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From KC Truby Lonesome Cowboy Publishing Inc. 301 Thelma Drive #426, Casper WY 82609 (760) 207-6385

Did you work on the right thing today?

By on June 20, 2014

Did you work on the right thing today?

By: KC Truby

The sin of the ‘Inaccurate Assumption’ that we spoke of in an earlier article leads the owner to work on the wrong thing. Doing the wrong work is the second biggest reason a business owner struggles.

If we believe that spending the day with your worse employee might just turn them around, or doing one more fix on a web site is going to turn the tide of sales, or spending time trying to make a “D” grade client happy will benefit our long term goals, then we’re working on tasks that do not have the highest R.O.I. in our business.

By the way ROI means Return On Investment.

The ‘wrong work mistake’ happens because we fail to keep records on a daily basis. Most normally accounting records. If we have good books that we look at daily, we’ll quickly see that the days we had the most fun at work were also the days we made the most money. So we keep track of the daily sales and profit numbers – if they are high we want to repeat whatever we did today, again tomorrow.

So if I see high profits on Tuesday and I look back at my daily journal to see we had 3 sales meetings with top clients – I want to repeat that behavior on Wednesday and have 3 more meetings, just like it. I know this sounds simplistic but we see poor managers get pulled away from ‘good work’ by problems that always look urgent but are seldom important. For example if the electric goes off, you do not have to be involved, your staff can handle that while you keep your eye on those 3 client meetings.

On my wall is a plaque that reminds me to focus on 3 tasks every day. I work on number one until it is done, then go to number two and so on. The plaque says….

Lord let me focus today on:

  1. Finding one good new grade “A” client.
  2. Spend quality time developing a relationship with one of my staff, customers or vendors so they better understand what I’m trying to get done.
  3. Write one flow chart or check list on a problem that I never want to see happen in this company again.

Everything that comes to my desk better fall into one of these three categories until sometime around 1 or 2 PM. By then I’ve got the critical long term work done, and I’ll take on lesser tasks. But I never want to go home at the end of the day saying ‘wow, the day flew by and I did not get anything done.’

To help with this I look at two reports every day:

  1. Our accounting results from yesterday – so I can see the bottom line every day.
  2. My personal journal that I take notes (by hand) on all day long.

These two reporting systems keep me focused on my 3 big jobs of the day, and at the end of the month we’ve had 30 good days. Making it another record breaking sales month.

Owner using poor accounting data or poor sales reports will make mistaken assumptions about where they should focus time, energy and money. Working on the wrong thing is the biggest killer of business.

Simple but effective.

 

About KC Truby

From their ranch in Wyoming, KC and his wife Linnea have bought or started 21 companies as a side line to their accounting business leading them into M&A as a full time business in 2012. These companies are located all over the Western Rocky Mountains, London and India. Since 1969 through their accounting and training companies, KC has taught 18,000 business owners how to improve cash flow and find more customers by installing standardized systems in their small business. Since 1989 KC has presented over 1,000 seminars and training classes to the small business owner.

2 Comments

  1. Pingback: 3 ways to keep from making that same mistake again - KC Truby - Find, Fix, Sell

  2. Gerome

    June 25, 2014 at 3:23 pm

    A hand written journal is really a great idea, I will have to try that.

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