lives, and now have access to a system with a broad overview of happenings in our lives. These steps must however be executed on a daily basis, in order to bring about a reliable system. We are the main engine for making this system work. The minute we stop inputting our commitments, action items and thoughts into the system, the reference angle is meaningless. Hence, we have to set-up the system in a manner that is easy to use on a daily basis. There are several methodologies used to keep the wheels spinning in a GTD system. Outlined below, is the one I prefer to use.

Four Criteria Model

1. Context: All my action items are always grouped according to context. Therefore, depending on where I am, and the tools currently available, I select a context to work in. For instance, if the commute to my office takes 30 minutes, and all I have access to at that time is my phone, I bring up the list of calls I need to make. If I am able to work on multiple contexts at the office, I will use the remaining three criterion to help make a decision.

2. Time Available: I am at the office and have a meeting scheduled in the next hour, I can use this time to come up with an agenda for a proposed meeting, or review the presentation I have to give on my computer. If I only have five minutes before the meeting, I can scan my list of short phone calls or emails, and deal with them  using this period of time. This way, I am able to maximize the awkward 5-10 minutes in between meetings, calls and appointments.

3. Energy Available: Some tasks require more physical and mental effort than others. Let’s say it is 7:30pm after a long day at work. I have a list of low energy tasks which I could do at this moment. Depending on the time and tools available, this is a great time to fill in expense sheets, data entry or another task which requires minimal effort. For tasks requiring more energy, I work to place them in the earlier part of the day when I feel fresher and have a clearer mind.

4. Priority: We all have critical tasks which need to be given a higher level of priority. These tasks are usually flagged in my task lists, and are completed as soon as possible. If an entire day goes by, and these tasks are left undone, it often feels like the entire day has gone to waste. It is essential that your task list clearly marks priority, to ensure that you see these flagged tasks first and get them done as soon as possible.

Using this model I am able to collect, process and organize my action items throughout the day. It is undoubtedly not the most structured approach out there as compared to other methodologies. I like to be able to switch between projects depending on external factors. Other people that I know have more structured approaches, where they complete certain types of work at predefined times in the day. It is important to select a methodology that you are comfortable with. The primary objective must be to make it easy for you to use the system regularly and refer back to it whenever required.

Advice Time Management

GTD Step 4: Reviewing

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“People love chopping wood.  In this activity one immediately sees results.” Albert Einstein

Steps one through three, involved the gathering of data, putting it into appropriate buckets, and ensuring it was placed in a system to enable us to know what to do next. The fourth step in the process is a critical one, it puts a review system into place. The purpose of a review system is to analyze whether we are on track, as also gauge the progress we are making. A common case  in need of such a review system is, making lists of things to do, and then never getting around to doing them, because of inadequate and irregular review system . A review system helps to refresh your mind of commitments and closes loops on projects taking up more time than they should. I use three main review cycles, they are outlined below:

Daily Review: The first thing I do when I get into office is to open my calender, and review the tasks allocated for that particular day. This helps me plan accordingly for the rest of the day. The next task is to review my project lists, and determine the next action and it’s context. Depending on this list, I plan my day to maximize completion of tasks.

Weekly Review: This is by far the most important review cycle of them all. My weekly review is scheduled for Sunday morning, for those who work a 5 day week I suggest keeping it on Friday when things are still fresh in your mind. During this review I have a couple of key tasks which I now do habitually.

Emails: During the course of the week, I make sure my inbox remains as empty as possible. However if there are unprocessed emails which require thinking about, this is the time I usually clear them. I also identify emails that I am expecting, but which have not been received yet. I then create reminders, to ask the concerned individuals during the course of the week.

Calender: I review last week’s calender and see which tasks need to be moved forward to this week if required. I schedule appointments and action items for the coming week in advance if required. This way I ensure nothing is left unprocessed from last week, and move into a new week being aware of the workload to expect.

Project Review: Next, I review all the projects labeled for weekly reviews. In this manner I can monitor fairly adequately how much I got done during the week. If I have fallen behind schedule on certain tasks, I identify the reasons, and make sure that greater time is allocated to get them sorted out in the coming week. This project review helps close many loops on concurrent projects and helps me stay afloat with the activity, without getting overwhelmed.

