The Three Legged Stool

The idea in this concept is to lead a healthy, happy, and well balanced life. This requires that you have three legged approach to your life that is very well balanced. A concept that was first shared with me by, Tom Hopkins over 25 years ago, and then a very dear friend of mine, Dr. Azam Arastu, (A world renowned scientists that would put most people’s resume to shame.) reiterated a few years ago during a conversation.  It is a basic structure, concept he called “the Three Legged Stool, to a Balanced Life.”  Reality is, it’s impossible to have stool that stands on its own if it only has two legs and all three legs need to be the same length. A well-balanced life is like a three legged stool.  It has to have all these aspects of equal weight and equal strength to support the load that’s placed on it.  View the illustration below:

A balanced life has to consist of all three elements. The analogy of the ‘three legged stool’ is so apropos in that, if you made a four-legged stool, then you can position yourself in some corner of the stool and still sit. However, just like a tripod, if you remove one of the legs from a ‘three legged stool,’ it won’t stand. It should be the same way in our lives too.  If you remove one aspect or ‘one-leg’ from life, then you are living an out-of-balanced life.

When you’re writing your goals, review them to ensure they’re balanced. In order to have a balanced life you have to have a well proportioned all three aspects of your life.

Financial, look at where you are right now what your financial goals are for the next 20 years. What are they going to be in 10 years, in the next five years, the next two years, next year, the next 12 months, month by month, or tomorrow. There has to be a step down throughout each one of these fields which are in equal proportion to each other. It’s impossible to have a balanced life without having all three elements of your life incongruent with long-term objectives in mind. Keeping the ends in mind when we start a project is a key element to successfully see through. Where you are in 10 years should be halfway through your 20 year achievement goal, equally in five years you should be a quarter of the way to achieving your goals. This congruent pathway has to follow through all the way. How much money do you want in your savings account, what type of investments are you going to make, are you going to own rental properties. These are all questions that need to be answered and your pathway.

Family, where you want to see your family in 20 years, how many children are you going to have are you going Grandchildren, are you going to be married. What is the status of your family life again keeping these things in track and in mind as you go through them will allow the little riptides in our life’s not turn into tidal waves. Keeping the balance aspects of our lives on a daily basis is critical to achieving long-term objectives. Imagine every day not just where you are but where you will be keeping a balanced insight is critical to making sure that you’re achieving your objectives.

Career, be careful not to confuse career with financial success they’re completely separate issues. Your career will be the way that you earn money, your financial strength will be what you do with the money you earn. Don’t make the mistake of assuming you’re going to start savings for your financial future once income starts to increase. Look at your career path as a means of building a strong income, and look at your finances as a means for which you can invest your income. Again, keeping in mind it’s a 20 year path and where are you right now the work you plan on going. Are you going to own a business, are you going to sell the business you have to, or you going to leave the business to your children. These are all questions you should answer so you have a clear objective in mind when you’re working towards your goals.

Life is about balance, every aspect of life demands that there be balance between the highs and lows, the victories and defeats. It’s impossible to have success without a clear understanding of humility of defeat. Look at your life, and make sure that you’re building a three legged stool. You can put all of your energies into career in financial success and neglect your family, in the short term you might get by with that strategy. However, the long-term repercussions of the balanced life will certainly lean themselves to your suffering.

I wish you well, and hope that this message resonated with you. Strive for balance in all areas of your life.

Sincerely,

Robert Fox

10 Questions You Should Ask before You Hire an Outsourcing Firm

1. Infrastructure what type of infrastructure do they have in place?

Do they have backup redundancy built into their infrastructure, when dealing with international developing countries their electrical network, will have stability issues. When hiring somebody awfully international bulletin board, often times which are hiring is someone that’s working at home, with  a DSL, and Skype connection as their infrastructure.

A well-established company will have multiple backup redundancies in place, both battery, as well as generators they can operate on multiple fuel sources. Their Internet connectivity should be multiple carrier fiber-optic, and their phone system should be an enterprise call center phone system, with multiple backup servers in place. With infrastructure the keywords are contingency plans, multiple pathways and multiple backups plans.

2. US Presence and International office

There are many companies that do international outsourcing, that only Presence, in one of the countries that they’re doing business. From just a cultural perspective this can add a lot of challenges, not to mention operational, and legal ramifications. I know some companies that have.

