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Productivity

Focused Thinking – a Must for Every Business

By Baby Boomer Cash Now on October 29, 2017

Focused Thinking – a Must for Every Business

Devoting 15 minutes a day for dedicated thinking on how to expand your business and how to increase value to your customers, will transform your business.

You may be thinking, I’m so busy, I’m not able to devote time to thinking.  There are two main reasons why you want to dedicate the time.

Benefit 1

First, this dedicated thinking is an important way to help you move your business ahead.  Focused thinking on:

  • how to serve your customers better
  • additional products or services that can help solve your customers problems
  • ways to provide for the needs of your customers. Generating ideas to solve these needs and wants that create additional income.

Generating these ideas does not come to you during the hustle and bustle of the day.  Your brain does not have an on/off switch.  It takes time to develop promising ideas and this can be easier when you dedicate focused thinking time.

Benefit 2

Dedicating time to Focused thinking on a consistent basis will lead to more and better ideas.  You mind is like a muscle.  The more you exercise it, the stronger it becomes.  Daniel Goleman, the originator of Emotional Intelligence, in his book,  Focus, says that your mind creates pathways when you think.  The more you focus on a topic and think about it, the stronger the pathways become.

Why Our Mind Wanders

You may find when you first try to do focused thinking, your mind will wander, and you’ll constantly need to bring it back to the subject.  Often your mind will start thinking about what must be done today – the urgent.  Many people after a few minutes of their mind drifting will give up trying to focus their mind and get on with their day.  Don’t let that happen to you.

Why does our mind wander?

According to the National Science Foundation, we have as many as 50,000 thoughts in a day, so it is natural for our minds to wander with so many ideas thrashing about in our heads.  Part of that 50,000 thoughts are the recent development of social media and the distraction it creates.  We are constantly checking our Facebook page or the latest tweets. If our phone chimes with a text, we drop everything and look at the text.   

Have you ever seen your teenagers studying for an exam and the TV is blaring in the background?  Have you ever had a conversation with someone while they are reading texts or scrolling social media?  Cal Newport talks about in Deep Work how we are teaching our minds to be easily distracted; easily bored. We crave outside stimulation for our minds.  We are teaching our mind to be lazy.

Method for Productive Thinking time 

So how do you go about creating productive thinking time?

First, determine how much time you want to set aside for this.  Initially, I would recommend keeping the time fairly short; 15-20 minutes. Set a timer for yourself so you aren’t wondering how long you have been at it.  If you try to do a longer time than that, you will be longing for the timer to go off.  It will be pure torture.  Why?  Because deep thinking is hard work.  Cal Newport, in his book Deep Work, talks about how productive we can be with focused thinking, but after 4 hours of deep thinking we are exhausted and need to regenerate.  And people are only able to do this 4 hours of deep thinking after they have trained themselves to do.  Training your brain to be able to think is no different than training for a marathon.  You don’t attempt 10 miles today having never ran more than 2 blocks in your life.  You start small and build upon it.

Productive Thinking Environment

Find a quiet place to focus on your thinking.  Early in the morning, when the house is quiet, would be a good time to do this. If you are not a morning person, you’ll need to find the right time of day that works for you and set aside that time for your thinking.  (For the rest of the blog post I’ll assume you are doing this first thing in the morning). Find comfortable chair (have a favorite chair to do your thinking).  If you don’t have comfortable chair, get one.  You want to have an inviting environment.

Second, start with your favorite beverage.  Tim Ferriss, an entrepreneur extraordinaire, has a beverage blend of black and green tea, or Pu-erh tea, ember, or Kabuse Sencha).

For me, I love the smell of coffee.  I will often get several types of coffee, just to have a variety of coffee smells, first thing in the morning.

Do not allow any distractions in your Productive Thinking Time.  Don’t start your day with emails, texts, social media or anything else.  Don’t let the phone chimes, or buzzes distract you.  Make sure they are turned off.  Michael Hyatt, another entrepreneur, sets up his computer so he is not able to get on Facebook or Twitter at the start of the morning.  The key is to do whatever it takes to not be distracted.

