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Entrepreneurial Excellence
Business Best Practices' Series by George
Hedley
Enjoy The Benefits Of Business Ownership!
Select which reason you think most
company owners go into business:
___ They like to work 80
hours per week
___ They like to be stressed
out
___ They like to be out of
control
___ They like to be
under-paid
___ They like to be
over-worked
___ They like to have no life
___ They like cutthroat
competition
___ They like to manage
employees
___ They like to deal with
other contractors
___ They like the freedom of
business ownership
The number one reason entrepreneurs go
into business is freedom. Freedom from working for someone else.
Freedom to do business as they please. Freedom to say 'no' to bad
customers, jobs, employees or contracts. And the freedom to go to work
if and whenever they want! Many construction owners and managers complain
about working too many hours. While speaking at industry conventions, I
surveyed attendees about their work habits. How do you compare?
Typical work week:
- 15% work 40 hours or less
per week
- 52% work up to 60 hours per
week
- 33% work over 60 hours per
week
The average Fortune 500 company executive
works between 50 and 60 hours per week. Unfortunately the 40 hour work
week isn't the norm today. Construction executives appear to work the
same amount of time or more than their peers in the corporate world.
For those of you who are working more and more and enjoying it less and
less, consider these questions:
__ Does earning a living give
you time to do any living?
__ Do you ever stop and wish
it would get better?
__ Are you too busy working
to make any money?
Many business owners and managers use up
their energy at work and then arrive home too tired to enjoy free time
for themselves and people important to them. How do you spend most of
your time and energy every week? Most busy entrepreneurs spend 98% on
the urgent putting out fires instead of doing the important things in
their business and personal life. Most can't seem to find enough hours
in the day to get everything done. This causes them to put business
priorities first and postpone their life's dreams, goals, family and
friends.
Are you living to work or working to live?
Over 90% of respondents in a study said
they aren't happy with their jobs, careers or business success, yet
they continue on for two reasons-financial insecurity and not knowing
what else to do. Common responses for staying in their ruts include:
"I can't afford to quit and do what I really want to do."
"I can't get my business to work. I'll just keep working harder
and maybe it'll get better some day." "What else would I do
with my time, if I didn't work so many hours?" I like to say that
people become comfortable being uncomfortable!
Do you dream about a future where you'll
have more time to do what you want to do? Waiting and dreaming for
different outcomes postpones progress towards doing what it takes to
make your goals become reality. To enjoy the incredible benefits of
business ownership takes focus, clear targets and the ability to work
differently. An 'On-Purpose - On-Target' business is the result of heading
straight for what you want - not just getting by, hoping for more or
doing the best you can with what you've got. A full and meaningful life
is never built with good intentions!
Do you take work home?
When I was building my construction
business, I usually arrived at the office or jobsite at 6:00am and
didn't get home until around 6:30pm. I took work home every night
including plans to review, projects to bid, invoices to approve and
subcontracts to prepare. Over the weekend, I often worked between six
to eight hours as well. The time pressures of starting and growing a
business never ended. How do you compare to other contractors?
Average take home work per week
- 40% never take
work home
- 30% take home
10 hours of work
- 30% take home
15 hours of work
I became accustomed to doing certain work
tasks at home like bid take-offs and estimating. When work hit my desk
in the office, I put it into three piles: "Do It Now",
"Do It Later" and "Take This Home." I wasted time
by doing less important things at the office and took home important
tasks to work on late at night when I was tired and inefficient.
I finally realized important things
should be done first at the office during normal working hours. To make
that happen, I rearranged my daily priorities and get focused. My top
priority was keeping the pipeline full of new work. To stay on task, I
learned to shut my door and not take calls if I was working on bids. To
accomplish this, I delegated less important tasks and decisions. This
reduced and eliminated my habit of taking work home.
Several years later I rearranged my
schedule again to be even more efficient. This allows me to work less
than forty hours a week if I choose. My early mornings are spent at my
home office from 6:00am until 9:30am working on "important"
business and personal priorities including spending time with my wife.
I then go into the office around 10:00am ready to meet with my staff
and handle everyday issues and tasks required running a busy
construction and development company. This schedule works great for me.
