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Create a Strategy About What is Important and a Schedule to Accomplish Important Tasks

Business Concern

Release Date: 06/07/2024

Where to Find Help show art Where to Find Help

Business Concern

As the owner of a small to medium size business, you may have felt the need to ask for help but not felt comfortable doing so. Owners of businesses are often skilled in the business they own and enjoy the respect of their family and friends. If their businesses are successful (profitable), it is usually based on their leadership and good fortune. But things change and sometimes the successful are faced with difficulties and even poor results. The humility it takes for an owner to recognize that business is a team effort and that the policy-making group of a business needs help is a principal...

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Business Concern

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Business Concern

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The Concept of Time – How Its Progression Affects Important Tasks show art The Concept of Time – How Its Progression Affects Important Tasks

Business Concern

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Business Concern

In the new year make sure you pay attention to what is important but not urgent. This is the time to make resolutions – that process involving review of the past year and resolving to do something different in the new year. It is a given that urgent but not important matters often replace important but not urgent matters in the time allocation of business owners. This diverts the owners from accomplishing important long-term tasks such as obtaining maximum value for their business interests. To pay attention to what is important you must prioritize paying attention to what is important by...

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Important Accomplishments show art Important Accomplishments

Business Concern

As a business owner imagine how it would feel at the end of the year to look back and realize you have reached one or more important accomplishments. You used your values to create a strategy. You set a goal at the beginning of the year. You created a plan to act to accomplish the goal. You executed the plan by acting to reach the goal. The feeling would be one of satisfaction and a sense of accomplishment. For most owners this feeling of satisfaction will not be possible. Most will not have articulated their values and created the strategy to set the goal. Some will not have published the...

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Business Concern

No one said it would be easy. If you are the owner of an interest in a business which has become profitable, you and your team have done something right and it probably was not easy. Moreover, it will not be easy to keep your business profitable. What follows is a chart for the failure rate year by year from a LendingTree analysis of U.S. Bureau of Labor Statistics data ().   Time Frame Percentage of Failure Within 1 year 23.2% After 2 years 32.8% After 3 years 36.2% After 4 years 43.2% After 5 years 48.0% After 6 years 52.9% After 7...

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Business Concern

The idiomatic phrase – shoulda, coulda, woulda – conveys the feeling you as the owner of a business might have in three years. Ok, “Could've, Would've, Should've” is a Taylor Swift (and Aaron Dessner) song. But it derives from the phrase often written as “shoulda, coulda, woulda.” The combination of the meaning of each – should conveying correctness, could conveying possibility, and would conveying a thwarted intention – yields a meaning of the uselessness of looking back or looking for excuses. Pat Riley, President and former coach of the Miami Heat and the Los Angeles Lakers...

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Business Concern

The quote is from Mordecai Evans who is the Lead Advisor for Business Acquisition Advisors, LLC located in Augusta, Georgia. Mordecai went to work for a pharmaceutical company after graduating from Clemson. His passion for entrepreneurship and sales led him to becoming a broker with a business brokerage firm. Recently, Mordecai formed his own merger and acquisition firm, Business Acquisition Advisors. Rick asked Mordecai to do a Zoom interview about his experiences with the small to medium size business market. What follows is a summary of that conversation. Rick began by asking about what the...

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Thinking About Who Will Buy My Business show art Thinking About Who Will Buy My Business

Business Concern

If you are thinking about who is going to buy your business, you have already dealt with the significant core perception necessary for business strategic planning: that inevitably, voluntarily or involuntarily, with good results or bad, you will transfer your business interest. The reality check for the owner-manager of a business is the perception of and planning for the inevitable transfer of the business interest. Coming to this realization is the basis for the Prior Diligence strategy. The owner and the business will separate, the principal unknown factor is when and what happens to...

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How do you accomplish what is important? It takes discipline and scheduling to accomplish tasks that are important but not urgent. These tasks are recognized as important, yet many people cannot accomplish important tasks such as becoming fluent in a language, learning to play a musical instrument, or writing a personal or business plan because they choose urgent tasks instead.

Here is an example. It may be important to you to stay physically fit. If you are fit now, it is because you have maintained an exercise program over time. Each exercise time was not urgent, but completing each exercise period over time was important. That meant you scheduled each exercise time and did the exercising at the appointed time. You also recognize that if you do not continue exercising, you will not continue to be physically fit. If you allow the “something that came up” to keep you from the scheduled exercise period, you will lose your physical fitness.

The steps: (1) identify what is important, (2) determine what actions are necessary to accomplish the important task, (3) schedule the time for the steps to accomplish the task, and (4) practice discipline to maintain the schedule.

First, what is important? Can you put it in writing? If you can, you have a strategy. A strategy is a narrative of what is important to you. If you do not have a strategy, then create one. But since we have only thirty minutes, let’s not overthink it.

Take no more than five minutes and a blank sheet of paper and list what is important to you. After five minutes, categorize what you have written. For example, you may have written the following list of what is important: “supporting my family, maintaining my health, contributing to the community, and leaving something behind for those who follow me.” These can be categorized into: “family, health, community, and legacy.”

Now take five minutes, look at your calendar, and review the last four weeks. On a separate sheet of paper, categorize the activities and list the average hours per week you engage in the activities. For example, in an average week of 168 hours, you might spend 49 hours sleeping. You might spend 21 hours eating. You might spend 14 hours on personal hygiene and care. You might spend 40 hours working. You might spend 4 hours exercising. You might spend 4 hours running errands. This leaves 36 hours. For most of us what we do with those 36 hours is based on a sense of urgency rather than a decision about what was important. Nonetheless, categorize the activities you did for that time. Notice if any of these categories match the important categories you listed before.

Start with a clean sheet and in five minutes answer the question: “What do I desire?” You should be selfish – list what you want most out of life in terms of what makes you happy or satisfied.

You now have three sheets of paper and we are fifteen minutes in. One sheet lists the first important items that came to mind, one lists what you have chosen to do with your time, and one lists your desires. Is there a coherence? Do the personal values you have as to what is important match how you spend your time? Is that really what you want? A strategy helps us put these things together by documenting your careful consideration of what is important and desired to enable better day-to-day decisions about how to spend your time. In the next five minutes again write down what you think is important but also list the tasks that are required to accomplish what is important. This is a way of articulating your values and is a written strategy.

During the ten minutes you have left, compute the time you have available in the average week and schedule the times you will devote to tasks that are important. The tasks should have reasonable milestones and timelines. The scheduled times should be times you can be focused and productive. You will probably not have enough time for all the things you listed as important. You must prioritize your important tasks (thus amending your strategy). Even if you only have time to complete the tasks for one important project, that is much better than not planning, responding only to urgent items, and failing to accomplish anything important.

In a half an hour you have now accomplished something most people never do. You have a strategy and a plan. Now you have the perspective and a reasonable method to accomplish the scheduled important tasks. The discipline of execution – actually maintaining the schedule and completing the tasks is not easy, but it is impossible without the strategy and the plan.

Keep repeating this exercise and revise your strategy and plan as needed. Hey, it only takes half an hour!

Celebrate reaching your milestones and goals. Enjoy the success and satisfaction that comes from accomplishing important tasks and projects.