Wednesday, July 1, 2009

Best Time Management Tips

Best Time Management Tips
(How to manage mountains of tasks in fistful of time?)

* Don't do it!
Unless heavens will fall. There is maximum chance that nobody will be tracking it far enough!

* Delegate it
Don’t do it yourself unless it is disposing of the bomb you assembled!
Don't keep the dog and bark yourself!

* Put the ball back in the other's court
Only the serious task will survive the volley.
Encourage self service.
It's so easy to just order a task.
Answer question with a question!

* Don't give it on a platter!
Never give a solution better than the problem.

* Take hell of a lot time…and demand for more!
…and nobody can blame you; you are still doing it!!

* Don't touch it before the 11th hour!
…chances are it won't be required by that time without any side-effects!
…and by delaying, you can check whether the bugger really needed it!
…90% of the tasks started are nothing more than noise, dust and tranquiliser pills to cover up
for real thinking.

* Start it with a lot of advertisement big-bang and park it silently behind the first bend!
Majority of the times, all the task-giver wants is to see action-initiation. That's all!

* Manage the expectations of the task-giver
Put water on it!

* Drag in the task-giver
He will forget about it! (That's what he wanted when he gave it to you!!)

* Postpone it
Useless tasks are balls which come back to remind you automatically!


All this is to separate the necessary from the unnecessary. Task generation has become the favourite passtime of the planet.

As Philip says in his masterpiece book 'Life Strategies' - "Do what works, do what matters!!!"

Only the task which matters should be done. Every other task is an overhead!

Reduce your stress, live longer, get promoted!

Thursday, March 26, 2009

Unofficial Tools in a Manager's Chester

Signs of Effective Managers
& Unofficial Tools in their Secret Chester


* Only "powerful" and "important" managers can be effective.
Tools - Decision Powers, Power symbols, Power conduct, Proximity to Power source, Veto

* "Friendly" managers are less effective
Tools - Maintain "distance", Be conscious about the "don'ts"

* "Mature" and "Wise" managers are more effective
Tools - Silence, No-nonsense, Irreverence, Veto, Questioning, Wisdom, Maturity, Behaviour, Demanding,

* "Idle" managers are more effective
Tools - Delegation, Get-things-done, Manage the managers,

* Effective managers manage "randomly"
Tools - Selective, random and unexpected audit and questioning; selective random (but justified) shooting and appreciation, Carrot and Praise, Stick and Displeasure

* Effective managers are manage 'indirectly'
Tools - Reports, Systems, Audits, Targets, Emails, Example-setting,

* Effective managers are 'riddles'
Tools - 'Neither happy nor unhappy', Optimum pressure, Questioning, Demanding, Unreadable yet predictable

* Effective managers are "enterpreneurs"
Tool - Passion, Independence

* Effective managers know how to handle stress
Tools - Work like a machine (decisions with logic, without emotions), Enjoy life, Fiercely individualists, Zero approval seekers, Self-motivation & inspiration, Top-secret Philosophies and Beliefs, Indestructible core!!!

* Effective managers are silently effective
Tools - Tactics, Strategies

* Effective managers are Pied Pipers & Snake Charmers
Tools - Man Management skills

* Effective managers have their Cabinet
Tools - Informers, Trouble-shooters, Advisors, Man-Fridays,

Wednesday, March 25, 2009

Responsibilities of a CEO

Enterpreneurs do business with the objective of making money, generate wealth and create assets. Business is a system of serving more and more with less and less on sustainable basis and in the process achieving the objective.

Enterpreneur may be one or more or many. They manage thru CEO or equivalent who manages by managing the managers (who further manage by managing the people who further manage the processes.)

Responsibilities of a C.E.O. / G.M.

* Increase the topline (Sales); Growth opportunities

* Improve the bottomline (Reduce Costs, Increase Profits)

* Increase / maintain the market share; Manage Tieups / Mergers / Acquisitions / New Markets & Segments & Uses / Diversifications / Integrations / Expansions

* Ensure sustainability of the business; Improve / Change to remain futuristic; Identify opportunities, challenges, S.W.O.T., Trends, Competition, Sector, Customers

* Ensure effective and efficient operations thru Culture, Systems, TQM

* Arrange funds, Manage Debt and Equity, Manage Acounts and Cashflow

* PR, Lobbying for policies etc.

* CEO is the overall custodian /caretaker of the business

* Statutory compliances

* Special Projects

CEO-ship is more of a state of mind than a mere job!

Monday, March 23, 2009

Why Change?

Because if you or your company don't change with time:-

* You'll be left behind; everything is changing!

* Competition will kick you out. They are changing!

* Customers will kick you out. They are changing!

* Technology will kick you out. It is changing!

* Economics will jeopardize your survival. It is demanding and volatile!

* Your people will abandon you if you are not growing and hence giving them opportunity for growing!

* You may be too small to be safe. You may be the target of hostile takeover!

* Your business may become unviable. You grow, otherwise someone else definitely will! Market is growing anyway!

* Your strategic competitiveness may fizzle out!