US-based only and have no presence overseas, in essence their outsourcing their outsourcing. This creates significant operational barriers you need to make sure that the company the your hiring has the management team in place to fill the promises that they’re making.

Equally important is to have a company that has a US presence, dealing with somebody that strictly overseas can add a lot of cultural and language barriers. Not to mention possible legal ramifications of overseas violations might take place.

3. How will I train my virtual assistant?

Certainly any virtual assistant you hire has to have some basic fundamental skills sets. However, each business has its own nuances of how it operates in tasks that need to be performed. To properly acquire the skill sets your virtual assistants going to need to be trained. Does the company have a training program in place to help you facilitate this key ingredient in your business. Do they have a means of teaching me how to teach my virtual assistant?  This is the question you should be asking.

A well-established virtual assistant company will have a set protocol of how they not only on board new employees, but having also on board new customers. Another words some type of training and mentoring program to help you understand how to get the most out of working with your virtual assistant.

 4. If my VA leaves who is going to train my next one

Does the company have in place the ability to get a replacement virtual assistant for you in the event that your primary virtual assistant is out ill, taking a vacation, or leaving the company altogether. Make sure that the company not only trains your virtual assistant on how to work with you, but also allows for additional bandwidth for other employees to learn operational requirements of your company.

5. Will I have a manager assigned to me?

It’s critical to understand, when you’re hiring an overseas company what is their management that’s in place. How interactive are they with their client base. If something were to go wrong, what is a set of coarse actions that are in place to help me get things fixed and moving forward. Again these should all be contingencies that a well-run outsourcing firm has in place for their clients.

6. What type of phone system do you have?

Make sure when you are hiring a company that they have an enterprise phone system in place. That has the ability to monitor your agents, as well as record telephone calls. So that you can hear how does my virtual assistant interact with my clients. Is a redundancy built into your phone system.

7. Can I call my VA directly from my phone?

Some virtual assistant companies make it challenging to speak to the person it’s actually doing the work. Make sure that you have the ability to pick up and dialed the US-based telephone number and speak immediately to your virtual assistant if that’s something that’s desired. Many virtual assistant companies want to correspond entirely through e-mail. If that’s not your preferred way of communicating you might find this very frustrating. Make sure that whoever you hire is going to communicate with you and you want to communicate.

8. What type of support tools does your company have in place?

Make sure that any company you hire, has a comprehensive system to track the results and they are generating for you. They should provide you with some type of CRM system, and a project management tool.

9. What are your strengths and weaknesses?

Just as any company should be familiar with and said they’re good at, they should also be open and honest with you about areas that they’re not very good. Having a company that open about things that are really strong, but yet at the same time honest enough to tell you areas that they need to improve, can be a good sign when you’re dealing with a reputable company.

10. Do you have any referrals or existing customers like to speak with?

Make sure that any company you hire, will openly and freely share referral sources from you of existing customers that are currently using their service. Make sure that they’re also providing you with customers that are doing a service similar to what you’re thinking of hiring them for.

Visit our website www.peoplesourceinternational.com

The Four Quadrants of a CEO

Some of the aspects to trap an entrepreneur, in transition to being a CEO. We’ll have task assignments we do on a regular basis. I would recommend you take a really good look at the tasks and focusing on what you’re working on at any one given time. Stop yourself and ask yourself if this is the best and highest use of my time that I could be maximizing my efforts right now with.

Chances are, if you’re posting to your Facebook account, updating LinkedIn, or doing any of the other mundane tasks that are required to keep your business active and relevant but not really making money, then you’re not optimizing your time appropriately. As an example, if you own a restaurant and you’re the one who goes out, and buy food and other important yet mundane task is another example of not optimizing your time appropriate.

The specific areas of the business the CEO should function, I call these the four quadrants. This is where any effective CEO can be spending 95% of the time. These quadrants are critical to the function of the business growth. After all, CEO’s primary concern should be growth of revenue and control of cost. These are the quadrants truly dictate the growth potential of any company. Because the one thing that you, I, and highly effective CEOs like Bill Gates or Warren Buffett have in common is we all have 24 hours each day. Stop and think about this, when Bill Gates was CEO at Microsoft he had 46,000 employees working for him. That translates to roughly 368,000 hours of productivity in a single day.

