Archive for stress

Does Your Work Challenge You?

This week we’ve been talking about Work That Matters and we continue that discussion today as we evaluate question number 2: Does your work challenge you?

We all know that there are only two conditions in which we can exist… growing or decaying (personally, I’d rather be growing!) And since we spend such a huge portion of our life working, shouldn’t that work also give us opportunity for growth?

Have a listen to today’s episode of 7 Minutes In the Morning, ask yourself if your work gives you a challenge, then hear what to do if it is not.

Enjoy,

Thom

Getting The Rewards

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This week we have been talking about risks and rewards. Today we are onto the good stuff- the reward parts. We will talk about reward in the context of our subject line all week. Over the week we have gone through fear, failure and risks. We defined risk as the balance between the potential reward and the potential cost. I also mentioned that the single most thing that people count as the cost of trying is the potential that they might fail but we learnt to embrace failure as the minor adjustments that we make in our journey to success which took care of the risks.

Today we will focus on the rewards- the good parts. While assessing our risks we spend so much time thinking and focusing on the potential bad things that can happen than the potential goods. We most often do not look at the potential payoff for an opportunity we have been pushing aside. This is the way I would like you to look at things: think about every opportunity as it come up, give it a look for its potential payoff. Remember that fear is that little voice that tell you not to try things out. Embrace that fear and pay attention to the rewards that opportunity will bring forth. If you do a good analysis of the reward and we find it great enough, then you can look at the potential unsuccessful outcome of that opportunity and weigh its impact on the rewards and make a decision from that.

That’s the single most secret to not being caught up in the analysis-paralysis situation. Spending so much time thinking about a thing and never acting on it. Remember that those people who take action are the ones who are successful.

[Full Transcript Follows]

Hey there folks, good morning and welcome. My name is Thom Rigsby, and this is 7 Minutes in the Morning. This week, we’re talking about risk and reward, and today, we’re on to the good stuff – the rewards part. Stay tuned, 7 Minutes in the Morning is coming up next.

Hey there folks, good morning and welcome. This is 7 Minutes in the Morning. It’s your daily dose from me, your business coach. My name, well, I’m Thom Rigsby. And this is the show where we take one topic, we address it in 7 minutes or less, and help you build a better business. Today, we’re talking about reward, but it’s reward in the context of our subject line
all week. Monday, we started talking about fear, Tuesday was failure, yesterday was risk, today, I want to talk to you about the reward. You know, yesterday I said that risk is a balancing. The potential cost against the potential reward, and that kind of ratio – how that plays out is, well, essentially risk. But we know the single greatest thing that people count
as a cost of trying is the potential that they might fail, but we know because we’ve talked about it on Tuesday – that failure is just a minor adjustment on the road to success.

So that mitigates our risk, so now, let’s focus on the reward, on the good part. We spend so much time – when we have an opportunity, we spend so much time thinking about the potential bad things that could happen, that we – our mind focuses on those and it comes across as a much greater potential for not succeeding than for reaching your reward. So if you don’t
think about those things, let’s think about the reward for a minute. What’s the potential payoff for an opportunity that you’ve been kind of pushing to a side? So this is the way you need to look at it. Think about each opportunity as it comes up. Give it a look for the potential payoff. Now, we talked on Monday that fear is that little voice that tells us, “Hey, you don’t need to do this.” We’re going to embrace fear, we’re not going to try and push it away. We’re going to let it sit there, tell me to pay attention, but I pay attention to the risk – I’m sorry, the reward. If we do a good analysis of the reward, and the reward is great enough, then we can look at the potential unsuccessful outcome, and mitigate its impact on our decision making process. That is the single greatest secret to moving forward, rather than being mired in the present –
in analysis paralysis, we’ve all heard that term before.

