Simple, Wise Guidance from a Billionaire
This short Chicago Booth Convocation speech by Carlyle Group founder William Conway, MBA ’74, is, like Bill himself, straight-forward, humble, wise, and kind. What a great message for new graduates.
You can’t manage time, so manage your priorities
The most valuable time management skill is recognizing the important tasks and ignoring the rest. I first observed it early in my consulting career, at Arthur Andersen & Co in New York, after a meeting with my manager and our client, the Vice President of a large energy company. After the client left, my manager and I reviewed the meeting and planned our tasks. I mentioned one of the client’s requests from my notes and asked, “How are we going to do this?” I was shocked by his reply, “Don’t worry about that.”
“What do you mean?” I replied, “He specifically asked us to do that.”
“I know, but trust me, It’ll go away.” He was right. That task was never mentioned again and the client was entirely pleased with our work.
Not taking on everything you could do or want to do is the only way to reserve resources for the key activities.
One Page Business Plan
I apologize for the length of this letter/speech/memo/blog post. If I had more time it would have been shorter.
That keen insight into effective writing has been attributed to many great communicators, from Virgil to Voltaire. Respect for the reader’s time requires the writer to carefully pare all but the most essential aspects of the message. Editing has the added benefit of helping the writer clarify and sharpen his or her own thinking. If you cannot express the essentials briefly and accurately your confusion and uncertainty will distract and annoy the reader. To write fewer words, think more.
Physicist Richard Feynman, for example, admitted to a colleague that he did not have an adequate understanding of Quantum ElectroDynamics, despite the fact that he had won the Nobel Prize for inventing it.
Feynman’s criterium for understanding was to express it in a lecture comprehensible by a college freshman.
Your business plan is the document that most deserves intense thought and editing to make it concise, persuasive, and motivating. Everyone in your business needs to (more…)
Classic–and Comic–Resistance to Change
Making change in organizations is central to my work. The nature of organizations, however, is to resist change. That’s why we call them organize-ations, not random-izations or adapt-ations,
One common way for organizations to resist innovation and change is for people to collect evidence that any novel tool or procedure is causing problems–even if the problems predate the change.
Waterless Urinals
Craig Hansen, the Army base’s energy engineering technician, decided to retrofit all 740 of his urinals over the objection of local plumbers. “The plumbers felt that these things were a threat to their livelihood,” Hansen says. “They don’t like change.”
Hansen heard a flood of complaints early on: The urinals stank. They were dirty. Where was the flush handle?
In one building, the complaints were so vociferous that Hansen started an investigation. He found that the bathrooms did indeed stink, but the urinals appeared clean. He suspected there was something else going on and decided a little experiment might flush out the problem. He bought a smoke bomb, lit the fuse, dropped it down the main sewer line, and waited. Hansen observed that the sewer vent outside the building was placed directly in front of the structure’s air intake. Smoke flowed out of the vent and was immediately sucked back into the building. He also found a cracked toilet in the women’s rest room that spewed smoke. The urinals, however, emitted nothing. The cartridges were doing their job.
Hansen concluded that the smell had always been there, but people didn’t have anything to blame it on until the new urinals arrived.
—Pissing Match:
Is the World Ready for the Waterless Urinal?
WIRED Magazine
Are you rowing, riding, or resisting?
If you’ve done any white water rafting, you know how exciting it can be. On the first rapid of my first trip I remember the guide yelling, “Row. Row! Row fast!!!” But I did not want to go fast. I wanted to slow down, I preferred to try passing through the rapid “nice and easy.”
That was a mistake. We spun and bounced and nearly capsized. On the next rapid, I dug in with my paddle and rowed like mad. We shot through like an arrow.