The primary functions that we need to concentrate with as the CEO is Conducting Business Presentations, Executing Joint Venture Agreements, Planning and Operations as well as Product Development, and finally Raising Capital and Financing. The numbers in the engagements will change based upon the size of the company. But nonetheless, the area CEO needs to be functioning in is in these quadrants and not get involved in the day-to-day operations of your company that’s why you hire on premise or virtual employees. With the advancements of technology today there are very few administrative functions that cannot be conducted by virtual team employee. Not only is the cost savings very significant, but depending upon how you set up the VA’s. The ideal environment would be to have a team working for you, full-time and part-time specialists in different areas.

The exercise for this week is to make a note of what are the tasks you perform on a regular basis and are you really optimizing your time. If not, look for solutions that will help you optimize your time and grow your business instead of running inside you.

An Owner Who Can’t Get Out of His Old Ways

Many of us fall into the trap of applying a basic approach when it comes in trying to accomplish anything. That trap can be summed up with the description: “plan, optimize, execute.”

Known as prediction reasoning, this way of thinking is based on the assumption that the future is going to be pretty much like the past, and, to be fair, it can work wonderfully in certain limited situations.

The problem is the world in which you are operating today is often extremely unpredictable and that means you need a radical change in your thought process to handle any number of situations as you try to navigate in the unknown.

Serial entrepreneurs, individuals who have successfully started multiple companies, have mastered managing the unknown. (After all, there is nothing more uncertain then starting a business.) To follow their lead and take control of the future, small business owners specifically–who we will use as the example here–and the rest of us in general, must:

1. Begin by taking a small (smart) step forward. It may not be the right direction but as the owner of a small business, you will never know if you don’t try. When starting a new venture, ask potential customers what they think about your idea, long before you pour any significant money into it.

2. Evaluate the feedback and see what you have learned. If potential customers have thoughts about your idea, listen to them. Their response is invaluable and could offer a new outlook. For example, you may have an idea to open a new restaurant, but potential customers don’t seem enthusiastic. There are a lot of restaurants in the area but if you offered complete dinners they could pick up on their way home, ones that could be reheated once they got there, they would be thrilled.

3. Build that learning into what you do next. Take this feedback and, if necessary, reconstruct your path. Take a step in a different direction to see what happens as you experiment with new ideas. For example, show potential customers sample menus for your now take-out dinner idea.

As we researched our book “Just Start: Take Action, Embrace Uncertainty, Create the Future,”we came to think of this new thought process as Act; Learn; Build. The steps repeat until an outcome is achieved–the business is up and running; your new idea is a success, or you decide you can’t afford or don’t wish to continue.

Admittedly, transitioning to the Act; Learn; Build; thought process may not be easy because we’re accustomed to using prediction reasoning all the time. And like anything that’s repeated over and over, prediction reasoning has become a conditioned habit for many and as we said in certain situations, it is the right approach to use. For instance, on a road trip, travelers are confident that a GPS and map will guide them to the destination. Prediction reasoning, with its detailed forecasts and plans, works well in moving you along a known path but running a small business or getting a new idea off the ground, is not so easily maneuvered.

But any time you head off into the unknown with a new business plan, product or service, the logic of prediction reasoning is of little use. That’s why many of us are often the biggest impediment to our success. Using prediction reasoning in situations which are simply not predictable is bound to result in disappointment and frustration.

When embarking on a new project, there is little to be planned beforehand. It’s difficult to gather appropriate resources without first knowing what’s needed, and trying to optimize is extremely difficult, if you don’t know what roadblocks you may encounter.

In these situations, Act; Learn; Build will help guide you through the inevitable hurdles that characterize today’s marketplace.

The predictability of the world has changed drastically. Shouldn’t our way of thinking keep up?

Why Business Fails…!

A Chauffer driven limo, the red carpet and theworld at your fingers, you gotta be kidding me, Right?

How many of us have had dreams like this as a kid, becoming the professional athlete, movie star, the big-time executive business tycoon. Most of us have had dreams in our lives but the bitter reality is, they are just dreams.

Probably most of you have tried starting your own business. Maybe, joining your friends’ multilevel marketing, with the ambition someday, somehow, you would be the one up on stage,collecting the notoriety for all the hard work that you had done.

I’ve been an entrepreneur for over 25 years, with an MBA, and completed half of the doctorate in business administrationand entrepreneurial studies at the dissertation topic.

