When it comes to managing a business, there are typically 2 schools of thought with staunch defenders on each side: (The latter is sometimes referred to as micromanagement.) In his recent article Founder Mode, Paul Graham (founder of startup incubator, Y Combinator) compares the hands-on management approach (Founder Mode) with the traditional delegation approach (Manager Mode)….
Ever feel like running a business is a lonely endeavor? When starting or running a business, going it alone certainly allows for more control but comes at the expense of added stress. I’ve heard some experts say that every business owner should have a coach, or mentor, or some other support. But what does that…
Can you give a quick and straightforward answer to questions like: If you’re anything like most business owners I know (myself included), then you probably live in a real-life version of whack-a-mole with tasks, details, decisions, and fire drills coming at you daily. I’m sure you’ve heard the phrase (cliché?): work on your business, not in it. Let’s walk through…
The basic steps for getting things done could be summed up as: I’m always looking for new ways to compartmentalize work and life. Lately, I’ve been using a simple framework referred to as the “Action Priority Matrix.” It’s a close cousin to the Eisenhower Decision Matrix which blends urgent and important tasks into categories of: do, schedule,…
Writing out a yearly plan is a fairly simple process. In a nutshell: This year, I’m creating a “business bingo card” for a quick overview of the things I want to accomplish in 2025. That way, I’ll have a nice visual layout of my goals and everything lives on one page. How it will work…
As I’m prepping for the end of the year and starting to write my annual letter, it’s reminding me this is hands-down the best thing you could do for your business today — write out a plan for 2025. You’ve got to be careful if you don’t know where you’re going, because you might not…
To run a successful business, you need 3 essential models: Sounds simple and you probably have a sense for these in your head. If you’re managing a large team, trying to grow, or climbing toward profitability; then keeping your models in your head won’t scale. You know… that concept of rowing in the same direction?…
There’s a hierarchy to a well-oiled financial system: Here’s what that hierarchy looks like visually: What’s the takeaway? If you don’t have good bookkeeping — start there; find an excellent partner. If you have good books and regular reports — consider a fractional CFO or advisor. The ROI on those 2 items will shock you.
How are you spending your day as an owner, operator, or advisor to businesses? Here’s a quick and easy daily task checklist I use to manage my portfolio of companies: Most of these are easy habits to work into a normal routine without much effort and many can be finished in the first 30 minutes of the…
What makes a great business? When I worked in the investment industry studying and investing in public companies, I was often searching for “great businesses” and over my career developed a short list of characteristics that (I think) make a company great. Why should this matter to you? These traits are in no particular order,…