How to avoid the "poof, gone

How to Avoid the "poof, Gone!" Syndrome — Use Systems That Work for You

I learned for myself years ago that I have «Poof, Gone!» Syndrome.

Many of my clients do too. If you’re like most busy professionals, the thought of sitting in meetings with consultants, or in day-long workshops to learn How To Be More Productive is not the highest item on your priority list.

You’d rather explore new ideas, create products and services, develop a new relationship, or work with your clients… and the wrong tools and systems divert our attention and we loose track of what we’re trying to accomplish.

In conversation with one of my clients this week, Sarah’s trying to find the perfect tool, the best system, the most productive way to stay focused on her goals and achieve them… and her biggest concern is that she’s ‘supposed to’ keep herself organized with a specific system so she stays on track. I understand her concern.

I relieved her of that tension. The fact is: It Depends.

To be successful in business, you must have systems in place. And the world is filled with systems ‘guaranteed’ to keep you focused, on track, and roaring ahead to success.

Since the mid-1980s there have been a flood of systems — everything from cute little cards that go in your shirt pocket, sophisticated computer systems that ‘ding’ to remind you of your next item on your calendar, and enormous expensive ‘organizers’ that every single thought, meeting and commitment are captured in.

You can even use your organizer to bench press during meetings to keep your upper body tone!

There are just 2 problems they don’t mention in fine print on the cover of the latest books, or the advertisements for workshops and other productivity tools. The reality is those systems are NOT meant for everyone! And, once people pay for them, they feel trapped into using them even if they don’t work well for them!

They’re meant for the people who that particular tools or approach works for. Take me for example: I want to see my entire week at a glance, so that I can change and update it anywhere, anytime. That means using paper-based calendars that show my entire week, not just the day, and that I can write note on. So PDAs don’t make me happy. If I have a busy day and everything doesn’t fit on one screen… «Poof, Gone!»

The organizer system worked when I was in corporate environments, going from meeting to meeting, assigning and keeping track of multiple complex projects… but that’s not the work I do now, so it’s waaaay overkill!

And color-coded file folders perfectly labeled and stacked in a rack are the same as «poof, gone» for me!

I use ‘kangaroo’ pouch folders (product 515 from www.walshenvelopes.com) and now several of my clients do as well. They’re designed so that I can see the top 1/3 of the items in each pouch. I can cram things that relate to the topic or project in the same folder without them slipping out, stack them in a single pile, or line them up like a row of cards where I can see the top 2 inches of each down the side of my desk.

I can grab one to take with to a meeting as well. When I’m done with them I empty and reuse them or use the holes at the top of the pouch to fasten them in classification folders and put them in storage.

There are two keys to using a system that improves your productivity.

1 — Systems Need to Be Useful

And «useful» changes. Sarah isn’t planning on taking the plan to her bank. The good news is she doesn’t have to write a formal business plan to keep her business on track.

She works out of an office that no client will ever enter, so she doesn’t need a system that looks good for the public, she needs one that makes her personally more effect. Period.

2 — Systems Need to Be Used

And so back to ‘business plans.’ I used computer-based documents and systems for years… when I needed to share that information with other people it worked great!

Yet, when I laid out the new plan for my personal business last year, the moment I closed the document on the screen, or printed it out and put it between other documents… you guessed it, «Poof, Gone!»

I tried the project style To Do list in a spreadsheet. It was fabulously detailed, organized and complete. And «Poof, Gone!»

Then I used flip chart pages taped to my walls and created a «sticky note business plan» with six colors and 3 sizes of Post-It® Notes. I was able to keep track of my business goals and plans and activities with a quick glance. Every single one got done.

Sarah’s giving it a try this week. I’ll let you know how it goes.

Don’t get vested in a system just because you invested in it! Just as I’ve changed and adapted the tools and systems that I’ve used, I encourage you to take a fresh look at whether the formal tool or the «sticky note life» is the one that fits you best today.

Find the systems that work best for YOU, rather than the purveyors of specific systems. It’s a permanent cure for the «Poof, Gone Syndrome!»

Is it still a good time to buy a luxury watch

Is it still a good time to buy a luxury watch?

With 401(k) losing their value and stocks plummeting like a malfunctioning rollercoaster the last thing on most people’s minds is deciding whether or not to invest in a luxury timepiece. However, history of this unique collectible category has proven that fine watches are a resilient, timeless investment — even in difficult markets such as the one we are currently experiencing.