The shocking reality is the part of running a successful business and really making it succeed is stacked against all of us. Whereas, 96% of all businesses do not see their 10th anniversary and out of those 80% will close within the first two years of operations. Stop and think in recent years some of the iconic businesses that failed, Kodak, Circuit City, Woolworth’s, just to name a few of the many enterprise companies that have been left in the boneyard business. Two American icons that are currently on life support are Best Buy and Sears.These statistics do not just apply to small businesses but you have to think about that for a moment lesson then 4% of all businesses can see their 10th anniversary.

The ability to adapt and have a clear vision of what your goals are is a critical part of any business success. Here’s a list of the top 10 reasons businesses fail, if you can understand this properly adapt to tenfold your ability to succeed.

  1. The math just doesn’t work.
  2. An owner who can’t get out of their old way.
  3. Out-of-control growth
  4. Poor Accounting
  5. Underfunded
  6. Operational Mediocrity
  7. Operational inefficiencies
  8. Dysfunctional management
  9. Lack of a succession plan
  10. A declining market share or shift in the marketplace

Over the next few days I’m going to dive deeper into a few of the common causes many businesses fall into the comedown trap of failure. Understanding these aspects of business is just as simple as standing success syndromes. The success syndrome is the why and how businesses succeed. Often times, luck and timing are given too much credit for business success. There are commonalities among most business success stories. We will be reviewing these concepts and ideas as well.

Sincerely,

Robert Fox

Be More Afraid to Quit, Than to Fail

Be more afraid to quit, than to fail; this has been my life’s motto. I view failure as a great achievement,  something that should be held with pride and dignity. A Person  willing to take a chance and try something that was unsuccessful, these actions take a great amount of courage and belief in yourself,  a willingness to step outside the box. Keeping in mind of course we are not judged by our failures in life but only our success. The second and most important elements of this course,  is a willingness to keep moving forward. Not try, or quitting on the other hand is something that I’m embarrassed to discuss. However, I will tell you that there have been incidents in my life where I didn’t step up. Instead of trying to step up to being larger-than-life, I shrugged smaller than mouse.

It’s an internal struggle of telling myself that I’m larger than mindset and I deserve greatest, that I am greater than my sum totals. It’s the ability to say I’m going to do it, and I don’t care what anyone thinks. It took me almost 3 1/2 years, of my current company sitting on a bookshelf, with the Incorporated documents and a business plan before I finally took action. Today it has developed into a self-sustaining thriving company.

Just because you’ve tried something and weren’t successful at it, does not mean that you are a failure. It simply means you have gained the knowledge and learned something that will not work. This should be taken as a life lesson, move forward, re-assess, and execute your plan again.

Walt Disney filed bankruptcy numerous times; Col. Sanders was 64 years old, flat broke, and driving around the country pitching his fried chicken recipe to any restaurant owner that would listen.  It was reported that he went to over 1000 restaurants and was told no, until he realizes the missing ingredient to his fried chicken recipe was plain table salt. After he made a slight adjustment in the recipe, the next 10 restaurants he went to, all bought a franchise.

 If Col. Sanders would’ve quit after 999 people had told him no, Kentucky Fried Chicken (KFC) would’ve never come into existence. Often times we’re doing 99% of it correctly, all we just need to do is make slight adjustments, and tenfold our results. After you break the code, then reapply those adjustments and re-execute your plans. Failure is the name of the game, quitting never should be.

Ways of Maximizing Your Lead Generation Program

Lead generation is a marketing term used to describe the generation of consumer interest pertaining to a specific product or service. Lead generation is the essence of any marketing plan, and is the corner stone for generating revenue. The greater and quality the leads are, the revenue increases exponentially.

There are several ways of increasing the outcomes of a lead generation program. The three prevalent and most used ways of generating leads are:

  • Telemarketing
  • Search Engine Optimization
  • Pay per Click Advertising

Telemarketing:

Telemarketing is the oldest way of generating leads since the technological revolution. As the name indicates, in such method, the business hires telemarketers, to promote the product or service of the business. The telemarketers are provided with a set of contact information of potential prospects, then they have the duty of calling as much prospects as possible, to convince them in developing interest in the product or service of the business. A call center outsourcing service provider can help the business a great deal in this regard.

The outsourced call center service providers have experts on their panel, that can generate leads at a faster pace compared to some amateur person generating the leads.