Monthly Review: This review is carried out on the last Saturday of every month. I use this review to monitor progress of the macro goals I have set for myself. They  include growth of a businesses, personal finance, personal development and health. These are some larger goals which a weekly review does not cover. Through this review I get a perspective on the larger picture, without feeling bogged down with smaller projects running simultaneously. This is a very important review cycle, I recommend it’s use to everyone.

Incorporating a review system into my schedule has greatly increased my productivity and focus in life. The feeling of being bogged down with simultaneous project rarely occurs now. This provides a degree of control which is calming and reassuring at the same time. Without this vital step the GTD methodology will impact in a less meaningful manner. A disciplined review system, is a foundational building block, and helps this system unlock its true potential.

Advice Time Management

GTD Step 3: Organizing

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“The sculptor produces the beautiful statue by chipping away such parts of the marble block as are not needed – it is a process of elimination.” Elbert Hubbard

After the first couple of steps of the GTD process, there will still be much that will need to handled. Step three is best run parallel with step two. In so much as, that when we process we should organize the data into buckets which we will review and take action on, at a more appropriate and later time. Let’s say for example you are processing your “in” basket, and there is a memo about a call you need to make on Tuesday to a client. If you label it as such, and defer it to next week, you need a system in place to remind you on Tuesday morning to make that call. Every individual’s system will develop naturally, depending on the nature of their work and personality. Listed below are some key components of my organization process.

Setting up Buckets: Buckets are placeholders for any project which requires more than one action item to complete. They can also be created to manage reference material.

Projects: For example, at the moment I am working on launching a new website. I have created a bucket for this project which has a list of all action that needs to be taken before the website is actually launched. Similarly, we may have other projects such as “hire a new marketing manager”, “clean work desk”, “sign up for a medical insurance”, “plan a party for a friend” or even “plan winter vacation”. I do not make distinctions between personal and professional projects, you may want to however. What is important is that each project have a specific outcome and be reviewed on a regular basis to monitor progress.

Reference Material: The GTD system introduced me to something called a tickler file. This is quite simply a file which reminds me of tasks that need to be carried out on particular days. For instance, while processing  I find I need to make a call on Tuesday morning to a client, I place the item in the tickler folder, which I will open in the normal process of things on Tuesday morning. One can also set this up on an actual paper based system, be it a calender, a diary or a software program to manage your tickler file.

Working in Contexts: Contexts simply place all action items on your list, according to certain functions. For example, some of the contexts I use are “Phone Calls”, “Emails”, “Errands”, “Research”. Lets say I have a project which was “launch new website”, the first action on the list was to call a web developer and set up a meeting. I would assign this action item with the “Phone Calls” context. This way I can batch all my phone calls together and process them quickly. I strongly recommend batching your actions using contexts to increase your overall productivity.

Checklists: When we have several things happening concurrently, our brain often goes into overdrive. To help me through busy times like this, I like to organize my thoughts in a routine processes. For example, I have a checklist for “Conference Calls”, it outlines everything I need to do before, during and after the call. For the days I have to take and handle many such calls, it helps to make sure that I have not missed anything. Likewise, I have other lists for “Staff meetings”, “Backing up of data”, “Things to do before I travel”. One can set up lists for just about anything.

The organizational step takes time to get used to and to implement completely. It is important that we use this step to put all of our open loops into writing. This gives us the ability to free ourself from stress regarding smaller things such as “buy milk”, which if not processed on time and in the routine, takes up much more space than it should. Once we have processed and organized all this data, we are ready to move to the next important step of the system, reviewing.

Advice Time Management

GTD Step 2: Processing

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“The ability to simplify means to eliminate the unnecessary so that the necessary may speak.” Hans Hofmann

If you have followed step 1 outlined in my last post, chances are you have a lot of stuff to deal with. When I go off the GTD system, my desk drawers become bottomless pits where I deposit just about anything, and then completely forget about it. I am sure all of us have cleared desks and drawers this way many a time. We are suddenly faced with all this surplus information which needs to be processed. Looking at a huge pile in front of you is stressful, so take a deep breath to start with! Next, pick up one item at a time from your in-basket, and start to process. It is important to deal with each item in the tray one at a time, and not put the item back until it has been processed. Outlined below are steps I follow to process my in-tray.

Step 1: I ask myself…. “What action does this particular item require?”. It could require a form of action or, none at all.