So we spend analysis paralysis – you spend so much time thinking about, thinking about, thinking about, and never acting. And those people who take action are the ones who are successful. You know, it reminds me of the story of Branson, Sir Richard Branson, when he was trapped on an island. There was storms blowing in, and his commercial flight had been
cancelled, but he saw a charter operator. He went over and struck up a deal with him to get off the island. So why didn’t the other couple of hundred people who were also stranded there, why didn’t they go over and talk to the charter operator?
Because they were worried about the risk. If I get out of line, I might not get a flight, and they might not do anything, so I’ll just stay here. [inaudible 0:03:52.0] guarantee the seat on the way out anyway, that’s what Richard understood. He turned around and created an opportunity for himself by taking action. He wasn’t paralyzed by the fear of what could be. He
took responsibility, he created a circumstance where he could achieve his desired outcome, and you can do that do.

Think about the desired outcome. Put thought into that outcome. You know, we almost always talk about this thousands of ways this thing could fail, but I think, really, let’s make a list. And in reality, we’re hard press to come up with 10 or 12. But what’s the potential upside? It’s huge, and you’re going to miss out on that because of what might happen. You know
what, either might happen. I used to tell my daughter – our oldest daughter played softball most of her teenage years, and I used to tell her, “You are – the only way you’re guaranteed 100% that you will never hit a home run is if you never swing the bat. You have to swing the bat in order to have a chance of hitting that home run.”

Now, here’s my final one. Just to give you a little bit of additional encouragement. The very best – and I’ll go ahead and ask for forgiveness now for my friends that are not here in the States that don’t follow baseball as closely, but the very best batter ever in American baseball so far has been Ted Williams. He retired with a 401 or 402 batting average, so right
at 400. That means 4 out of 10 times that he came to bat, he hit the ball. It also means that 6 out of 10 times that he came to bat, he did not. And yet, he’s revered as one of the greatest hitters ever. If you can get a 300 batting average, you’re almost guaranteed a spot in the hall of fame. That means you miss 7 out of 10 when you come to the play. Don’t be afraid to swing the bat. The reward, the payoff is tremendous. And the reason that so few people reach that billionaire status is because so few people try.

That’s it. I’d love to hear your thoughts and comments on today’s topic, or anything we’ve talked about this week. Send me an e-mail, thom@thomrigsby.com, or hit me up on Twitter, @thomrigsby. And I would really appreciate it if you would visit 7minutesinthemorning.com and sign up for my e-mail newsletter. That will make sure that you get updates before everybody
else. Alright, that’s it for today, until tomorrow, remember, my name is Thom Rigsby, and I’m your business coach.

Making Your Plan B

Plan B

It’s Friday and we are putting a wrap on the week. All week we have been talking about team and letting each member have an opportunity to perform their art. Yesterday, we talked about what to do with a team player who doesn’t want to be a team player and we talked about letting them go. Today, we are going to talk about something that is really important that comes up a lot when we talk about yesterday’s topic.

One of the things that creates fear and uncertainty in a business owner when they have to let someone go is simply that- uncertainty, “What’s going to happen when I let them go?” This is because they do not plan for, create and practice a plan B. Even when you have a fully staffed, well-functioning team, something can happen. Last week I told you about the story of a family whose life was turned upside down by a car wreck. What if that happens to one of your team members? Would anybody know how to do their job? Would you know how to do all the work that they do. That is why I say it is important to create and practice a plan B.

From time to time, sit down with your team members and talk about what would happen if the worst happened. Talk of what would happen if one of your team members got sick. Know how you would know what their responsibilities are and what they are committed to get accomplished while he is sick. Talk through those and other circumstances and contingencies. As a parting shot I will give you a resource; restoreyourniche.com which is a book put together to help you plan through how to restore your business after a catastrophe.

[Full Transcript Follows]

Hey there folks, Thom Rigsby here from thomrigsby.com. It’s Friday, we’re putting a wrap on the week right here on 7 Minutes in the Morning. Stay tuned.