* You will lose potential benefits from improvement!

* You will miss opportunities.

* You will lose momentum.

Keep paddling ...

The Price U Pay!

Ever wondered how the price of anything is decided? Generally we thing it is just the cost price plus the profit margin. However, it is rarely that simple. Given below the influencing factors:-

* Price is what the customers can or will be willing to pay!!!
- Every company will ask for the highest price customers will pay!

* Competition and Availability
- Lack of competition gives the company liberty to jack up the price!

* Image, Quality-perception, Branding
- Higher the quality and brand perception, higher will be the perceived price and hence the price-lable!

* Size of the market at that price
- More the price beyond a level, lesser the sales. Every company decides on how much it can
produce and how much it should produce. After deciding this number, the company decides on the highest price that will still ensure that much of sales!

* Sales Price = Cost Price + Profit
- This traditional and theoretical formula is rarely followed as it is.

* Strategy, Tactics
- Sometimes a product or service is priced strangely. It surprises you. Like Kabir Mulchandani shocked everyone by offering colour television below Rs.10000/- or Reliance offered cell phones in Rs.500/-!! But that is a strategy! A tactic!!

* Milking
- Generally every product or service is priced in a way to milk the market the most. In the beginning of the life cycle of any product, the customer is willing to pay the highest.
Gradually, the price is reduced to expand the circle of buyers more and more. The reduction (with bouts of rejouvenation and refreshing of the product) in price reaches to astonishing level to milk the most.

* Psycho pricing
- Many a times price of the product is decided to influence the psychological reaction of the customer. That explains why Bata priced its product as 299.95 or many others prefer 29 to 30 or 99 to 100!

* Cost v/s Price
- The real cost of a product can be much different (read higher) than the initial price. A Rs.500/- airline ticket costs you more than double after taxes and many additional charges!

Types of Money

Depending upon the way it comes, money can be categorised into following types.
Pl note that a particular 'type' of money can be put in more than one categories. I have categorised them here as per the best fit.

* Auto Money
That which comes automatically after you have planted the tree. E.g.
- Rental income.
- Royalty income.
- Interest income.

* Smart Money
When you 'make money from money' much faster or much more in proportion or very very easily. E.g.
- Stock market
- Leveraging debt
- C & F agents who deal in bulk and get % 'cut' on just forwarding / handling
- Betting
- Franchising
- Multi-level marketing

* Trick Money
When you make money out of thin air; when you exploit the technical inefficiency of the money systems. E.g.
- Hedge funds
- Buy in Spot, Sell in futures or vice versa
- Benefitting from difference in currency values in different markets

* Strategic Money
When the money you get is because of your strategic position. E.g.
- Close associate or a family member of an influential person making money
- Black marketing
- Gatekeeper "tax"
- Reward money to an informer
- Bribe
- 'Pandits / Pandaas'
- 'Hafta' / Protection money
- Monopolies
- Compensations, Fines, Penalties
- Blackmailing

* Value Money
Money you get after "working". E.g.
- Salary
- Labour rate
- Consultation charges
- Contract killer's payment
- Shopkeeper
- Begging
- Self Employment

* Privilege Money
Money you get because of the value hidden in your brand. E.g.
- Celebrity endorsement
- Brands
- Lineage
- Dynastic rule

* Opportunity Money
That which you get by exploiting the instantaneous opportunity (only time bound).E.g.
- Dog who sees the theif with the booty gets either the bullet or a bone.
- Mobile Shops at special Fares
- Black-marketing
- Seasonsal businesses
- Occasion specific businesses
- Blackmailing

* Chance Money
Which you get by sheer chance / luck. E.g.
- Lottery
- Lost & Found
- Inheritance

Note:- This article is for awareness about Money principle and is not to endorse or reject any particular type. Illegal money is an offence.

Saturday, March 21, 2009

Touchstones of HR

If success of a company / team / entity depends on its people, then best companies must be doing something right with their human resource and the struggling companies must be struggling in their man management (whether they are aware of this fundamental cause or not!)

Given below are the basics of Human Resource Management:-

* Hire only on talent, thirst and attitude!
- If these are missing or compromised, nothing else can cover up.

* Basic compensation has to be correct.
- If the basic compensation package is wrong, nothing else can be right.

* Deploy correctly.
- Wrong casting can ruin the entire movie!

* Equip, Empower, Train, Facilitate
- Without these, don't expect results

* Efficient system, environment and Culture
- Without these, expect the best of the plants to decay!

* Confidence & morale, protocol and hand holding
- Ensure these

* Clarify expectations
- Don't assume.

* Inspire, Challenge
- Motivate to get the best

* Appreciation, Reward, Recognition
- What gets rewarded gets repeated

* Treatment, Involvement, Interaction
- Keep communication and community thriving! Inject sense of importance!

* Growth, Learning, Self-Realisation, Esteem, Sense-of-achievement
- Touchstones! Decisive!!

