personal growth

Take Five and Outlast the Competition

by Mike Chalmers Mike Chalmers No Comments

Take Five is one of the great jazz hits of the 20th century. It’s also a good phrase to remember for project-consumed managers, geniuses, and entrepreneurs.

Work Beyond Work

Leaders often face problems others don’t understand—especially related to evenings, Fridays, holidays, and days off in general.

Most people look forward to finishing up their workday or workweek and taking the evening or weekend off to spend time with friends and family. But innovators typically enjoy some of their most productive hours after others go home. It’s when they can think and process the day. And work more.

The problem is that this leads to a lack of any real time out—any break to be spent with real people outside the corporate enclave, any respite, or even personal growth in other areas. It results in work from early morning to late at night with no letup. Such individuals even dream about the tasks at hand, or don’t dream at all because of a lack of adequate sleep (you know who you are).

The Model Leader

There are some intuitive reasons for this pattern. Leaders can’t always plan when those they lead need direction and accountability. The best leaders don’t micro-manage their workers, but if they’re good at what they do, key players want access to them during critical workflows. Their knowledge and insights concerning important decisions, or during crises is often seen as critical.

Innovators lead by example, demonstrate excellent habits and routines, and show what it means to contribute. So they can’t be seen slacking or dropping the ball. The perception is that if a leader pauses, the result is a loss of productivity.

Self-Adapting Teams

The truth, however, is that leaders who can’t pull back from the action, haven’t trained their teams to self-manage, self-regulate, anticipate and adapt. They haven’t modeled good leadership. They’ve taught people that they are indispensable, rather than a guide along the way.

Sometimes leaders do this intentionally because they want to feel valued, but teams have the greatest respect for leaders who develop the entire group’s capacity. Such groups are far more capable even if left alone.

The best leaders plan and determine direction a few steps ahead of their teams. They do this so they can delegate responsibility and back off. They work to show their teams the big picture, and give them the space to find a way to achieve a shared vision.

Great leaders also don’t overvalue themselves or care if they receive the proper praise. Organizational researcher Jim Collins has ably demonstrated that what he calls “level 5 leaders” are less concerned about public accolades than they are that the companies they build thrive. They’re concerned more with fact than perception and outperform their competitors.

The 24/7 Entrepreneur

Recently making the rounds again on social media is a reputed quote from Bill Gates, which goes something like this: “I never took a day off in my twenties. Not one.” I’ve also seen it attributed to Richard Branson.

Perhaps some billionaire tycoon out there said it. While you can find it in tabloids and quote sites, the factuality of it is in many ways irrelevant, because it’s crazy.

If you teach your people to never take a break—never have a day off—you are teaching insanity and paving the way to burnout. You’re advising people to throw away the very friendships and family ties that make success worth achieving.

Medical Risks

It’s no secret that beyond damaging relationships and missing out on real life, there are physiological and psychological effects from overworking.

Is it true that some people work 24/7 and make millions—billions even? I don’t care. And you shouldn’t either.

Success achieved by being unethical, habitually unsafe, or self-destructive (as in leading to your or others’ untimely death), is not success.

The underlings in this equation have little control; overwork cascades from the top of the organizational pyramid to the bottom. —S.G. Carmichael

Sarah Green Carmichael in her Harvard Business Review article outlines they cyclical nature of bad managerial habits: “Managers want employees to put in long days, respond to their emails at all hours, and willingly donate their off-hours — nights, weekends, vacation — without complaining. The underlings in this equation have little control; overwork cascades from the top of the organizational pyramid to the bottom.”

In other words, leaders not only mess up their own lives but impose the cycle on everyone around and under them.

Is Hard Work and Balance a Paradox?

Too many managers believe that it’s impossible to get ahead unless you work yourself and your teams into the ground perpetually. But research continues to show that this, just like the idea of the ideal customer, is a myth. As reported by Yale School of Medicine, a study in the Journal of Occupational and Environmental Medicine in June 2016 demonstrates that “working long-hour schedules over many years increases the risk of heart disease, non-skin cancer, arthritis, and diabetes.”

Beyond 50 hours per week, men and women both suffer negative effects over time.

