An important key to personal productivity is for you to develop the habit of determining the constraint that sets the speed on the achievement of a particular
goal in any area of your life. Begin by identifying a goal that you want to achieve.
This can be a financial, personal, or health goal. You then ask, “What factor sets
the speed at which I achieve this goal?”
For example, if you want to increase your sales, the constraint or bottleneck on
increasing your sales could be the number of prospects that you talk to each day. If
this is your key constraint, focus all your creativity and energy on alleviating this
constraint. Focus on organizing your time and activities so that you increase the
number of people that you see each business day.
In your business, your goal can be the attainment of a particular financial result.
What sets the speed at which you achieve it? It is essential that you identify the
correct constraint before you focus on alleviating it. Jim Collins, in his book Good
To Great, points out how important it is for you to identify the correct “economic
denominator” in your business. This is the critical number that determines the
success or failure of a particular activity, or of your entire enterprise.
For example, your limiting factor in increasing your sales might not be the number
of prospects that you speak to, but the quality of each of those prospects. By
applying the four marketing principles we discussed earlier, you could identify
prospects who have a far higher likelihood of buying sooner than other prospects.
Perhaps it is your basic sales skills that are at issue. Perhaps the critical constraint
on increasing your sales revolves around your ability to make an effective sales
presentation and to get the customer to take action. If this were the answer, the
solution would be for you to focus your creativity and energy on upgrading your
sales skills, rather than frantically flailing around to get in front of more people.
Taken from : Million Dollar Habits
I stood up and thanked them for inviting me. I told them that I had carefully
studied the notes of their proceedings and discussions for the previous year. I
addressed each of the key executives by name, having taken the time to memorize
the names and their backgrounds prior to the meeting. Finally, I looked right at the
president, who was standing up now, ready to intervene and told him “I have
always been a big fan of Peter Drucker and Tom Peters.”
The president stopped where he stood and looked at me with amazement. I then
quickly mentioned several books from each writer that I had read and studied
thoroughly. There was silence in the room while everyone waited for the president
to react. He sat back down in his chair and said, “Great! You take over the meeting.”
The outcome of that session, and subsequent sessions, was very productive. We
accomplished an enormous amount and achieved tremendous success in formulating a new strategic plan. The tension and stress that had been disrupting
the group disappeared. Everyone became happy and relaxed. The entire group
became highly cohesive and productive. Afterwards, a couple of the executives
came up to me and said, “You probably saved this company.”
Preparation was the key. Whenever I think of the amount of time and effort that is
necessary to prepare for any speech, seminar, meeting or strategic planning
session, I remind myself of that experience.
Taken from : Million Dollar Habits
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In thinking, we often proceed from the concrete to the abstract. To know beauty we must dwell on objects of beauty.
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The most important single number in the operation of any business is “cash flow.” In the wake of the accounting scandals amongst major companies on Wall Street, the accounting profession has reverted to focusing on what they consider to be the most important single economic denominator of business success, “free cash flow.”
Free cash flow is the amount of money that is left over or generated by the
activities of the business, after all expenses have been subtracted. It is measurable, quantifiable and definite. It exists. It is there in the bank account to be accounted for and spent by the business. It cannot be faked. It is a real number. It is the critical indicator of business success or failure.
Where does free cash flow come from? It comes from marketing and sales, less all the costs of generating those sales and fulfilling those orders. There is no other source. All mortgages, loans, advances and lines of credit must ultimately be justified and repaid out of marketing and sales revenues.
Taken from : Million Dollar Habits
Dunn and Bradstreet offers a credit rating service that includes most of the businesses in the U.S. Every year, active businesses are invited to contribute their financial information to this database, which is then made available for credit purposes to prospective suppliers and vendors.
Over the years, many thousands of companies close down, merge, or go bankrupt. Each year, Dunn and Bradstreet conducts a study to determine the major factors leading to business failure in that particular 12-month period. Over the years, the reasons for business failure have been high interest costs, changes in technology, poor management or under-capitalization. Often it is high inventory relative to sales, or over-indebtedness.
Not long ago, Dunn and Bradstreet took all the statistics that they had generated on failing companies over the years and ran them through a supercomputer. This program sorted out all the variables and distilled business success and failure into a simple conclusion: Businesses succeed because of high sales; businesses fail because of low sales. All else is commentary.
The rule is that, “Nothing happens until a sale takes place, until someone sells something to someone.” Businesses succeed because they make sufficient sales and generate sufficient profitability to survive and grow in the current marketplace. Businesses fail because of declining sales and revenues, which ultimately leads to the collapse of the enterprise.
Taken from : Million Dollar Habits
I hope that my exposition of the theory of meditation has shown that it is not different from thinking, when that is properly done. Suppose that a student has before him a theorem in geometry. To prove it he must think. First—if he knows how to think, or meditate—he will dwell for a
while on his data. This is the preliminary concentration— to review the material provided for his thinking.
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Here are five questions that you can ask over and over again until they become a
habit, guiding you to always using your time at the very highest level.
First, develop the habit of asking, “Why am I on the payroll?” What have I been
hired to accomplish? What specific measurable results are expected of me at my
work? If I were trying to explain to someone else why they pay me money at my
job, what reasons would I give?
Most people fall into the habit of thinking that, because they are at work, they are
working. They confuse activities with accomplishments. They are often busy all
day doing more and more things of lesser and lesser importance. At the end of the
day, they claim to be exhausted or stressed out, but they have accomplished very
little. They fail to ask themselves, “Why am I on the payroll?”
Second, develop the habit of asking, “What are my highest value activities?” What
are the most important things that you do each day in your work? If you were to
take a list of all of your activities, tasks and potential results to your boss, and ask
your boss to select the three most important things you do, what would he tell you?
If you are your own boss, remember that there are usually three tasks or activities
that account for 90% or more of the value that you contribute to your work or
business. Almost everything else you do is a support activity for those three tasks.
Most of your activities are tasks you think you need to do, in order to do the things
for which you are actually paid, and which have the highest value. What are the
three most valuable things you do in your work?
Taken from : Million Dollar Habits
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In meditation a man may reach conceptions of beauty, or duty, or truth or the grandeur of noble character, loftier than any he has obtained before. As he dwells upon them, they work into him in a creative way, so that afterwards he will be able to reach and hold the higher level with comparative ease.
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