I learned the hard way that if you travel down a river at or below the speed of the river’s current, you have no control over where you’re going. You can see the rocks and whirlpools ahead but you have no say as to whether you hit them or go around. Plus, it takes more energy to slow your boat than to speed up. By going slower than the current, you might get through the rapids unscathed but you will feel as significant as a leaf in the wind and know, “I was lucky that time.” By exceeding the speed of the current, the person operating the rudder can give direction to the raft and make sure the raft takes the safest route through the rapids. I remember after that first run, we gave each other “high fives” like a bunch of kids. We were proud and excited, not merely lucky.
That’s called taking control of your life. Your direction. Your destiny. We are only victims if we choose to be. Everyone encounters rocks, rapids, and whirlpools. It’s a fact of life. The choice is to work with the power of the river to make our own path, to exhaust ourselves resisting the flow, or to let it toss us randomly. I prefer to add my own preferences and efforts to the circumstances.
I may not control the outcome but I do have a role.
Improved Goal Thermometer
I frequently encourage my top executive coaching clients to set specific measurable goals and to chart their progress visually. For example, my free trailing twelve month Excel template is very popular. Download it by clicking here.
Here is an even simpler and more visually striking graphic you can use. Enter your own title, goal amount and current status and get a one-page, printable thermometer to display your progress for yourself or the entire team. This is similar to my earlier goal thermometer with the added feature of showing the time elapsed since the project was started.
Click here to download your free copy now. No registration required.
Feel free to share this with your friends and colleagues. Please do not remove my name or web address from the Excel spreadsheet.
See also Tony’s complete goal setting kit, with audio and workbook,
free on this blog.
Turning Your Goals into Habits
The number one problem with business books, self-improvement programs, and even executive coaching is the excess of insights and ideas that could help, that would help, but do not help because the ideas do not produce action.
Here are the two most important methods that I, as a top executive coach, use with clients to help them get results with new ideas.
First, we have a detailed, concrete conversation about their daily habits and history of abandoned “good ideas.” We explore together and define simple, specific changes to their routine that will help integrate the new practice into their lives. For example, a client with a well-established habit of using his home gym immediately after arising in the morning hung a sign on the TV over his treadmill to remind him to meditate first.
For a simple trick to help you establish beneficial new habits click here.
Second, and even more powerful, is (more…)
Commitment Creates a Clearing for Cooperation
… but when I said that nothing had been done I erred in one important matter. We had definitely committed ourselves and were halfway out of our ruts. We had put down our passage money— booked a sailing to Bombay. This may sound too simple, but is great in consequence.
Until one is committed, there is hesitancy, the chance to draw back, always ineffectiveness. Concerning all acts of initiative (and creation), there is one elementary truth the ignorance of which kills countless ideas and splendid plans: that the moment one definitely commits oneself, then providence moves, too. A whole stream of events issues from (more…)
Chart Progress with Goal Thermometer
I frequently encourage my CEO executive coaching clients to set specific measurable goals and to chart their progress visually. For example, my free trailing twelve month Excel template is very popular. Download it by clicking here.
Here is an even simpler and more visually striking graphic you can use. Enter your own title, goal amount and current status and get a one page, printable thermometer to display your progress for yourself or the entire team.
Click here to download your free copy now. No registration required.
Feel free to share this with your friends and colleagues. Please do not remove my name or web address from the Excel spreadsheet.
You may also download an improved version with schedule information, too, e.g., for a monthly goal the thermometer displays how much of the month has passed. Get it for free by clicking here.
See also Tony’s complete goal setting kit, with audio and workbook,
free on this blog.
Graph Gross Margin
My
executive coaching clients and readers of this blog have found my quick and easy Trailing Twelve Month tool very useful. You can download the Excel spreadsheet for free here.
I also encourage my CEO clients to keep a close eye on margins. I have modified the Trailing Twelve Month tool to show monthly results and long-term trends for your business’s margin. The key difference is that since margin is a percentage it makes no sense to look at the sum of twelve months of margins. This new spreadsheet instead shows the twelve-month moving average of your gross margin. Download it by clicking here.
See also Tony’s complete goal setting kit, with audio and workbook,
free on this blog.
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