How to do Focused Thinking?

First, determine what are you trying to solve.  Write down a problem you’re trying to solve.  Not a day to day item (such as how to handle a slow pay client), but rather something like, “how to increase sales 10% in the next 3 months”.  We’ll use this as an example.

Next, Write out the problem.  As you can tell by the way the example is stated, increasing sales by 10% in 3 months is a goal.  It is concrete in what you want to achieve, and it is stated in the positive. We’ll discuss in a moment why the way it is stated is important.

List 10 ideas/ways you could achieve the 10% increase in sales.

What are the new products or services that can increase the dollars spent per existing customer?  What are ten products or services that can be created for a new target market?  I go into details on how to determine a target market and develop products/services for the target market in my article, “7 Keys to starting your Business Right”.   My subscribers get a free copy of the guide. To subscribe, Click on the subscribe button at the bottom of the main web page and get your free copy!

You can do this thinking with pencil and paper or computer.  Use whatever method works best with your thinking.   The 10 ideas will likely take up your 15-20 minutes, but don’t stop your thinking until you come up with 10 ideas.

You are now done for the morning.  But you are not done for the day.

By the way, as you go through the day, ideas may pop in your head; make sure you capture them.  Apps on Smart phones can be used to capture ideas.  I normally record my idea via texts to myself.

Wanna do your Best thinking?  Slept on It

Albert Einstein said, “never go to sleep without a question to your subconscious”.

Before you go to bed, ask yourself a question or two, related to your morning thinking.  Or in the case of Josh Waitzkin, life coach and expert chess player, prefers to ask the questions of his subconscious after dinner.  He finds if he does this right before bed, his conscious mind focuses on the question while he is trying to get to sleep, making sleep difficult.

Take one of the ideas you wrote down during your morning thinking.  Take that idea and ask yourself:

  1. How can I tie this (product or service) to the existing product line?
  2. How can I find time/money for this new product or service?
  3. How can I make this product/service so that customers absolutely love it?

State the questions in the positive and use the present tense.  The reason you state the questions in the positive is your subconscious is not able to deal with negative ideas (e.g. I must not eat fast food).  If I told myself not to eat fast food, my subconscious hears “eat fast food”.  In the middle of the day I would receive a prompting to eat fast food.  Once you have done this, let your subconscious mind go to work.

The Next Morning

Write out a statement as to why each of the 10 ideas will work to increase your sales by 10% in the next 3 months.  Focus on what the problem/issue/product will provide your customer and do so from your customer’s perspective.

As you are writing out the statement, your subconscious may prompt you with thoughts concerning the 10 ideas from yesterday.  Write down those thoughts.  Evaluate your 10 ideas.  If you are not able to write a reason as to why the idea helps the customer, just note that move to the next idea.

Once you are done with your statements on the original ten, write down another 10 ideas on how to increase sales 10% in the next 3 months.  You may need to generate a hundred ideas before you hit upon a good one.

Generating 10 ideas a day will mean 50 ideas per week.  Think about.  Fifty ideas a week to move your business ahead.  Fifty ideas every week for fifty weeks and that is 2500 ideas to move your business ahead.  Focused thinking will indeed change your life.

“Daily 10” lists

Above is one way of thinking to move your business forward.  James Altucher, a best-selling author, uses various “10 lists” to help him think creatively.  Below is a sample from Tim Ferriss’s book Tools of Titans.

  • 10 old ideas I can make new
  • 10 ridiculous things I would invent
  • 10 books I could write
  • 10 people I can send ideas to
  • 10 industries where I can remove the middleman

Action:   

  1. How can you change your schedule to free up 15-20 minutes in the morning for Focused Thinking?
  2. How can you remind yourself to ask a question of your subconscious before going to bed (Hint: Smartphone alarm).
  3. What challenge in your business, if you solved it, would have a significant impact?