Now I can go home around 4:00pm everyday and golf Fridays at noon, all
without taking any work home.
Are you living the
American Dream?
In 1977 I had $5,000 in the bank, a used
orange Datsun pickup truck and a good job as a project manager for a
commercial construction company. With the $5,000, I bought my first
home and had $2,000 left over. So I figured it would be a good time to
start my own construction company. While I was building my business,
the important things in life like my family and friends took a
backseat. But at the time the effort seemed worth it. As a result of my
several years of hard work, Hedley Construction grew from a start-up
company to a $50 million-a-year business constructing office,
industrial and commercial projects.
In those days my "closest and
dearest friends" were the 300 people or companies who we did
business with. I'll never forget Christmas 1985 when I received only
two cards from the 150 employees working for me. Now that's what I call
"lonely at the top!" And yet, I was living the so-called
"American Dream." I was successful and recognized as a leader
in the community and building industry. I belonged to the right clubs
and charities. I served on several boards of directors for industry and
community organizations and was President of the local builders
association and Vice President of the American Cancer Society.
I thought I was living my plan-or was I?
As I began to evaluate my situation, I discovered I was definitely not
living my life On-Purpose or On-Target. I was out of balance. My
calendar was filled with other people's priorities. My business was in
control of me. With this so-called "success" came stress,
more weight, heart problems, few close friends and less hair. After 15
years of doing, working and giving to the "max," I knew
something was wrong. I was working too many hours, doing it all myself,
and putting out fires constantly. I didn't enjoying going to work. My
business was not working for me. My life was going nowhere fast. I had
to learn how to work different.
I often tell people to make their number
one priority their number one priority. Taking my own advice, I decided
to start living my priorities. I had to stop letting the pursuit of
more stuff, more money, more customers and more jobs control my life.
Your daily decisions and activities indicate whether you are living
your life On-Purpose and On-Target. You decide your priorities every
day by your actions. Do you:
Take your spouse to dinner or Work
on another bid
Visit friends or Take
work home
Help in the community or Visit
another jobsite
Go see your family or
Stay late at your office
Go to your child's game or Meet
another customer
Take a two week vacation or
Take the weekend off
Do you own a prison?
Have you ever watched the old Star Trek
episodes? The crew's mission is to "boldly go where no man has
gone before." Do you have a significant direction for yourself or
are you going where everyone else goes - working 60 to 80 hours
per week, totally stressed out and not having any fun? You are what you
do. You live your priorities. Actions speak louder than words. If you
can't get away from your business, you own a prison. A business which
controls all your time and energy is nothing more than a 24/7 job that
doesn't pay enough!
The purpose for every entrepreneurial
business is to give the owner what the owner wants. Think about what
you really want from your business and how it can become the vehicle
for you to enjoy your life exactly the way you want. What do you really
want?
__ Work 30 to 40 hours per
week
__ Work only 4 days per week
__ Take several long weekends
off every year
__ Take 2 or more extended
vacations annually
__ Give back time to charity
or church
__ Spend more time with your
spouse
__ Spend lots more time with
your children
__ Enjoy a fun hobby or
pastime
__ Make and cultivate deep
friendships
Do the right things!
To me, the definition of REAL SUCCESS is
enjoying all of your time, all the time! Many days you work hard
expending energy in all sorts of places, on all sorts of activities and
in the pursuit of all sorts of things. But throughout each day you must
STOP and take a moment to look at your priorities, purpose, targets,
big picture and how you spend your time. The biggest mistake you can
make is saying "Yes" when you know you should say
"No." Continually ask yourself if this activity is a good use
of your time, money, resources and energy? Ask if your business is
moving towards success and giving you what you want. It is meaningless
to waste your energy doing things right, while doing the wrong things.
Make a list of what you want your
business to do for you. List out your personal goals. When you know
WHERE you're headed you can figure out the best way to get there!
Identify what you want now in all areas of your life:
- Family &/or Marriage
- Business & Career
- Financial
- Spiritual
- Physical
- Mental & Educational
- Contribution, Charity &
Community
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