Step 2a: If the item requires action, I determine what level of action is required. There are three possible options at this point:

i) Do it: If the item can be completed in 2 minutes or less then I get to it immediately. For example, if the first item on the tray is an approval letter which requires my signature, I sign it, and have it sent to the appropriate person.This item could also be responding to an email, or confirming attendance at a party. Anything which takes a short period of time to complete.

ii) Delegate it: If the item requires another person to take action on it, I mark it, and have it sent to the concerned individual. For example, if the item is a contract my partner needs to comment on, I have it sent over to him.

iii) Defer it: If the item cannot be processed immediately but requires action in the near future, I mark it, and place it on my calender. For example, if the item is a post-it note reminding me to call a particular customer, and today being Saturday, I will put an action item on my calender to call the individual on Monday morning.

Step 2b: if the item does not require any action, there are then a couple of easy ways to deal with it.

i) Trash it: If the item in your tray is junk mail, it should go straight into the trash bin. Anything which does not have some value must be trashed.

ii) Incubate: If the item is an invitation to a wedding, which is to take place in a months time, and you are uncertain of your travel schedule, put it away in a file to review after a designated period of time. Many items will require you to think about stuff, and such a file is a great place to organize them.

iii) Reference: If the item is a competitor’s brochure, I would keep it as reference material. It is important that your reference material is well marked and easily retrievable. Much of the time we archive stuff and never see it again. Mark your files carefully, and keep them within reach at all times.

This may all seem excessive when you first look at it, however, with a little bit of practice all these decisions take place almost instantly. We know instinctively what we need to do with each item, since much of it may have been bothering you for some time. Getting into the habit of keeping your in-basket at a manageable level at all times can greatly improve the quality of life. It is important that you process this tray regularly. Once we have processed all the information, we can move to the next stage, which is, organizing all this information.

Advice Time Management

GTD Step 1: Collect

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“For disappearing acts, it’s hard to beat what happens to the eight hours supposedly left after eight of sleep and eight of work.” Doug Larson

Here is a common scenario in which I have fallen off my GTD schedule. My inbox has hundreds of emails which need to be sorted and processed, I am moving from one project to the next without getting anything accomplished, books are left unread half way through, my desk is cluttered with to-do lists and post-it notes, and overall, things are just not getting done. As an entrepreneur every day spent in such chaos is a day wasted. Time flies by, and I am left wondering when the day started and when it ended. According to David Allen, this scenario is a result of having too many ‘Open Loops’ in our brain. An open loop signifies thoughts in our brain which need closure. When these loops are left open for extended periods of time, we tend to procrastinate and get stressed out over all the things that need to get done. If you are carrying too many open loops presently, read the steps below to start clearing them out.

Step 1: Clear your Workspace: Our desks are where we spend the better part of our working day, they reflect our state of our mind. A messy desk serves as a reminder to our brain, of all the open loops we are carrying. At one moment we may be working on an important report, suddenly our eye catches an unpaid utility bill. Our focus suddenly switches to the bill, and we begin worrying about getting the payment in before the due date. Beneath the bill, we notice a letter for a seminar we needed to register for yesterday, we have missed the deadline to sign up. This process goes on and on until we sit down and clear our desk of all, but the necessary items which need to be on it.

Step 2: Clear your Computer: Somehow, desktop screens seem to collect a lot of stuff very quickly. Downloaded files, new documents, attachments and a host of other new creations. These serve as constant reminders of open loops and can be very distracting. Create folders, set dates and time to clear them as soon as possible. Next, move to your email box and begin dealing with all unanswered emails, delete those which do not need a response and archive important emails to designated folders for easy retrieval.

Step 3: Clear your Mind: This is one my favorite exercises. When I cannot bear the open loops any more, I take a piece of paper and start putting down my thoughts onto the sheet of paper. This can literally cover anything which is bothering me. For example, it could be, buy a box of chocolates, call the cable repair man, chart out a timeline for the new project, make a Doctor’s appointment, make reservations for saturday night dinner, or, start doing some charity work. This is one of the most therapeutic things you can do for yourself and putting it all down feels really good.