5 tips to Increase Your Productivity

By Baby Boomer Cash Now on October 15, 2017

Ever feel like you are stuck and can’t move forward on a goal?

 

 

Check out the tips contained in this blog:

  1. How to set yourself up for success by preparing the day before
  2. How to get organized so you make progress on your goals
  3. Daily actions that will increase your productivity
  4. Implementing a weekly review that will give back 10 hours a week.

 

How Productive are you . . . Really?

Most people are running flat out, whether they are working in corporate or their own business.  They are exhausted, don’t sleep well and dread when the alarm goes off.  There has to be a better way to live . . . there is.

What being Productive Means

Being productive means taking the actions that will move you ahead in the attainment of your goals.

Your productive day tomorrow actually starts the night before.  Preparation for the next morning includes setting out the items for your morning ritual (more on that in an upcoming blog), for example:

  • Morning coffee or tea is set up
  • Your journal is placed near your reading and writing area
  • Exercise clothes are gathered
  • Work clothes are laid out

After you have finished putting together all the items needed to start your day, it is time to review your schedule for the next day.  This would be the time to make sure you include on your schedule for the next day, at least three action items that move you towards your goals. It’s often difficult to schedule in goal items, especially if you have full-time job and a part-time business.   But if you don’t make an intentional effort to add these three priority items into your schedule, it won’t happen.  It’s important to work towards your goals every day.  Gather any materials you need for those three items. For example, I write on my blog in the mornings on the train.  I need to make sure I have the last blog edits on my thumb drive so I don’t have to spend time searching for latest version.

Getting those priority items done each day will give you a real sense of accomplishment and move you closer to the attainment of your goals.  At the end of the week, when you look back to what you had done you will find that you have accomplished a lot.

 

What will Sabotage your Efforts to be Productive?

Having to spend 30-45 minutes of your evening trying to locate everything you will need (notes, phone numbers, etc.) for the next day can be extremely frustrating.  After a long day at work, the last thing you want to do is to hunt for items you will need tomorrow. This only needs to happen a few times and you will give up preparing for the next day.  You are tired, your will power is low, and you just won’t create this habit.  How do you make sure you have what you need when you need it?

Gather all the stuff in one Place and Process it

Your mind is a terrible place to try and keep 30 different ‘To-Do’s’. If you are not already an organized person, you will need to spend a day or two initially setting up the following:

  1. First, get an In-Basket at home and make it habit to always put all items you need for the next day (e.g. notes taken from meetings on paper or electronic format, etc.) in it. Put all future notes in the same “in basket” so you know where it is.
  2. You’ll need to take the time to process each item and determine what action needs to be taken with that item. From there you will have a list of action items/To-do’s. For example, you will have a list of calls and emails you will need to make the name day. Dave Allen, in his wonderful book Getting Things Done,  provides a good methodology for being productive (available as an  Audiobook as well).  I recommend it.
  3. Next, it is important that you have all the information you will need to handle those above-listed actions. For example, if you have to make a phone call the next day, write down the phone number on your call list so when you have 10 minutes before a meeting, you can pull out your list of calls and make them. Productive? Absolutely!  No searching for the phone number required!  All the information you need is right at your fingertips, right when you need it.

The first time you gather everything and process it may take several hours.  It is quite an undertaking, but the benefits are worth it so don’t procrastinate taking this action.  Getting everything together and regularly processing it is the only way to free your mind.  The good news is that after the major organization is done, processing items every couple of days only takes a few minutes.

You should be able to use this methodology for anything you need to do in your personal and professional lives.

This simple step of gathering all items and creating actionable items the night before will free up your mind so you can start out the next day with a clear plan and a clear mind.  Not to mention, a good night’s sleep.