What it may be a GOOD time to buy a luxury watch

It should come as no surprise that the fine watch world is in the midst of one of the greatest buyer’s market in history. People who need cash are willing to part ways with their expensive watches at a fraction of their actual value. However, as we will see, one person’s loss can be another’s gain.

For the astute buyer (especially those who spend a good amount of time shopping online) there are tremendous bargains to be found in the luxury watch market. Consider that a recent survey by online discount watch websites found that many $10,000 timepieces are currently being sold for $5,000 — and that $5,000 classic Rolex and Piaget watches are regularly being offered for as little as $2,500. It is hard to argue with these kinds of figures, especially given that the quality of the watches coming out of the best companies has remained unchanged.

This is a good time to buy a luxury watch for two reasons. First, if you are a reseller or a collector, the current climate represents an opportunity to make a profit down the road once the economy begins to grow again and individuals have more cash at the disposal. Secondly, if you have ever wanted to possess a prestigious watch — and never had the resources to do so — this may be the best opportunity you ever had to own a magnificent timepiece.

An investment that never goes out of style

Unlike luxury carmakers, who dilute the prestige of the own brand by selling lower-end versions of their cars, every item that comes out of top watch companies represents the pinnacle of excellent performance and design. As a result, there are no «down years» to worry about in terms of makes and models of watches. Every watch released every year is considered a good personal investment — and a show of good taste.

Luxury watches mean investing in the «intangibles»

In addition, there are elements of purchasing a luxury watch that cannot be measured in dollars and cents. For example, wearing a fine Rolex or Tag Heuer watch has the ability to boost one’s confidence immensely. It can change the way people see us — as well as the way we present ourselves to others.

Finally, the watch-as-family heirloom tradition is something that is most certainly recession-proof. It does not matter what the current Dow Jones average is when a man hands his fine Rolex watch to his son. It is a rich, emotional transition that makes purchasing a top timepiece all the more attractive.

Know your "best alternative to negotiated agreement"

Know Your "best Alternative to Negotiated Agreement"

BATNA stands for «Best Alternative to Negotiated Agreement».

BATNA is not an acronym you see very often but it is probably the single most powerful method of successfully negotiating favourable terms and conditions relating to a sale or agreement.

The concept of BATNA was developed by negotiation researchers Roger Fisher and Bill Ury of the Harvard Program on negotiation. BATNA is the course of action that will be taken by a party if negotiations fail and an agreement cannot be reached.

So if the outcome of your current negotiations with another party is not as good as your BATNA, then there is no point in proceeding further towards an agreement. In essence, BATNA is a very effective way of maximizing your confidence when negotiating because you know your second best option (first is a mutually agreeable negotiation). You don’t have to agree to a bad deal.

BATNA allows you to have the confidence to reject any unsatisfactory agreement. It gives you confidence. In any event, having confidence can be a very important part of negotiations because HOW you negotiate has been proven by research to positively affect the outcome, regardless of the actual substance of the negotiations.

But I can sense you asking ‘Why do we need to go through all this trouble?’

In today’s competitive business climate, good selling involves not just getting a deal — it’s about getting a profitable deal. So in the closing stages of a sale, intelligent negotiations can be a way of achieving a favourable outcome for you without giving in too much to the other party’s requests. It can also assist in getting to a Win / Win outcome for both parties.

I like to use a simple but effective example of how a BATNA can literally be a life saving technique. Imagine if you will, two trapeze artists have an argument. One trapeze artist says he is more important because he has to catch the other one at 100 metres in the air. The other one says that she is more courageous because she is the one risking her life by releasing the trapeze in mid air and flinging herself over to the other artist. All he has to do is catch her. They argue bitterly until the catcher says «Fine. Let’s see who is more important when you jump tomorrow».

«Oh oh» thinks the female trapeze artist, «what if he only pretends to catch me and he deliberately doesn’t?» One hundred metres is a long way to fall. She goes home thinking ‘Do we have a negotiated agreement tomorrow?’

What is her BATNA? Falling to her death is not a good BATNA!

Let’s look at a few obvious BATNA’s the female trapeze artists should have in place before she potentially leaps tomorrow to her death.