In a study of more than half a million participants in the US, Europe, and Australia, researchers “found that those who work more than 55 hours a week have a 33% increased risk of stroke compared with those who work a 35- to 40-hour week. They also have a 13% increased risk of coronary heart disease.”

Long hours has also been linked to depression.

Don’t Replicate Reckless Abandon

Carmichael points to several issues including a “mix of inner drivers, like ambition, machismo, greed, anxiety, guilt, enjoyment, pride, the pull of short-term rewards, a desire to prove we’re important, or an overdeveloped sense of duty.”

A sense of purpose is important but an overinflated arrogance leads people to prove to themselves and others that no one can do what they do. They are “essential” to everything in their care.

But great leaders develop other thinkers and doers and help them to see their own purpose within the organization. They often do this by being intentionally absent for one or more days, and leaving a project in what they trust to be capable, if imperfect hands.

Over time, the greatest managers can be gone for longer periods of time, or be focused on completely different efforts, even while present. When their leadership teams fail at something, they don’t immediately castigate them for poor performance. They debrief, regroup, and induce the kind of critical thinking and ingenuity of others that fosters real personal growth and trust.

As a consequence, the individuals they mentor don’t need to be told where they went wrong. They accept their own failures and own the path to reinvention and success.

Go Where the Data Lead

The corporate world is beginning to realize that as the general public learns how unhealthy it is to work incessantly, promotion of a new work-life-balance is actually an incentive to attract and retain new hires. In 2010, Netflix was among the first to offer unlimited vacation time to its workforce, and the trend has continued.

Virgin more recently followed suit saying, “Flexible working has revolutionised how, where and when we all do our jobs. So, if working nine to five no longer applies, then why should strict annual leave (vacation) policies?”

This is not to say you need to have unlimited vacation time for your employees. Some now rather have mandated vacation time, where the company removes the stigma of a “break”, and people are required to take time off. Others incentivize vacation time—One company provided $1,000 to workers to seize the opportunity and take a break.

As a leader, it starts with you. You could implement any plan you want for your employees, but if you don’t model it, they won’t believe that they really have the latitude to rest.

Plan to Reboot

It’s less about your particular strategy than it is about having a strategy, and a way to recharge, and nurture your people—even protect them from physical or mental health issues.

The research is clear: the human frame will break down when abused. Don’t destroy the body you have, and don’t permit those around you to suffer either.

Like a car without engine oil or coolant, so are people without the reinvigoration of fresh air, downtime, and social interaction.

So reboot every now and again. Take five throughout the day, take a day or two each week, and take a week or two every so often to recalibrate and resume your work with increased energy, focus, and purpose.

*Inspired by the song “Take Five” by the Dave Brubeck Quartet, recorded in 1959. A jazz masterpiece, the track is eponymously named for its unusual 5/4 time signature.

Don’t Just Dream Big

by Mike Chalmers Mike Chalmers No Comments

Little is more monotonous and platitudinous than the phrase, “Dream Big.” No doubt every few minutes someone on Twitter repeats or paraphrases the saying with emoji-filled sincerity. But what does it mean? Is it useful to think and dream big without a plan or framework for success? 

Granted, many will interpret “dream big” in different ways, but generally speaking, the idea is that the stars are the limit. “Don’t let people downsize your vision when you could otherwise achieve so much more,” they say.

Distracted Dreaming

But the problem is not that most people don’t dream enough or don’t know how to have a bigger idea. The popularity of celebrity entrepreneurs with world-changing ambitions and larger-than-life plans is sufficient evidence that people do dream big. Arguably, people envision greatness all the time while they sit on couches and marvel at what others accomplish.

Perhaps they even imagine themselves achieving similar feats. But most people are distracted by some vision of what success looks like. Quite frequently the picture of perfection is so abstract and centered on externals that there really is no way to know how to get there.

Dream Big with Focus

One of the best ways to stay focused is to write out dreams and objectives and to brainstorm logical paths to achievement. If you can’t find a logical way to achieve something, then logically, you can’t achieve it. That’s not to say you have to know how to get from Point A to Point B in all circumstances. It’s just to say that you need to be able to hypothesize (and you need to be able to kill unrealistic dreams).