 

The Next Day

The next day you wake up fresh and ready to go.  You know your priorities for the day and you have already reviewed your schedule.  Now it is time to execute.  For example, if you have 10 minutes before a meeting, make a phone call or two, starting with the most important ones.  If a big project lands on your desk, determine the most immediate action to take (e.g. figure out who needs to be part of a planning session on the project and schedule the meeting). Then put the project on your weekly review where you will spend time planning out the project.

 

When you finish a task, mark it off your list.  Work on a priority item until you finish it.  It you can’t finish the item, because additional information is needed, write a quick summary of what was competed.  You’ll be able to restart the work much faster by leaving yourself notes. Studies have shown that it may take several minutes before you’re able to get back to where you left off if you don’t make notes.

 

Weekly Review – where Productivity Happens

Brian Tracy, management consultant, says, “Every minute you spend in planning saves 10 minutes in execution”.  This means taking one hour a week for a review will save you 10 hours a week.  How would you like to have 10 hours back each week?

First, set up a certain day and time to do this weekly review and keep to that time every week.   It will be a time that you will have all of your materials at your finger-tips so you can be effective.  Management guru, Michael Hyatt, uses Sunday night to review his past week and prepare for the next one.

The weekly review is made of two main parts.  The first is review of how you did on your weekly goals and then make adjustments as needed.  The second part is to evaluate new items (projects); determine their priority with your existing goals and to break down those projects into actionable tasks.

The Weekly Review – Part 1: Assess how you are performing against set goals.

  • Review how you did for the week on your major goals.  If a major goal is to lose weight – did you lose the 1 pound this week that you set as a goal?  If you did great; if not, why not?  Did you follow your plan for losing weight such as counting calories, or recording what you eat, or exercising 5 days a week for 30 minutes, whatever the goals you have set for yourself for the week.  Examine the actions you took to achieve your goal.
  • If you didn’t reach your goal, you need to make adjustments in your actions so that you can recover quickly and get back on track the following week. Continuing with our weight loss example, if you had only worked out 3 times last week instead of the 5 times you had set as a weekly goal, determine the cause of why you only worked out 3 times.  Were you too busy to workout on certain days?  Did you have a scheduled day and time for each of the workouts?  If not, schedule in a time.

 

 

The Weekly Review – Part 2: Adding new Projects

Take a look at your current monthly, 3 months and yearly goals along with the new project or the new opportunity.  How does this project fit in with your current goals?  Does this new project or opportunity replace some current goals, meaning you have a new goal?  If it is part of your current goals, how will you fit this additional project into the schedule and yet stay on track?

On the other hand, if this is not part of your current goals, you need to decide quickly if adding new goals is necessary at this time. If not, table the new project.  If yes, what is the priority?  Determining the priority of this project will help you to determine how much time needs to be invested in it and how soon you need to start on this project.

Breaking down big Projects

How do you eat an Elephant?  A bite at a time!  (Note: no animals were harmed or eaten as a result of this blog!)

The same holds true when tackling big projects.  Break them down into manageable chunks (smaller bites). Earlier you took a few immediate actions on the big projects just to gather some initial information.  Now is the time to devote energy to breaking down big projects into smaller chunks.  This will work on projects for your full-time job, your part-time business or hobbies. It will be helpful to treat everything you do as a project, whether the project is planning your vacation or creating a marketing plan.

How do you breakdown a large project?

  1. A large project may have 400 tasks. So the first thing to understand that you are not going to be able to come up with all 400 tasks at one sitting.  Take that pressure off of yourself.  Be confident that each week as you revisit the project you will come up with new tasks that will move you forward.
  2. Start by breaking the project down into major components. As an example, for me, starting this blog had major components such as determining the target audience, setting up web hosting, creating a logo, creating a blog marketing plan, creating blog content, etc.  Within each component there could be many tasks (e.g. determining which web host provider to use).
  3. For each project I determined the next actions that I need to take for major categories, set the priority of the actions and put those on my call, email, or computer work lists. Then every day, I don’t have to spend time thinking which tasks I need to do first, as I had already prioritize them.  All I do each day is execute from my list – no wasted time thinking what I need to do in any given day.

