Finding balance – with 6 lists

 

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I’m a bit of a fan of lists and if you are too this might be of intrest.
There is nothing so satisfying of making a list and checking off the jobs as you get them done. There is a trick and an art to lists to make them work for you rather than against you, but this article isn’t about that. Its about an idea I read in 18 minutes by Peter Bregman which suggests you use lists instead to manage you life for balance. The rub of the idea is create a number lists for yourself each assigned to particular topic with an other 5% box as a catchall.
Here are my favourites Work, A work project, Career, Family, Hobbies. OK thats not quite 6 lists but you get the idea. Now fill out these lists with your todo’s and ask yourself , is it balanced? Your answer depends on your choices and you can use this list to make sure you are making time for yourself, that you are looking after your career rather than just your work. That family and hobbies are given appropriate space. of course these are just my headings, yours may be quite different but hopefully you get the idea.

 

Epilogue: I use this list strategy like any tool in the toolbox. Its not on my ‘work bench’ every day, but instead comes out for a period of time when i am aware i need to do some rebalancing – then its back in the tool box again

actually Getting Things Done

getting things doneOne of my favourite books of all time, in the productivity space is Getting Things Done by David Allen. Its a great read and i was able to take away a few key things that enhanced my ability to get things done! Probably the most important one is his process for looking at emails which can easily become the scourge and time eater of your day, but its also really handy for the short jobs that crop up during the day. If its quick then just Do it on the spot, if its going to take a bit longer then Defer it (but make sure you capture than in some system like flagging it a list or calendar entry or just Delete it. These days with email being what it is I don’t tend to delete , I just let it run off the bottom of the screen..it’s pretty much the same thing.

One of the important things I learnt from his book is the importance of getting rid of ‘psychic baggage’, that is anything that stops you focusing on what you should be doing right now…but more on that later!

 

 

Finding your centre

porters five forces1.jpgWhere ever you are in your business chances are you want to make it a grow a bit or a least make it a bit easier on yourself in the trenches. This is where Porters fives competitive forces can come in really handy. Just by asking yourself these 5 simple questions you can get a better idea of your competitive landscape no matter what kind of business you are running.

New Entrants: How likely are new people likely to enter your business? Are their barriers that stop them entering

Substitutes: Is their a substitute that can replace your product or service? Sometimes this is a completely new product or technology?

Customers: What is the bargaining power of your customers? Are they price sensative

Suppliers: Are you dependant on any suppliers, How much power do they have?

Your Rivals: How competitive is the industry you are in? How many other options are there

Usually at least one of these forces is dominant. Just by identifying this force and doing something about it is a key to improving your competitiveness and overall success! For example with hind sight we can see that the digital camera was a substitute that eventually did in Kodak, who ironically were the inventor of the digital camera.

Whats your most powerful force and what can you do about it? Once you know it, it’s important to let your customers and potential customer know about it!

Academic idea to entreprise

product market fit in university researchI still do quite a bit of work in the university sector. (I guess you get that when you come from a research background). Universities are full of amazing and very capable people with great ideas. These ideas are often well tested in the laboratory too!

The real challenge is getting them out to the ‘Real World’,. To help get ideas out along this path Universities often get in consultants. Its here that it can come a bit unstuck, as the consultant is looking to cherry pick a ready to go product and take it out to industry to get some backing. I think there are a couple of challenges with this approach. Firstly it assumes that a great idea in the lab is equivalent to a product and secondly it really limits the scope of the opportunity that exists within the capabilities in the university.

Instead its important to work together on the whole process. Rather than start with a a laboratory outcome,  start with the capabilities that exist therein. And at the other end of the process rather than looking at a particular market, start at the industry level and look at their needs and pain points. Use then the Capabilities and Industry needs to drive the process of developing a product and a market opportunity together. Where they intersect is the product-market fit and it is at this spot that the real opportunity exists.

Knocking on an academics door and asking for a “value proposition” is unlikely to achieve a result, start with the relationship and the whole picture, build a great value proposition together!

 

The Fat Smoker

StrategyFatSmokerDavidMaister.jpgThere is a great strategy book about a fat smoke (Strategy and the Fat Smoker” by D. Maister). You can read the whole book if you like but the Itty Bitty take on it is this: The fat smoker knows he has to give up the cigars, the booze and start exercising to lose some weight…but nothing actually happens until the heart attack. Then and only then does he take action and do something about it. Then once the crisis is over its probably not long till he’s back on the booze and the fags. 

Its a lot like this for businesses too don’t you think?

Real change is hard, (thats what the book is about) but the rewards that can come with it can be unqualified success! What do you need to change before the crisis hits?

Consumer decision making process

Consumer-decision-making-websites-2.pngIt takes a long time for a prospect to actually make the decision to buy a product or service. There are several processes they go through, and at each step there is a funnelling, or more correctly a loss, of prospects. This is called the consumer decision making process. If you understand your customer you can help them through each of these stages by embedding information and values that will aid a successful conversion.

Depending on who you ask there are a different number of stages, but most agree on these three main ones: Awareness, Evaluation and finally Decision. One of the goals of marketing is to make sure the input (Awareness) attracts as many as possible. Also at each step as you progress through Evaluation (does this product or service suit my needs?) and Decision (I’m going to pickup the phone right now) you want to retain as many as possible.

Pretty simple in theory. Understanding these elements and incorporating them into your website and and brand are really critical!