Making the Most of My Time

Posted on 12 March 2009 by Alexander Kohl

Time is our most valuable resource. We all have a set quantity – nothing can change that.

But we do have absolute control over the quality of each hour. In theory at least. My  practice needs to improve.

  • How can I eliminate activities that waste time?
  • How do I free time by selecting to do the right activities?
  • How do I invest time in my team for the ultimate return: more time for myself?

Time Management

Time Management deals with the efficient use of time. It helps to get things done and to reduce stress. It is focused on the quantity of time available.

Beyond Time Management

To go a step further I want to address the effective use of time – its quality.

Time is the one resource we have that cannot be renewed. It passes no matter what.

I used to produce international events for companies like BMW, Adidas and Citibank. I flew around the world, setting up event teams in Canada, the US, South Africa, Japan and all over Europe. I worked with Brian Ferry, Franz Beckenbauer, Heidi Klum, Donatella Versace.

And I spend many hours in the office. Often 12 hours or more.

The Choice

One day I made a choice: From now on I would work from 8.00am to 5.00pm.

That caused quite a stir. For weeks my boss tried to wrap me into meetings just before 5.00pm. I would decline and tell him that I would be available the next day.

Can you guess what happened? No, I was not fired, on the contrary: I got much more done.

And I started having a life outside of work again. I went for walks, I got into sports, I enjoyed time with my girlfriend. It was fantastic.

How Can I Achieve That Now?

Here is my formula I’ll try to implement:

  1. Spend time on things I enjoy
  2. Stop wasting time
  3. Free time by focusing on the most valuable activities
  4. Invest time to empower my team

Owning a Business

There are some stats out there (not sure where I heard it) that 90% of people who say they are business owners are owner operators.

I keep telling myself that as I have just started my business and am building it, that this is a special time and needs more investment in time and money than an established business.

But I do not want to forget the goal of building a team that can run it and setting up the systems that lead profitable operations.

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Great Salespeople

Posted on 29 December 2008 by Alexander Kohl

Investing was definitely the right way to go. After my first part time sales person came on, I was approached by someone else. He came through a referral from SCEC and really wanted to get into a sustainable business.

I would have loved to employ straight away, but was conscious to keep minimising my risk and not overspending. So I offered him a commission-only role with the full commitment of making it work.

He came at the end of November and I warned that the period before Christmas might be slower. But he graciously accepted an put full focus onto reaching the sales goal we set: selling 30 systems in December.

The first call he made during the training resulted in a sale. And we ended this month with more sales than in all the time SolarPay has been operating.

Great Sales People

From this experience, I’ve learnt about the profile of the ideal sales person.

  • Are excited about the offer they are making
  • Care about delivering value to clients
  • Focus on what they need to do to make sales: call clients
  • Have a positive attitude no matter what happens

Now it is time, to find support with administration.

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Invest or Consolidate?

Posted on 13 October 2008 by Alexander Kohl

I love working in teams. The excitement of sharing the wins, the challenge of finding ways that take everyone’s interest into account, the joy of interaction. That is why I have started a few businesses with employees, way before they (the businesses) or I were ready for it. Financially it was suicide.

Learning from that, I decided to build a business with what I could handle. The plan was to grow it to such a state that I would be able to pay someone else from the cash-flow generated. I had heard this rule: If the business can afford half someone’s wage, employ them. They will help to grow it to where it can afford the whole wage.

Good in theory.

Practice shows that I have built myself a business that generates more enquiries than I can handle. And because I am not handling them, not enough turn into sales. So if I go with my plan not to employ until I can afford it, I keep being held back by lack of manpower.

I therefore decided to invest. Small steps, someone for just a few hours to take the pressure off. And if results follow, I can step it up.

If not, I’ll fall back to consolidation.

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The only reason to be in business is to make money!

Posted on 11 June 2008 by Alexander Kohl

When I hear people say that, it reminds me of bees. Their only reason of existence is to collect honey (ok, pollen).

Of course I can’t hold still and have to talk about my truth: that there is more to business than making money. That it is a vehicle to increase the wellbeing of everyone connected to the business (the employees, the clients, the suppliers, our planet).

The argument comes back: “Maybe. But without money none of these other things can be done. So it all comes back to money. Therefore the only reason to be in business is to make money.”

It took a while until I realised that the opposite is just as true: “Without committed employees, delighted clients, dependable suppliers; and in fact a healthy planet, money cannot be earned. Money would have no meaning at all.”

Does that mean the only reason to be in business is to fix the world? No. Making money is vitally important. The better any business does that, the better it can serve its employees, clients and the planet.

What it does mean is that we have a choice as business owners about where we put our focus. Just chasing the Dollars without any concern for the wellbeing of others cannot work long-term. At the same time, running a business without focus on the bottom line is doomed for failure.

The solution: a truly sustainable business. It keeps the different elements in balance: people, planet and profits. None is more important than the other, none is less important. They have to be kept in harmony and balance.

So for anyone with strong environmental or social passion, I recommend getting someone on your team who comes from the mindset: The only reason to be in business is to make money. As long as there is mutual respect for each other’s position, it significantly enhances your chances of building a great business.