 

Minimize Your Disruptions

Some final words on your daily work . . .

Have you ever been working on something, in the zone/flow, coming up with new ideas and really cranking out the work and your phone buzzes?  You read the text; send back a brief text; go back to your laptop and say, “Now where was I?”.  The text wasn’t urgent and it almost never is but stopping and taking even a minute to answer it will set you back a couple of minutes to regroup and reengage.  A few minutes later, the phone buzzes again.  A couple of minutes here and there can add up quickly to minutes that you do not have to spare.

Another disrupter is you checking your emails several times a day and responding to emails, keeping your inbox pretty empty.  I recently was copied on an email that was sent at 2:36 pm, stating an updated document was needed by 2:45 pm.  In 9 minutes!  No forewarning of the deadline.  No explicit reason for the urgency, but by gosh, they needed the document now!  If you allow emails to dictate your priorities, at the end of the day you will find you didn’t complete YOUR priority items.

 

So, turn off the text chime.  Resolve to look at chats/emails twice a day (maybe this excludes emails from the boss) and check your emails only during your less creative, less energetic time.  I’m a morning person and for me, the first couple of hours of the day are my most productive time. I use this time to write and focus on priority items. Find your most productive time of the day and set aside that time for your deep thinking and work.

We all have 24 hours in the day and when they are gone, they are gone.  Decide today to move your business forward by developing a habit of planning each week and executing on that plan on a daily basis.  If you do that, you’ll be productive and successful.

 

 

 

You Absolutely, Positively Must Do This in Your Business

By Baby Boomer Cash Now on September 24, 2017

Paul Myer said, “No one accomplishes anything of consequence without a goal. . . Goal setting is the strongest human force for self-motivation. Think about it. What is one of the greatest motivators in the world? Success. When you take a large activity (such as your dreams), break it down into smaller, more manageable parts (goals), you set yourself up for success because you make what you want to accomplish obtainable. And each time you accomplish a small goal, you experience success. That’s motivating!” 3 Things Successful People Do

Sounds simple, doesn’t it? And the method to set goals is straight forward. Goals need to be SMART
• S – Specific
• M – Measurable
• A – Attainable
• R – Realistic
• Time-based
Many people have written about the SMART goals and most people in business understand what SMART means.
Just because you understand what to do, doesn’t make setting goals any easier. In reality, it takes work to set your goals. It takes thought. But what is needed most of all is courage and commitment. The courage to step beyond your fears. Once you put a goal on paper, you are committing yourself to make it happen, and that can be scary. This is why we took the approach to determine your WHY for the business before ever attempting to set goals, which is described in the following link, Creating Your WHY
But, now that you have determined your WHY and the type of business, it IS time to establish goals for your business.

First, Determine your 10-year Monetary Goal
If you want to retire in 10 years, determine how much money you need to have accumulated to retire at that time. While there is no guarantee you’ll reach that goal, it is a lot more likely to happen if you put it down on paper and take daily actions to achieve it. How does this monetary goal tie in with your purpose and your customers? As Zig Ziglar used to say, “you can get anything you want if you help enough people get what they want”. Is your 10-year dollar goal realistic, based on where you are financially today? Are you in debt? If your goal is not realistic, force yourself to be completely honest and revise your numbers. Goals! – Brian Tracy

Next, Set the 10-year Goals for your Business
You may ask yourself, “How can I determine where the business will be in 10 years, when I haven’t even started? The business may be in a completely different area in 10 years, because my business interests change, or due to competition or any number of reasons. I have no way of knowing where the business will be in 10 years, not what product and services I will be providing.” But that should not stop you from setting 10-year goals for your business. Goals will evolve and change as your business grows, but setting your 10-year goals at the start of your business will give you something for which to aim. You need a map (goals) to help you get to where you want to be.