Search Engine Optimization (SEO):

Every business that has an online website understands the concept of search engine optimization. It is a process where the leads are generated through search engine traffic. The SEO professionals work on improving the ranking of a website, pertaining to a set of keywords. Therefore, whenever a consumer searches for a particular product or service, the website of the company will appear in the search results and the consumer subsequently can make the purchase decision accordingly.

Due to the increasing influence of internet on consumer behavior and consumer’s purchase decision making process, many companies are turning towards search engine optimization. SEO is one of the most efficient and effective ways of increasing the outcomes of a lead generation program, and can help earn greater ROI.

Pay per Click Advertising (PPC):

Like SEO, Pay per Click advertising is another way of generating leads with regards to online marketing. It is one of the swift leads generation processes. PPC advertising is paying search engines for the display of ads, which appear in response to a search query.Thus the potential customer is directed to the website page of the product and service. The visitor can officially be classified as a lead if he subscribes to a newsletter, an email, or any of the offerings that can lead to a sale.

Conclusion:

In short, telemarketing, SEO, and PPC are the best ways of maximizing leads generation outcomes. A good call center outsourcing service provider, a good SEO service provider, and an apt PPC marketer can help in the maximizing the leads generation program.

Selecting the Correct Outsourcing Firm

The first thing to take into consideration when deciding whether or not, to outsource, is outsourcing a good fit for your business? Honestly, I can’t think of any business they could lend some type of BPO (Business Processing Outsource) services into their mix of operations. Let’s go under the premise of outsourcing as a good business practice for you to engage in, how you know which type of firm to hire.

Outsourcing in today’s business environment seems to be a hot buzz topic, however, the subject of outsourcing in one form or another has existed almost as long as business itself is existing. If you stop and think about any time you bring in an outside vendor to conduct business activity for your business operations. Many businesses do this with legal and accounting services as well as a host of other services, for example, if you require a maintenance job and you call in a contractor to complete that task, in essence, you are outsourcing.

What has changed in this conversation is that now, many people are moving towards long-term contractual outsourcing agreement. Enterprise companies have been doing this for years in fact, today Xerox is primarily a BPO (Business Process Outsourcing) firm. A great deal of their outsourcing is domestic and domestic outsourcing can have significant advantages. These advantages can include a greater infrastructure, cultural competency, greater legal compliance and a higher comfort level with your clients in dealing with somebody who’s domestic versus located offshore or internationally. Probably the largest downside to domestic outsourcing is the cost. The fees can range from four to five times as much as international outsourcing. There are a multitude of different approaches you can take. Below is a list of various outsourcing options:

Domestic Outsourcing

International Outsourcing

Outsourcing Agency

A company that doesn’t have any employees and outsources their outsourcing.

Hybrid Outsourcing

A combination of both international and domestic outsourcing.

Outsourcing Bulletin Boards

Freelancer and Odesk are two of the largest outsourcing of this kind.

I believe that the best combination when looking for an outsourcing firm is a Hybrid combination for a company that maintains a minimum of two offices. One office should be located in the country you’re doing business in and another overseas office. This type of combination can allow you the flexibility in your staffing when domestic helpers are required to very easily input and interject the type of requirements that you have. While at the same time these companies can take greater advantage in cost savings with emerging technologies and lower labor rates in developing countries. I believe this approach is the best to outsource. Let’s take a look at some of the other options that are available in a little greater detail.

Domestic Outsourcing

Domestic outsourcing might have some competencies, however, the cost limitations with this type of service can be rather significant. To bring in this type of firm, you’re going to figure the hourly labor rates which could be at a minimum of $25 per hour. While you can expect that the technology that they’ll deploy will be good, a professional working environment along with professional management and most likely a top-notch phone system which could easily exceed $100,000, however, there are alternatives that might make a better financial sense for you.

A 100% offshore international outsourcing firm without a presence in the country you’re doing business in can present some limitations in both cultural competencies, compliances and performance issues. With this type of organization, it is very critical that you understand they have absolutely no need to comply with laws at all, however, if they’re conducting business activity on your behalf, you do have to comply with US laws. Any violation could lead the customer responsible for the vendor’s activities. An example of this could be the Do Not Call registry violations as well as anti-spam violations. Both of these hold up to $16,000 fine per incident. These penalties can be a part of simple ignorance and hiring an overseas vendor that may or may not be even aware of the complaint issues that could leave you open to significant vulnerability.

Outsourcing Agents

I know some companies that don’t have an overseas presence. They simply sell outsourcing services and book them through Odesk or some other type of outsourcing services and rebill them.