For those that are not convinced, I just want to go back to the bees. Imagine bees deciding to collect pollen just for themselves without sharing it. The colony would die within a few days. They are in fact performing a social role beyond their immediate mission. And environmentally? Without bees, no flowers would be pollinated, no seeds would develop, and no flowers would be there. The bees would die.

So even with a single minded goal of collecting pollen, bees are perfectly sustainable, looking out for people, planet and pollen. The only difference is that we can think about what we are doing and can make conscious choices.

I would say the only reason to be in business is to balance the wellbeing of people, planet and profits. Any imbalance might work short-term, but it will always result in failure, either as an individual, a business or a race.

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Urgent personal financial thoughts

Posted on 10 June 2008 by Alexander Kohl

Seth Godin wrote

“Only borrow money to pay for things that increase in value.
It’s a short list: your business, your house and your education, mostly. Stocks if you’re smarter than me. That’s pretty much it.”

He goes on to say that the problem comes from credit card debt for consumer goods. And even if you then spend cash on more things, as long as you have a credit card debt, you are in fact buying things with money you have to pay large amounts of interest for.

Have a look at his post for the strategies to overcome that problem.

I want to add another good opportunity:

Borrow money for things that save you money.

SolarPay.com.au is based on that. Buy a solar hot water system even if you have to finance it. The savings will pay for the system and continue to put money in your pocket.

Another example would be buying a car that uses less petrol and does not need expensive maintenance, rather than running an old bomb that needs constant attention.

In both cases though (whether you borrow money to buy something that increases in value or something that saves you money), you have to make sure that

  • the financial benefit is greater than the interest
  • you can actually pay it back

Thanks Seth for the inspiration.

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Welcoming Problems

Posted on 2 June 2008 by Alexander Kohl

Or “Whatever can go wrong will go wrong”.

Our first order for a solar hot water system came through today at SolarPay.com.au. Yipee.

However, it fell within the 5% of cases that cannot be quoted through our website. Worse, we had not covered that instance. So our very first client got a quote that is not quite correct.

So why am I welcoming that? Because it makes our application all the better.

We can take it as feedback, learn from it and improve what we are delivering.

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Setting a Deadline

Posted on 1 June 2008 by Alexander Kohl

Producing events always meant that we had a clear deadline. The date for the event was clear at the start of the preparations. It was great, it took out one of the variables in what the event could be like.

In business, it is a lot more flowing. It is very easy to fall into the trap of improving, rather than getting something out there. It is probably one of the inventor diseases.

To overcome that, I set a date: 31 May 2008, the date of our launch. And to make it even more serious, we committed to being part of World Environment Day.

It was actually a whole month before the original plan. It was a crazy date, but it helped us to focus on the essential things.

And we made it. The SolarPay website was ready. The other marketing materials were ready. The partners were lined up. The team had given everything to make it.

Most importantly though, we had cut out all “nice-to-have’s”. Absolute focus on the core of the business model.

A fantastic way to get things done.

  1. Set a date
  2. Link it to something outside of your control
  3. Collect a list of nice-to-have’s for future improvements
  4. Refocus on the core of your business model

Due to bad weather the actual launch did not go ahead, because the event we wanted to held it at was postponed. But we had achieved our goals.

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Proving the business model

Posted on 15 May 2008 by Alexander Kohl

After working as a consultant for the past 4 years, I have finally taken the jump into starting my own business. I mean, real business, not just consulting.

Once the idea was clear, I looked for a partner. That was the best decision, because it brought clarity and focus to my idea. He kept pestering me about proving the business model before committing too much time and money to it.

On one hand I think with more money, we’ll have much bigger impact. On the other hand, I can see the wisdom of starting with a bare bones business model, until it is clear that the market accepts (and craves for) our services.

So I am listening to my own advice in Market Driven Inventions. I’ll continue sharing as we progress.

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World Environment Day

Posted on 11 April 2008 by Alexander Kohl

I have recently started to support the Sunshine Coast Environment Council in the preparations for World Environment Day. I am just hovering around the edges and helping to call a few green companies who might be suitable as exhibitors.

31 May at the University of the Sunshine Coast. 5,000 people are expected with Professor Ian Lowe and Mayor Bob Abbot talking in a forum. Entertainment for adults and children, 20-30 community groups, lots of displays.

When you compare it to the number of people living in Melbourne and on the Sunshine Coast, it is probably bigger than the Sustainable Living Festival (relatively speaking).

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Life after the Sale

Posted on 12 March 2008 by Alexander Kohl

When I start working with entrepreneurs, I always ask them about their personal vision.

In the beginning I was impressed if someone was honest enough to tell me that they just want to grow the business, sell it and then do … and their eyes would light up while they told me about the plans they had for their life after the sale.

As I said, in the beginning I was impressed by that. Not any more. Now I put a lot more emphasis on focus. Outstanding entrepreneurs seem to be doing exactly what they are passionate about. They build a company around their passion and use it as a vehicle to push their personal agenda.

Surely, they need the smarts as well to make it profitable. But I do not think that earning money as an ultimate goal carries enough power to make someone successful long-term.

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