Prioritizing is essential to success

CLEARLY, this guy's got his priorities wrong. In fact, I don't even know why this image came up on a Google search for "prioritizing tasks" ;)

"He who takes a minute from me, takes something he can never return." -Anonymous

Whether you own a business already or are in the process of starting one, it is easy to get caught up in A LOT of things. Time is the most valuable resource we have, but it is also the most scarce and most elusive to notice. Like many things, we don't realize its full worth until it's gone.

Money is the lifeblood of every business. However, time equals money. Therefore time equals the lifeblood of the business. Like my math there? ;) This is true whether your business exists or not. Only difference is that in the beginning, that lifeblood is needed for the "embryo" to become a live "child". If you already own a business, then it's to sustain the life and growth of the business.

Often times, when starting a business, new entrepreneurs get caught up in activities and tasks that are not necessarily the most vital. Some entrepreneurs spend way too much time thinking about fancy marketing campaigns or other non-essential "hot air" even before they've fully fleshed out their product or service. BIG mistake. Spending time thinking about bells and whistles will do 1 or 2 things (or a combination of both):

1) Delay your launch
2) Ensure the failure of the business

The most essential tasks that you need to prioritize are those tasks which directly relate to the operation of your business. I'm talking about the skeleton and muscles of the business. The foundation underneath that allows you to earn revenue. Once the core is in place, then you can worry about the skin and make-up.

Pretend that you've already done all your research and your business idea is a great opportunity. In the startup phase, some key tasks you want to prioritize and tackle first are:

• Developing a solid plan of how your product/service will make your business money
• Ascertaining WHAT suppliers and/or labor you will require and HOW you will get it (and of course, how much it'll cost)
  
• Plan for your business on how you will deal with too little or too much demand

Basically, your priorities should be about PLANNING PLANNING PLANNING. Then execution. Any activity that is not absolutely, beyond a shadow of a doubt, essential to the launch of your business must be placed in a lower priority. Marketing for example, is one such item that is a lower priority. You can't market what doesn't exist. There will be plenty of time to go out there and market the business once the foundation has been established. There will also be plenty of time to come up with new ways to market the business afterwards.

Before you spend time on a task, always ask yourself, "Does this directly contribute to the launch of the business? Or is this something that can be done after launch?" If the answer is "It can be done after launch" then set it aside and tackle more immediate needs.

Now...for those of us who already own a business, the playing field is a bit different. As a current business owner, your priorities must be towards value-added activities. ALWAYS. For any task you're about to do, you should ask yourself, "Will this activity boost/retain my profit?" If the answer is, "No" or "Not really" then set it aside for now...or don't even bother with it. Your time is limited.

Any task that is required for the maintenance and growth of the "skeleton and muscles" of your business, it must be given highest priority. Notice that I specified "PROFIT" in that question. Boosting revenues is nice, but if you're spending just as much as you're gaining, then you've gained nothing. Lowering costs is good too, but if that lowers your revenue (i.e. because you've cut service, etc.) then the benefit is nill.

You cannot let non value-add activites consume you. (see my post "Don't be a helicopter entrepreneur" on March 31st).

Not convinced? Everyday in the news, you hear about companies going bankrupt. Some are liquidated, others are what they call "restructuring." Restructuring is a HUGE business. Consultants love it. Restructuring is exactly what I just stated above. It is doing what NEEDS to be done. Restructuring efforts prioritize tasks that directly relate to the skeleton and muscles of the business (its core foundations). Bells and whistles like cool marketing, events, or whatnot are CUT until the core of the business is stabilized. It's almost like performing emergency surgery on a dying patient. The first priority is to stop the bleeding, then repair the damage, then give the patient the ability to recover and continue onwards.

Often times, companies enter into bankruptcy because they fail to prioritize correctly. They let cracks in their foundation to fester and grow until the entire house is on the verge of collapse. They keep focusing on trying to sell more and more and come up with crazy marketing campaigns while the core problems (i.e. the quality of their product/service) is deteriorating) is eating them alive. There's just not enough time.

If the lifeblood (time and money) of the business is not being pumped to its "vital organs" it will die. Bankrupt companies are the ones that pumped lifeblood into non-vital areas.

In fact, some companies I've seen were so terrible...I'm convinced all the lifeblood was pumped into their hair or something. "Hey, we're losing millions of dollars, but we're a great company!" Famous last words? Probably.

With that said, I want to leave you with a quote from a philosopher who's name has been lost to time....or maybe it's just me...I don't remember:

"To look outward, you must first look inward. It is the power within that determines what your fate shall be."

Hmm, yeah...actually that is my quote...

Entrepreneurs can be a great force for good

"All that is necessary for the triumph of evil is that good men do nothing." -Edmund Burke

Chuck Norris knows this!

Actually, I want to add to that quote. It also triumphs when good men don't do enough.

People have many different reasons why they become entrepreneurs. However, with great power comes great responsibility as well (I did NOT get that from Spider Man!). There are many people in the world who don't even have the luxury of clean drinking water or clean clothes to wear. As a current or future entrpreneur, you should always be grateful for what you have and the opportunities and education you were given. Gratitude cannot be expressed in words or feelings alone, however, it must be expressed by actions as well.

Like I mentioned in my previous post ("Be Selfishly Honest" - April), it is a fundamental law of our existence that if you give, you shall receive. Whether you call it a blessing, karma, mutual cooperation, etc. the concept is still the same. The world is whatever we make of it. Our entire lives have been shaped by the actions of generations before us, and by our actions, we shall shape the generations after ours. It is our responsibility...no...our RIGHT...to give back to our world and do as much good as possible before our short time on this Earth is over.