We’re a generation that prizes scientific inquiry and advancement but too often treat our hopes and plans like they are outside of the logical realm. That’s exactly how to make them unachievable. But the sooner we bring our dreams down to reality, the sooner we can analyze our situation and determine what to do next.

Dreamers are a dime-a-dozen. Those who can execute a plan by staying motivated and motivating others to get on board and stay on board are far fewer.

Other People’s Dreams

One of the most important and yet hardest life lessons to truly comprehend is that you need to focus your plans based on who you are. You aren’t your favorite entrepreneur or well-known personality. You have different skills, different capacities, different limitations and weaknesses. And all of that is an asset if you acknowledge it but a liability if you ignore it.

If you accept that your vision of excellence and achievement will be different than someone else’s, you are already way ahead of the pack. Don’t obsess over what others plan to do. Focus on what makes sense for you to do.

Beyond Talk

Perhaps this sounds cynical compared to the usual “Do whatever you want; achieve whatever you will” kind of talk. But that’s not because I want to sound like a naysayer. It’s actually because realism is a key ingredient to excellence, as is planning, review, and repeated incremental improvement.

The hotelier who only wants to make guests feel welcomed but has no actionable plan will never achieve his goal. The tech CEO who wants her new cloud offering to receive 5-star reviews has no hope of realizing that ideal without meeting targets consistently. The parent who wants their child to see them as their biggest supporter can’t only dream of being a super-mom or a hero-dad. They need to put detail to their designs, understanding what that really looks like. Then they need to begin to put one foot in front of the other and begin to climb that mountain.

Do the Math and Grow Your Business

by Mike Chalmers Mike Chalmers No Comments

Last week, Rebecca Knight, business journalist and contributor to Harvard Business Review, wrote “How to Improve Your Finance Skills (Even If You Hate Numbers).” It’s worth the read. Here’s a snapshot of what she covers. We’ll apply her findings more specifically to entrepreneurs, and provide additional resources below.

Takeaway #1: Without Basic Financial Know-How You Limit Your Opportunities

Knight cites Harvard’s Richard Ruback, who asserts that knowing the language of money leads to greater success. More specifically, when presenting on products or strategies, “decision-makers… want to see a simple model that shows revenue, costs, overhead, and cash flow… why it’s a good idea.”

Takeaway #2: “It’s not rocket science”

So again notes Richard Ruback, who likens business finance to keeping score in a ball game. “It’s mostly addition and subtraction and occasionally some multiplication and division.”

Takeaway #3: Dive In

Knight suggests finding a mentor or enrolling in a community college course. Anything to get you started down the path of learning how business numbers work is helpful. (Even Google is cited as a resource).

In our experience, it’s never enough to simply have that finance guy/gal cover all the details. You need to understand your numbers, and for these reasons:

  1. Increase the profitability of your business
  2. Explain your business with greater confidence (to employees, investors, and customers)
  3. Make calculated decisions

Read Rebecca Knight’s complete article here.

More Online Financial Resources to Help You on Your Way

HBR Blogs Finance and Accounting. Harvard Business Review consistently provides solid resources for your business. Their finance and accounting articles will serve you well

Financial Metrics and Ratios. Fidelity provides explainer videos on several key metrics.

4 ways to assess your business performance (BDC). The Business Development Bank of Canada is a good resource of knowledgeable articles for any company. When those they help succeed, their programs are available to greater numbers of entrepreneurs. Whether Canadian, American, or international BDC resources will help businesses do well.

Nasdaq Company Financials (e.g. HP). This is an example link to HP, as one of America’s largest technology companies. Change the URL to reflect any Nasdq-listed company ticker number. You’ll see their key financial metrics. Even if your company is not publicly traded, these figures will give you good insights into what makes these firms thrive or dive.

5 financial metrics you should know. Mary Ellen Biery is succinct and explains how to know whether your company is successful, providing five metrics important to entrepreneurs.

65 Questions Venture Capitalists Will Ask Startups. This Forbes list is a great one to go over in your next strategy meeting. How would you answer these questions? More specifically here, look at how many of them require some basic financial acumen. Use these to determine how far you need to go in learning your numbers.

Image by Getty/iStockphoto