During these steps many documents and files need to be handled. Set up a basic ‘in’ and ‘out’ tray to manage all the data, and set dates and time to process all the information which has been gathered. I also use basic file folders for specific information, and I review those folders on a periodic basis. There is no point in collecting all this data, thoughts and action points, without setting up a system to manage your collection properly. Before you begin the collection process have a couple of fresh envelopes, file folders, labelers and, the trash bin nearby.

Marketing Strategy Teams

5 Steps to Assess a Business

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“Strategy is not just a plan, not just an idea; it is a way of life for a company. Strategy doesn’t just position a firm in its external landscape; it defines what a firm will be.” Cynthia A. Montgomery

As a business owner one needs to continually assess one’s own company as well as those of the competition. It is essential to have the ability to look at the larger picture and see what is working, and what is not. If you are younger start-up company looking to raise money, or attract potential team members, you need to have well thought out answers to key questions which will be asked. Listed below are five key questions which I believe every business owner must be able to answer.

1. Why does your organization exist?: To answer this question, one needs to have clear understanding of the problem the organization is wanting to solve and how it plans to do that. The answer needs an opening sentence which has the ability to get the other person interested instantly, and wanting to know more about the business. To read more about answering this question please click here.

2. What is your competitive edge?: This question requires you to identify three main components, customer needs, competitor capabilities and your own organizational capabilities. This will help to clearly identify the space your organization is going to be operating in, and your customer value proposition. To read more about the answering this question please click here.

3. What is your business model?: In essence this question is asking how your business makes money. The answer to this question requires you to clearly pin point your target market, financial estimates, scalability and originality. All assumptions and forecasts used in the answer must be based on extensive research. Investors see far too many hockey stick projections, without substantial evidence of how and why demand will pick up to reach those estimates. To read more about answering this question please click here.

4. How do you acquire customers?: The answer to this question is all about your marketing strategy.  Clearly outline metrics used to measure performance, market positioning and price point strategies. These objectives and strategies need to be translated into executable tactics through your promotional campaigns. Avoid using generic answers when answering this question and focus on key metrics you  want to achieve, and how. To read more about answering this question please click here.

5. Who is on your team?: This question requires you to tell the assessor the business plans for execution. The answer to this question is I believe, by far the most important aspect of assessing a business. One needs to mention the teams past experience, achievements, leadership examples and responsibilities. Highlight strengths and how they will be used to help reach your target goals. To read more about answering this question please click here.

One needs to have the answers to these questions, always prepared. They require much initial hard work and research,  the benefits however, far outweigh the time spent on them. One needs to remember to be clear, concise and confident when answering these question. It is all about passion for the business and the industry one operates in. This passion must be conveyed when talking about one’s organization. In the end if the story makes sense, numbers are fairly correct and you have managed to assemble a talented team, success is closer than you think.

Strategy Teams

Who is on your team?

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“The way a team plays as a whole determines its success. You may have the greatest bunch of individual stars in the world, but if they don’t play together, the club won’t be worth a dime.” Babe Ruth

The success of any startup depends on the quality of the team executing the plans. It comes down to having a team who complements each others strengths and weaknesses, has the ability to work cohesively together and most importantly, has the same core beliefs and values. To communicate this to a potential investor or assessor of the business, requires a deep understanding of oneself and one’s team mates. A clear segmentation of the roles each person will be playing and why that particular person has been chosen for that role is essential.

The answer to this question should include reference to the following:

1. Experience: The first things which needs to be established is the team’s past experience and achievements. This will assist an understanding of where they are coming from and whether they have the required understanding of the market and skill set they will be responsible for. Wherever possible, support your answer with specific details including return on investments (ROI), market share growth, sales figure or any industry rewards and recognition achieved. Past tangible results need to be highlighted.

2. Leadership: This point needs to be stressed to showcase  possession of the necessary skills to lead and motivate a team. Highlight experience, responsibility and motivational skills from the past. Forward looking investors need to know whether an individual has the ability to motivate a team during hard times, and push them further when things are going well.

3. Roles & Responsibilities: From the very beginning there should be clear allocation of responsibilities. Even though at the beginning everyone has to wear multiple hats, it is important that they are responsible for the part of the business where their strongest skill set is used.

The points mentioned above highlight some key areas to develop answers around. Ultimately, investors invest in teams, not business ideas. Use this opportunity to promote your team as much as possible. Be clear, concise and focus on results and tangible evidence of the team’s great ability to work well together.