There are many people in the world that are good-hearted, but they either don't have the means or the strength to take action. However, as entrepreneurs, we have the means and we have the strength. We can inspire people through leading by example. Heck, we look good doing it too. There's nothing wrong with embracing the practical benefits of doing good. It's in our nature. You did something good, therefore you get rewarded. Nothing wrong with that. I believe that as a society, we've been brainwashed by hypocrites to believe that unless we suffer or be 100% selfless (which is impossible) in our good deeds, then we are being selfish and bad.

There are many promising start-ups out there that are making a real difference in people's lives. Whether it be making $100 laptops (One Laptop Per Child) , micro-lending (Kiva.org), or eco-friendly shoes (Autonomie Project Inc.). There are SO many ways as an entrepreneur that you can make a positive difference in the world. That is the beauty of entrepreneurship, you have the FREEDOM to do whatever you believe in. With that freedom, comes your responsibility to your fellow human beings. As an entrepreneur, you are your brother's keeper. Never forget that.

If you want to improve your communities and the world, you need to start doing something about it.

...or else Chuck'll roundhouse kick you in the face ;)


In a future blog post, I am going to dedicate the entire post to list some great examples of social entrepreneurs and their companies. I'd like for you guys to submit your ideas to me. Email me your submission to floid@gogravytrain.com

You can also contact me on Twitter (user name: GravyFloid). Or just click on the little Twitter button on the right side of the blog.

No one can provide for you except yourself

"What lies behind us and what lies before us are tiny matters compared to what lies within us." -Ralph Waldo Emesrson

Ever since we were kids, we were taught to become increasingly self-reliant (...well...most of us anyway). We learned to go potty, tie our own shoes and many other things that for some reason I'm convinced some adults haven't learned properly ;)

Since childhood, we have come so far in our lives. We are able to do things that we couldn't possibly do by ourselves as kids. And you know what? It's exhilirating. As we grew up, our freedoms increased. Why? Because we became more self-reliant. Imagine if you always had to rely on others for even just the basics in life? You'd be a slave to your own inability.

We learn so much and have such a determination to be a unique individual...but why do most of us stop? How come most people have not learned how to provide for themselves without relying on someone else to cut them a pay check? Have our bosses become our new parents?

It is one thing to serve another in order to learn and grow. It is quite another when you serve in order to live.

It's true, you cannot become a great leader until you know what it is to serve another. Unless you apply that knowledge, however, you will become a slave. Just as you gained greater independence from your parents, now you must gain independence from your bosses. Just like most things in this life, self-reliance is earned, not given.

Great leaders are not superhuman. They are people, just like you and me. The only difference between a servant and a leader is that a leader empowers him/herself through action and the application of knowledge. No one has a "master plan" where victory is assured. Leaders are just as uncertain as everyone else. Like anything in life, sometimes you just have to take that leap of faith and hope for the best. You miss 100% of the shots you don't take.

One key lesson people MUST learn is that in business, nothing is personal. Your boss might be a great person, but don't forget: you're there because you're useful to your boss. You do not owe any further loyalty to your boss beyond doing your job well...nor does your boss owe you any further loyalty than rightfully compensating you for your work.

Adversity is a true test of one's character. I've witnessed and heard many stores of offices where everyone got along like a family. When tough times hit, all loyalty jumped out the window. One story was a boss who jumped ship to another company and left a bunch of good people in the lurch despite having a personal rapport with them. Rather than feeling a sense of loyalty to his employees and trying his hardest to keep the ship afloat and going down with it if necessary (like any true Captain would), he jumped ship. He took a handful of the most senior people who he saw as the most useful to him and left the rest to fend for themselves. Oh well, nothing personal, right?

Think that's pretty bad? Take a recent example in the news. Frank Scudere, a lawyer who survived the Hudson River plane crash, was let go from his job. Even though he almost died trying to do his job, he still got canned. His performance reviews were all very good. He was the model employee by many respects. The day he got laid off, his medical benefits were immediately cut off and was told he had three hours to leave the law firm's offices before security escorts him out. Of course, the business had to lay off people to cut costs. That is understandable. However, notice that even though he was a great guy, ultimately, it didn't mean anything. In fact, he was almost treated like a trespasser on the day of his lay off.

If you think that someone else is going to make you rich or successful, you are WRONG. Only YOU can make you successful. Only YOU can make you happy.

People want you to work for them because you are useful, not because they like you. While it's nice if your boss is taking you wherever he goes, it is in fact a curse. You are destined to be his servant, limited in your freedoms and exposure. Imagine if you worked for someone for most of your life, and then that person leaves? What then? It's just like the child who never learned how to tie his shoes. The child is at the mercy of others. When you rely on the mercy or provisions of others, you are not free, you are a dependent.

Don't stop learning. Your quest for self-reliance is not over. Until you can live a life where your destiny and well-being is entirely driven by you, you will never live the life you always wanted. You will look back, and instead of remembering the triumphant victories of your own efforts, you will remember the time your master gave you a pat on the back when you were forced to miss your child's birthday.

To wrap up, I want to leave you with a poem from Saxon White Kessinger called "Feeling Important?"

Sometimes when you're feeling important,
Sometimes when your ego's in bloom,
Sometime when you take it for granted,
You're the best qualified in the room;
Sometimes when you feel that your going
Would leave an unfillable hole,
Just follow these simple instructions
And see how they humble your soul.

Take a bucket and fill it with water
Put your hand in it up to the wrist,
Pull it out, and the hole that's remaining
Is the measure of how you'll be missed.
You can splash all you want when you enter,
You may stir up the water galore;
But stop, and you'll find that in no time
It looks quite the same as before.
The moral in this quaint example
Is to do just the best that you can;
Be proud of yourself, but remember
There's no indispensable man.