Outsourcing Bulletin Boards

While this might be an inexpensive way to get tasks done, often times it can prove to be unreliable. Generally speaking these are individuals that don’t have the resources to set up the appropriate infrastructure required to run such an organization. An appropriate phone system can run tens of hundreds of thousands of dollars, depending on the ability of organizations scale and appropriate growth. Emerging countries tend to have instability within this electric grid and infrastructure, a requirement for alternative electric sources. This is why having backup generators as well as UPS (backup battery) to run your infrastructure is a necessity. I know that in our offices sometimes, it will go as much as 12 hours without any electricity.  Without having generators in place to run, it would be impossible to offer quality services to our clients.

The thing that I instruct our clients is to take a look at the level of revenue a particular task generates. Low generating activity should be done by somebody other than key employees within an organization, either entry-level staff or of outsourcing firm.  Key employees in organization need to stay focused on high revenue generating activities. A simple way to look at it is to take into account when delegating work, is to consider how much is this employee making on an hourly basis. If you can get the same task done at a significantly lower rate than obviously, it’s better to delegate work out. Below is a basic formula to calculate how much an employee is making on an hourly basis:

The basic formula for this is:

Annual Salary/(40×50) = Hourly Rate

$100,000 / 2000 = $50 per hr

Now you’re earning $100,000 a year. In essence, you’re making $50. As a business owner you need to focus on what are the activities that can maximize your return on investment and take the task that does not produce high revenue and get those task performed by somebody. In essence, if you can double your output by bringing in another employee, at $10 per hour.  Now you have two hours of output which is $100 and it only costs you $10 which means, now you’re making $90 an hour instead of the previous $50 per hour.

Look at the lowest revenue generating activity, that could be telemarketing, could be delegating social media task, such as LinkedIn and Facebook postings. Get these task out of your office certainly integrate them into your business model that hire a firm with a much lower cost structure that you can offer to do the work for you.

 

In closing, what I would like to do is, offer anyone that’s interested in a half hour free coaching consultation with me or one of our coaches to see how outsourcing might be able to integrate into your organization. Please contact my office.

Vision and Goals

This is a subject quite honestly that is probably exhausted. It seems as though everybody in the mother talks about having a vision and having your goals. However, the most important aspect of this is the action plan.

A few years ago I had the honor of introducing Tom Hopkins before he gave one of his one-day seminars. I was able to spend a few minutes with Mr. Hopkins and talking to him before the seminar started.  If you don’t know who Tom Hopkins is he’s a legend in sales training. In fact at the age of 27 he made the Guinness Book of World Records for selling 365 homes in one year. He was my first mentors, and I spent hours and hours listening to his recordings when I first started my business career.

During our conversation I asked Mr. Hopkins when you are going to be retiring. He said to me, “Well Rob, I want to get in the Guinness Book of World Records for doing 5000 live seminars, no speaker has ever done that, and if I achieve that that will put me in the Guinness Book of World Records. Right now I’m at 4573, (he knew the exact number), and if I do four seminars a month for the next seven years, all hit my goal of 5000, live presentations. And that’s when I will retire from speaking.”

Quite frankly after listening to Mr. Hopkins narrate his goals and on top of that, the most importantly thing is his action plan for achieving his goal, my jaw hit the ground. It wasn’t so much for the amazing goal that he set for himself, of getting in the Guinness Book of World Records for doing the most live presentations ever.  It was more the execution plan that he had in place of how he was going to achieve his goal. In two sentences, Mr. Hopkins narrated, the seemingly at first glance unachievable goal, of getting in the Guinness Book of World Records with 5000 live seminars. However, with the concrete, but yet simply action plan he has in place, I know he was going to achieve this goal.

How many of us have set lofty goals, only come up short of achieving them. This can raises the level of frustration, and some of us might feel as those goals just don’t work.

Having a goal in place is an excellent starting point.  However, equally as critical is having an action plan of how you’re going to achieve that goal.

The difference between high achievers and average producers is high achievers exceed their goals, whereas an average producer will meet or maybe not quite hit their goals. A Critical factor that has to be taken into account is a step-by-step blueprint for how you’re going to achieve, and what your action plan is going be. This is the most time-consuming and most difficult part of the goals. The goal is a big vision; the action plan is your path way to the vision.

 

This is the formula that was taught to me by Tom Hopkins; start with the vision of what you want your life to look like in 20 years.