1. Install a safety net (I bet she feels better already) 2. Call in sick 3. Wear a parachute (although 100 metres may not be high enough) 4. Grab hold of her colleague instead of letting him catch her

So BATNA has the immediate effect of making her feel a little more confident. Of course, she should talk to her colleague before the act and make peace but at least she can do that without a lot of anxiety. How else can BATNA help?

If you have a particularly strong BATNA, it is probably worth pointing it out to the other side. They may then realize that they stand to lose out if the agreement is not negotiated. This strengthens your side a great deal and you can more forcefully state your case to reach an agreement. You can act as if you can break off negotiations because you are comfortable with your BATNA. This is a powerful concept to use when appropriate.

For example, let’s imagine that you are negotiating an important deal that would constitute 10% of your yearly sales target, something you’d really like to get. At the same time, you know that this customer is very budget conscious and from past experience you know that they will try to squeeze your price as much as possible.

Let’s further assume that your target gross margin in your business is 30% and that for that reason, you need to achieve a unit price of 10,000$. Your proposed unit price was 11,000$.

What would be the lowest price you would accept? 10,000$? 9,500$? 9,000$? Or even less? What would it mean to say no at any of these points? Knowing your BATNA will protect you from accepting an unacceptable deal.

BATNA A: If you know that you have another three hot big projects in the making which could total 25% of your yearly target volume and if you additionally know that these 3 prospects would be less price sensitive, i.e. 30% gross margin wouldn’t be a problem, then you may feel comfortable to say ‘no’ at a price of less than 10,000$.

BATNA B: If you know that it will be very difficult to achieve your yearly sales target without this deal because your pipeline is not very promising and if you additionally know that your company’s overall sales is far behind target, then you may want to have a discussion with your manager first to see what would be the lowest acceptable price. Perhaps you could even try to be creative in thinking how you could create additional value for your customer so that you don’t need to agree to a too low price. Once you have figured all this out, then you also know what would happen if you say ‘no’ if you reach your lowest acceptable price. Then you can make an informed choice.

In summary:

I strongly recommend applying this thinking to a particularly tough negotiation you may be going through now and see what happens. I am confident you will be pleased with the outcome.

How to use words effectively for real business success

How to Use Words Effectively for Real Business Success

As you know, the way you use words in your thoughts and what you say out loud can have a huge impact on how successful you are. This is because everyone has associations with the words that they use. So for example, one person will feel fine using the word ?rich? while another would find it offensive. But how can you use your words to create more business success?

First of all, you have to catch yourself saying or thinking the words that might be inadvertently limiting you. Examples of these are: problem, can’t, ought, should, wish, not fair.

You can train yourself to catch the words you use to describe situations by listening to yourself, and one of the best ways to do this is to talk out loud to yourself. OK, do it when you’re alone or you might get some funny looks! But seriously, talking out loud is a great way to find out what kinds of words you use. So next time you’re stumped in your business about what to do next, or you think you can’t see a way out of the situation you’re in, say out loud what you’re thinking, and listen to yourself.

Next step is to change whatever words you find that are limiting. Here’s some examples:

Change ‘struggling’ to ‘taking the next step’.

Replace ‘should’ with ‘could’.

Transform ‘I can’t’ to ‘I won’t’.

I need — do you really need? What about ‘I want’, or ‘I would like’ instead?

‘I ought to’ can become ‘I could’.

People who are ‘pains in the neck’ can become your ‘teachers’.

Instead of saying ‘I have to’, say ‘I get to’.

Change ‘I wish’ to ‘I commit to’. (That’ll sort out whether you really want that thing you’re wishing for or not!).

Refer to problems or setbacks as opportunities or challenges.

Never demand anything — rather say ‘I would appreciate it if’.

Use the words ‘consequences from events’ rather than ‘failure’.

Change ‘this is no good’, to ‘what I find good in this is’.

Amend ‘It’s not fair’ (which is just another version of ‘poor me syndrome’) to focusing on what is great about your situation by saying ‘What I do have is’.

Try reading these words out loud right now and notice the difference in how they make you feel. This is not only because of the associations we have with different words, but also because of the vibration belonging to different words. You can hear it really clearly with the words I should as opposed to I could. The first one is about blaming, feeling bad, being stuck, while the second brings opportunity, hope and a way out.

It’s well known that success is at least 70% in the mind — so bring your thoughts and words in line with the success that you want in your life, and watch things starting to change!

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