Opinion by Thought Leaders
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Growth and Scaling Downfalls – Part II

 

In the previous post “Growth and scaling downfalls” we discussed human capital aspects of a growth project. The next topic on the scaling preparation “to do” list is financial resources.

It goes without saying that pre-planning for financial resources needed to meet scaling goals is not only essential for obvious reasons, but it also important in contributing to both tactical as well strategic decision making.

Who?

So, who should be involved? Granted that there many different methods, it stands to reason that such determination should be a “top down” approach, as in starting with the project manager. Additional team members should include project sponsor, member of operations management as well as finance. Of course, it is understood that the CFO (used here generically to refer to the leadership of the financial division) had to be involved in the initial SOP creation for such projects.

How?

The mechanics of a budget creation are certainly widely known and not a subject of this discussion, however there are couple of points worth mentioning:

• Realistic budgeting: one of the rather common issues in budgeting for growth is the ability to understand the nature of such project. It is extremely vital to understand that unlike other projects, the uncertainties in growth and scaling dictate building a larger margin of errors into the budget.

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How to Be Your Most Productive You

 

At the end of the work week, you may look back exhausted at the 60 hours or more that you put in at the office and be dismayed at all the work you actually didn't get done. But you were there every day, from sun up to sun down. You had meetings, company lunches, hours of work at your desk each day. Why couldn't you get it all done? Are you feeling less than satisfied with what you've been accomplishing? It's likely not your lack of drive that's to blame. It's more likely that you're unproductive, failing to make the best use of your time. One of the keys to success is using your time wisely, rather than spinning your wheels and exhausting yourself. So, how can you be more productive in your work and life?

Set Clear Goals

Take some time to plan out your goals, or clarify and adjust the ones you already have. Seeing them on paper can push those goals into reality rather than something that's just floating around your head. Set both personal and business goals for the long and short term. Identify the goal, be specific, and set a time frame. This will help keep you accountable. To avoid procrastination, set clear and concise time frames for an added challenge, suggests Forbes. Don't forget to add in any setbacks you may predict that could roll back your goal. 

Stop the Excuses and Distractions

Setbacks and distractions have the power to weaken your goals and defeat you. Come up with a strategy that allows you to push through those challenges, past the pain, and into the pleasure of accomplishment. Adopt a laser focus to that one task, every day, reaching your goal closer and closer. Set priorities within the task. What has to be done first? What can wait a bit? Think about what you are currently doing: does it serve your goal or pull you away from it?

Embrace Your Strengths

Only YOU know YOU! If you do your best work first thing in the morning, follow that urge. If you do better late at night, burn the midnight oil and take advantage of your creative juices. Perhaps you do your best work after your fitness routine. Do you work best from home or does the chaos of a busy office fuel you? Whatever it is, identify the environments in which you thrive and get to work. Don't fight them. Working against your instincts will burn your energy and productivity.

Set Aside Time

Each day, set aside time for extreme focus for at least 90 minutes. Put away the phone, don't touch your email, tell your co-workers not to disturb. Use this block of time to work solely on your goal. Once finished, that sense of accomplishment will drive you forward another day.

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