“These goals must be in writing.”

20 year goals: fill in as much detail as possible, where you going to be living, who are you going to be married to, what does this person will. When they do for a living, how many children do you have. How much money are you making, what type of car you drive, do you have a source of residual income, how much time are you spending vacationing a year. Get as possible clearest vision of what you want your life to like 20 years.

10 year goals: The next step is to break that impasse and what is your life would look like in 10 years, use the same level of detail, even more so, because it is shorter-term goal you have to have a clear vision of what it’s going to. Most importantly is these two goal groups have to be congruent with each other, with a pathway that leads to the 20 year goals. In other words, you can’t set a 20 year goal you want to have five grandchildren, and a 10 year goal you don’t want to have any children.

5 year goal: Your five year goal is the exact same sequence, half of your 10 year goal congruency between the two and a strong pathway so you can visualize this is happening.

2 year goal: same basic formula

1 year goal: much greater detail, very strong visualization, you need to include strong pathway and map how you’re going to achieve this with an action plan.

6 month goal: this has a frontwards, backwards component to it an action plan in place.

Next Month’s Goal:  these are the things that are going to be achieved in the immediate you have to have daily activities you going to implement. If you feel that you waste a lot of time strong time management program, there are bad habit you need to curtail include those also, losing weight, cutting back or eliminating television, having a closer relationships, these should all be part of your plan along with economic achievements business goals and other aspects of your life.

Finally, keep your goals to yourself don’t go out and try and impress your friends and tell them what you’re going to achieve. Because only one of two things will happen, your friends will become intimidated for the lofty goals you have set and rather than trying to step up and try and tear you down, or they will ridicule you, the living larger than they could ever imagine.

PS. Write your goals out, take action and make them happen,

What is SMART for an organization!

For an organization to be successful and survive in the long run, it needs to set goals and then manage the resources accordingly to achieve those goals. Moreover, besides the setting of goals, the organization needs to monitor the progress towards the goals as well so that it does not go astray and stays on course to the success.

the manager of an organization needs to be very careful in strategizing goals, moreover, no matter how well the goals are set, if the monitoring metrics are not selected right, the organization may not ever know about its success or failure in terms of achievement of goals. The lines below explain how to set goals and monitor them in an organization.

As far as the setting of goals is concerned, the goals need to be SMART. An elaboration is given below:

Specific- The goals need to be specific to the organization. You cannot set goals that are no way near the niche of the business. Like if you are a manufacturing business, you cannot have the goals and objectives of a service oriented business. Therefore, whenever setting goals, try to make them as much specific to business’s niche as possible.

Measurable- A manager should set goals that are not vague or abstract; rather they must be easily measurable. Like setting a goal of becoming the best in industry is abstract compared to setting the goal of achieving 80% share in the market. Therefore, the manager must try to set goals and objectives that are measurable.

Achievable- A small business needs to set goals that it can achieve within its resources. Therefore, a manager needs to analyze the resources available and then set the goals that could be achieved within those resources. In setting goals a business needs not to copy the competitors, as they may have different resources which increase their strength to achieve goals, hence the goals should be such that are achievable within specified resources.

Realistic- For a business it is imperative that the goals set by it are realistic and not something imaginary. A business that operates in the local marketshould set goals pertaining to the local market or to the regional level to the maximum. However, if such a business sets goals for international market then such goals would be considered unrealistic, thus non-achievable.

Time bound- The goals and objectives need to have a specific time frame in which the business must achieve it. It’s the achievement of goals within time that helps an organization measure its performance and see whether the goals have been successfully achieved or not. Therefore, a manager must set goals that must be achieved within given period.

Pertaining to the monitoring of the goals a manager needs to consider the following measures:

  • First of all the manager needs to set the proper metrics against which the performance in achievement of goals could be measured and monitored. For instance, for a call center team the metric could be the sales made.
  • Secondly, the manager needs to appoint reliable people among employees who could effectively report to the manager about the progress in achievement of goals.
  • Thirdly, the manager needs to be observant of the situation himself, keep an eye on the happenings and continuously compare and contrast the goals with the consumption of resources and time consumed.

Bottom Line:

In short, the monitoring of goals in an organization is as important as is the setting of goals. Therefore, a good manager in order to strive a business to success needs to set SMART goals and then the according monitoring metrics to measure the performance of the organization.