Hey there folks, good morning and welcome. This is 7 Minutes in the Morning. It’s your daily dose from me, your business coach. My name is Thom Rigsby. And by the way, you might’ve noticed this week, we’re not running quite 7 minutes. I am going to make a commitment to you that I get these in and under 7 minutes, and if it’s under 7, so be it, but I’m not going over 7 minutes. Yeah, well, unless something important comes up. Anyway, today, we’re going to talk about something that’s really important that comes up a lot when we talk about yesterday’s topic. You know, all week, we’ve kind of been talking about team, and [inaudible 0:00:52.2], foster a culture, and let them have an opportunity to do their art. Yesterday, we talked about what to do with a team player who doesn’t want to be a team player. And we talked about how to let them go, and one of the things that creates fear and uncertainty in the business owner, the leader, when they have to let someone go, is just that uncertainty. “What’s going to happen when I let them go?” And that’s because we don’t [inaudible 0:01:19.7] love. Plan for, or create and practice a plan B.

You know, even when you have a fully-staffed, well-functioning, well-oiled machine of a team, something could happen. You know, last week, I told you about the story of a family here in our community whose life was turned upside down by a car wreck. Well, what if that happened to one of your team members? Would anybody know how to do their job? Would you know how to do all the work that they do? So, that’s why I say it’s very important to create – not just create, but practice – a plan B. From time to time, once a month, once a quarter, whatever’s appropriate for you and your team. Sit down with the team and say, “Okay, look. Let’s talk about what would happen if the worst happened. If Joe got run over by a truck, or Betsy got sick, what’re we going to do? How do we know what Betsy’s responsibilities are, what Joe needs to – is committed to get accomplished while he’s sick?” And just talk through those circumstances, and talk through other circumstances and contingencies also.

You know, couple of years ago, here in North Alabama, we had a tornado outbreak, and nobody expected that we wouldn’t have cell service. Yeah, maybe the phones, maybe the power would be out, but our phones will work. Well, power was out for over a week. And the UPSs and the generators and everything, and all those cell towers just stopped working, we hadn’t had cell service either. How do you communicate with your team? How do you make sure in a case like that, or maybe live in a coastal area and hurricanes are your thing, but how do you make sure that everybody on your team is okay? All of those things are important considerations to go into your plan B. And it’s not a bad idea to put together a book that has all of these information, and I want to give a resource, it’s called restoreyourniche.com. It’s put together by a friend of mine named Linda, and it’s a book to help you plan through how to restore your home, or your business, after a catastrophe. Well, a catastrophe sounds like a big deal, but it helps you plan through all the contingencies that you might need.

Now, let’s go back and talk about this in the context of this week. We might defer, put off, letting an employee go, because we don’t know what they’re doing, what they’re responsible for. And if I go and talk to them, and start saying, “Okay, well, maybe you need to start showing me everything you’ve been working on.” Well, that’s going to raise some red flags, ain’t it? Alright, if you do this in the context of just what you do all the time, everybody knows what’s going on, they even know how to cover for you if something happens with you, and in the case an employee gets sick, they quit, they – or you have to let them go. And all those cases, all your bases are covered, because you’ve done the planning ahead of time, you practiced it, and you know what the outcome should be.

So, what do you think about making a plan B? Is that something that would be smart for your business, or do you think, “Eh, Thom’s crazy, my business is too small.” Send me an e-mail, thom@thomrigsby.com. I’d love to get your feedback and your thoughts on this topic, or anything we’ve talked about this week. You can get me on e-mail, you get me on Twitter, @thomrigsby, or find me on Facebook, just look for Thom Rigsby Coaching. Well, that’s it for this week, it is Friday, we’re going into the weekend. If you’re going to rest, if you have the weekend off, I hope that it’s relaxing and rejuvenating for you. If you do have to work, I hope it’s profitable. We will be back here Monday, with a brand new topic. Until then, my name is Thom Rigsby, I’m your business coach.