Related Articles:

– Steps to create a winning team

Marketing Strategy

How do you acquire customers?

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“Good business leaders create a vision, articulate the vision, passionately own the vision, and relentlessly drive it to completion.” Jack Welch

The reason I ask this question is to understand how the business plans to market itself to its target segment. As mentioned earlier in my blog posts, very often start-up companies fail to sufficiently develop a well thought out, go-to-market strategy. Relying solely on a website, brochures and short run publicity tactics is not advisable. The assessor needs to understand explicitly what the marketing objectives are and what strategies they will use to reach those targets. To correctly answer this question, develop a marketing plan for the business which will help create a concise answer summarizing your goals.

The following information needs to be included in your answer.

1. Metrics: The answer to this question must be supported by  key metrics which will benchmark marketing strategies. Potential investors are looking for specific details such as market share figures, customer acquisition costs, customer lifetime value, customers required to break-even, and quarterly targets. These metrics must be established early in the answer to give it greater credibility.

2. Positioning: Next, establish positioning and the reason why that particular stance was chosen. Being specific about your target segment and clear on positioning is essential for any marketing plan to work effectively. Choosing a generic target segment like SME’s may appear appealing, however, most do not have the resources to tackle such a large target segment on their own.

3. Price Points: It is always good to know the rationale why a particular price point was used in the strategy. Setting correct price points requires a lot of data collection in the form of surveys, feedback and industry reports to establish credible and  optimal price points. Setting it above or below industry norms must be done with adequate reasons and supported by marketing tactics.

4. Promotional Tactics: After clearly establishing your objectives, positioning, and price points, it is essential to explain how they will be achieved. This relies on the promotional activities a business uses to reach its target segment.  Consistency in promotional tactics is a critical component to establish .

The ultimate objective when answering this question, is to come across as someone with deep knowledge about the industry they operate in, and a clear picture of how they are going to carve out a niche for themselves. The points listed above should serve as guiding points to help you formulate an answer which will help establish this.

Related Articles:

– How to write a marketing plan

Strategy

What is your business model?

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“Great companies first build a culture of discipline…and create a business model that fits squarely in the intersection of three circles: what they can be best in the world at, a deep understanding of their economic engine, and the core values they hold with deep passion.” Jim Collins

In essence what this question is asking is, how does your business make money? To answer this question you must explain comprehensively how the different functions of your business fit together to make a profit. A good business model must satisfy two very simple core criterions, it must be based on it’s target market demand and must make financial sense. As simple as these two criterions may seem, many businesses, specifically in the “internet” era fail to pay attention to them.

One example is that of Webvan. They wanted to take grocery shopping, online. Great idea, huge demand from customers, however, it failed the financial test. The numbers did not add up and after spending hundreds of millions of dollars, the company was forced to close down. Another example of where the story did not make sense, is a company called Flooz. It wanted to convert real money to virtual currency to be used for spending online. After $35m, they found out that customers did not really feel comfortable with the idea.

The litmus test to put to business models, must cover:

1. Does it meet customer needs?: Is there a large enough target market segment willing to buy or use the product/service that the business is wanting to sell? It is essential that business models make sense and that there is a large potential target market.

2. Do the numbers add up?: Firstly, are the forecasts and projection based on solid foundations? Many a time when assessing businesses, I come across assumptions that seem to have been pulled out of a hat and  projections that are quite unrealistic. Secondly, have they taken the costs of doing business into account realistically? In the end, if the numbers do not add up and the business does not have a good plan, the chances of success and making money are very slim.

3. Is the business model scalable?: Investors and potential partners are always more interested in a business which has the ability to scale. Look into the future to see how the business model can be expanded and what it will cost the organization. If IPO and becoming an attractive takeover target is your goal, the business model has got to be scalable.

4. Can the business model be easily replicated?: Almost all models can be replicated. However, how much does it cost, and how long before your competition catches up? Look at DELL, it developed a business model which was very difficult for its competition to replicate because of its existing distribution channel agreements. Hence, even though the model could be replicated, they chose not too because they could not match it.

Listed above are a few things to keep in mind when developing an answer to the above question. It is important to clearly communicate how the business will make money, what assumptions the forecasts are based on, and whether it has the ability to scale. Investors are looking for something unique yet simple. It is challenging to find this balance, however if you do, success is right around the corner.