* Shakeup, Challenge, Change, Culture Shock, Emotional Ride
- Raise the benchmark, Widen the playground, Keep the control

* Optimum stress
- Neither too less, Nor too much

* Personal & Family Zone
- Nothing else will work if self and family not managed and happy!
- HR extends to employees family and employees layers!!

Friday, March 20, 2009

Business Ideas!

Want to do a business? But don't know what business to choose?
Given below are some ways to churn out business ideas in bulk!

* Look for unmet needs and unsolved problems.- Start a business to fulfill those needs. Ability to observe is crucial for this. Provide solutions to unsolved problems.

* Look for dissatisfied customers (of competitors)
- Start a business to satisfy them and thus win them over!

* Kaizen (Japanese for 'continuous improvement')- Come out with a much improved product at same or lower cost and thus win over the customers and build a successful business.

* Guerilla / Niche warfare- Specialise in one area of the business your competitors are doing and be miles ahead in that speciality as compared the competitors.

* Brand the unbranded your competitors are dealing in!
* Unbrand the branded your competitors are dealing in and offer the product/service cheaper (as you don't have to spend on creating and maintaining a brand.

* Position the product or service differently. Take one of the value corners. (Position and Value are technical marketing terms. Pl check in Google.)

* Renovate, Rejouvenate the product, packaging, pricing, point of sale, promotion. Offer a new experience and thus win over the competitors' customers.

* Takeover/buy a running business. The better choice is a truggling one. It will be available for less. Then turn it around!

* Start a business dealing in emerging technologies / concept where there is little or no competition. Just ensure the time is ripe.

* Enter the value chain
- Every business is a supply chain. Hardly any business is independent of suppliers. Enter that supplier chain. People will let you enter the chain if you bring them some value / benefit!

* Become a franchisee of successful business.
* Franchise what you have.
* Geo spread!- 'Copy Paste' successful businesses of one place at multiple places!

* Leverage an established brand for other products / services as well (Line Extension)

* Outsource / Convince others to outsource (to you!) and thus reduce costs!

* Vertical Integration- If you are refining petrol, then it makes sense to enter in drilling and exploration as well as petro retailing!

* Work for your self!
- If you are salaried, check if you can do the same thing for yourself! e.g. If you are a doctor on salary, think about starting your own clinic. If you are a good driver and run a taxi for someone against a salary, consider buying and running your own taxi!

Thursday, March 19, 2009

How do Managers Manage?

We all become managers in life - at work, home or elsewhere. Or atleast, we look forward to be one. But the fear of failure weighs down very heavily on our minds! Majority of us are not MBAs.

Even the ones who are, don't know 'how do managers manage in reality!'. After all, one man can't be present everywhere all the time everytime!!

I found that successful managers manage by some methods - formal or informal. I share these below. Many of these are self explanatory.

Management by -

* Objectives / Targets
- Manage the show by laying down objectives and/or targets. Then all you have to do is 'to do anything and everything to meet those objectives / targets'. Managing will come to you automatically.

* Systems / Processes / Models
- Design and implement systems / processes / models towards objectives. Then all you have to do is to manage those systems.

* Reports / Management Information Systems / Meetings / Reviews & Audits
- Many (if not all) managers are fond of reports. Just like a computerised machine summons information from every corner of the machine and then acts on it, the manager manages by acting on reports. Meetings / Reviews & Audit are sisters of reports.

* Free Flow Concept
- Another easy way to manage (especially a well established system) is to just keep looking for bottlenecks and keep removing them. In other words, just to ensure that everything 'flows' smoothly.

* Work Rule concept
- Step 1: Do it,

- Step 2: Do it well,
- Step 3: Next time do it in a better way,
- Step 4: Reduce effort and expenses, increase profit and output

Just keep on doing the 4 steps mentioned above religiously and you could be the best manager.

* Habits / Routine / Rituals
- Just keep developing and maintaing habits / routines /rituals.

* Delegation
- Manager's job is to manage the men to manage their assigned tasks.

* FPH rule
- Just keep on doing what is futuristic AND profitable AND healthy for the company or any entity (be it life / family / club etc.). Keep doing everything from top to bottom according to these touchstones.

Finally, remember the basics -

- The real role of a Manager is to manage processes rather than people. People can manage themselves if you let them.

- The Manager should be concentrating on the real job of management which is, strategy.

- Delegate! Let your people make mistakes. Soon they will learn it and you'll be free! Delegate as much as you can.

- Keep pruning the dead wood. It's very important to keep the plant healthy.

- Everyone has a special talent. The best part is that they thenselves want the manager to help them fully exploit their talents and achieve their potential.

- Hunt for best people. Deploy them correctly. Give them the best tools / resources / environment...Don't meddle in their affairs thereafter. Let them do what u want them to.

- Make it clear to your team what is and what isn't OK while being in your team!

- Take absolute responsibility if things fail! Manager should never be in the reckoning for the Credit.

- Celebrate…small or big! Even the well-fought failures!!

- Be strict and business-like, but respect people.

(For further ideas on being an effective Manager, I'll be soon uploading another article - 'Unofficial tools in a Manager's Chester')