Google Transforms Over 10 years
Google started in fall of 1998. It was created to organize information on the Internet. In 2005, they bought a software company called Android, Inc. and in 2007 Android was unveiled for phones. At that time Symbian OS was used by companies such as Nokia, Motorola, Ericsson and was the dominant player along with Blackberry. Did the founders of Google plan to get into phone operating systems in 1998? Absolutely not, but today, Android OS has 85% of the operating system market for phones and it is estimated that it is a $30 billion business. Android dominates
Once you have set your 10-year plan it is time to break those goals down into 5-year plans.

Your Five-Year Plan

Your 5-year plan is a subset of your 10-year plan. You’ve determined what you want to achieve in revenue in 10 years and with a 5-year plan you determine what actions you need to take over the next five years so that you can achieve your ten-year goals.
How much revenue do you want to make in the next five years so that you can rea? What would be the makeup of your product and services? Why do you believe this collection of products and/or services would be able to generate this income?
In a previous blog you had evaluated your skills and your uniqueness. Your skills and talents enable you to create products and services that uniquely leverage those skills that no one else can duplicate. If you haven’t already, please take a look at the blog post,
Creating the Right Business for You

You’re the Driver
It is your business and you are the driver of where that business will go. Having your own business is nothing like being in corporate where decisions, especially strategic ones, are made for you. Does it mean products and services, may change? Absolutely. But you must start with the end in mind of what your business looks like in five-years and work backwards to establish the shorter-term goals.
You may ask, “I haven’t created the service yet, how can I know the revenue and the costs.” As we discussed in a previous blog, Creating the Right Business for You, you determined a problem your ideal customer has and how you can solve it. You determined the revenue that could be generated and the associated cost. The key is to make sure the revenue is greater than the cost.

A Baby Boomer Crushes It
Dane Maxwell, the creator of the Foundation software group, says one of his students was a 55-year old chemical engineer, Paul. Paul targeted finding solutions for private investigators. Paul asked several private investigators what it takes the most time in their business. They told him it takes hours to complete the report for the client.
He created a software product that creates the investigation report in 15 minutes rather than 3 hours.
Paul was able to figure out his revenue per client and the associated costs. He had a profitable business as soon he started selling the software. Paul determined the size of the private eye market in his city, then his state, regionally and finally nationally. He forecasted what percent of private eyes that would buy his software and was able to quickly figure out the sales cycle for each client and how many new clients he could acquire in a month.

Break Your Goals Down
As Paul did, determine the size of your market and the percent of people that will buy. Determine your costs for the product or service and the profitability of each unit. I recommend creating a business that will be profitable from the very beginning. You need to provide a cost-effective solution from day one. I would not recommend starting out with no margins in order to “entice customers”, thinking you will catch up when you have the demand. It rarely happens.

Once you have the five-year revenue goals it needs to be broken down into shorter term goals. In addition, it is a good idea to determine the one thing for a given time period that can really move your business forward. Gary Heller from The One Thing describes a straightforward way to do this.
• Five-year goal – Base on my ten-year goal. What is the one thing I can do in the next five years?
• One-year goal – Based on my five-year goal. What’s the one thing I can do in the next 12 months?
• Monthly goal – Based on my one-year goal. What’s the one thing I can do this month?
• Weekly goal – Based on my monthly goal. What’s the one thing I can do this week?
• Daily goal – based on my weekly goal. What’s the one thing I can do today?
• Right now – based on my daily goal. What’s the one thing I can go right now.
The One Thing – Gary Keller

Final thought
According to Greff Harris, a management consultant, two-thirds of people surveyed (67 of 100) set goals for themselves (think New Year’s resolutions). But of those 67, only 10 have realistic plans for reaching their goals. And out of those ten, only two follows through and make it happen.

What has prevented you from writing the goals and a plan for your business?

Links
3 Things Successful People Do
Goals! – Brian Tracy
Android dominates
Creating the Right Business for You
The One Thing – Gary Keller

NOTE: In full disclosure, this article does have links to resources such as books and I receive a commission if you purchase these books from the li

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