Value Created, Eisenhower Matrix, Gen Z, Stars and Weeds
September 16, 2018
Curation and commentary from Marc A. Ross
Reporting from Alexandria, Virginia
The Weekly = Enterprise + Culture + Sport + Policy
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Stop selling by the hour - Start selling by the value created
I had some design work done this week.
Design work which in my mind was to be a customized solution and not some commoditized product solution purchased from a faceless designer working via an online marketplace.
True, it was a simple project, and I provided clear direction from the start.
I knew what I was using for inspiration and what the end state should be.
I gave crisp examples to inspire the final design outcome.
After being presented with design options, I asked the graphic designer how he wanted to be compensated.
He replied with: "Well, it didn't take me that long so...."
Before he could give me his price, I called a timeout and said: "Come on!"
I said come on because he wasn't valuing the efficiency and ease at which he could craft this design project.
He wasn't valuing his years of undergraduate and graduate graphic design studies.
He wasn't valuing his years of experience working with big and small clients in various sectors.
He wasn't valuing his expertise of pattern matching, seeing this design need before, and the hours he has spent being observant of trends on the streets and in pop culture.
He wasn't valuing the fact that this project didn't take him all that long because he has many years of higher education, many years of professional experience, and many years of observing design trends.
The task was simple for him because he possessed all three of these elements - not because the final product was easy to design.
There should be very little correlation between what we get paid and the amount of time we put in.
Pricing should be all about outputs and accomplishments.
As entrepreneurs and thought leaders, most of us have three things that we can sell, often mirroring the three main stages of business: starting, existing, and thriving.
At the beginning of the business, most of us due to lack of confidence or smarts, start by selling time. We sell the inputs of time and materials.
To reach the next business level of existing, we start selling outputs of deliverables. So instead of charging based on our time, we charge based on the market value of something and begin to command a premium. We trade a price premium for price certainty because we are selling deliverables.
At the third and thriving level of business, when we let go of both of those things, we sell based on the value created.
At the top-tier of a thriving business, you need to develop revenue and not sales. You are focused on adding value for clients - be it securing gains or cost reductions or other emotional forms of value that your expert solution will deliver.
To arrive at the third stage of business, your pricing needs to untethered from the inputs of time and materials.
As you soon as you can move to the third stage you will have a thriving business.
You will move from selling inputs, to next, selling outputs, to finally selling outcomes or value based on, your education, your experience, your expertise, and your efficiency.
Your million dollar solution may only take a minute to formulate just because you chose to secure many years of education, many years of experience, many years of expertise to be so darn efficient.
-Marc A. Ross | Brigadoon Founder + TLC
Marc A. Ross is the founder of Brigadoon and specializes in thought leader communications and event production. Working with doers, entrepreneurs, and thought leaders, Marc helps them create compelling communications, winning commerce, and powerful connections.
FIVE ARTICLES TO READ
Kara Swisher: The real Google censorship scandal: It’s not about right-wing Americans. It’s about China.https://nyti.ms/2Oi8fFv
"sources familiar with the situation say the calculus is less about data and more about just missing out on a lucrative business opportunity. Either way, these mercenary concerns are exactly what Google once seemed to argue against in China. Given the shift, I’d like the company to channel those often rowdy and raw all-hands meetings and transparently explain to its employees and users and regulators what it is willing to compromise in its return to China."
NYT: The youth sports mega-complex comes to town, hoping teams will follow https://nyti.ms/2OhFFnX
A study published by Utah State University in 2014 found that American families spent an average of $2,292 each year on youth sports.
How tech is drawing shoppers back to bricks-and-mortar stores: WSJ reports, innovative dressing rooms. Apps to choose clothes in advance. Introducing the digitally enhanced shopping trip. https://on.wsj.com/2NaFcHB
Consumers want memorable and Instagram-worthy experiences when shopping.
Scotland’s Next wave of whisky distillerieshttps://bloom.bg/2N5ofyo
More than 50 on the horizon.
Gen Z is coming to your office. Get ready to adapt. The generation now entering the workforce is sober, industrious and driven by money. They are also socially awkward and timid about taking the reins. https://on.wsj.com/2M8AmFd
BRIGADOON EVENTS - FALL 2018 + WINTER 2019
Brigadoon Annapolis | Salon Dinner + Lectures = September 20-21, 2018
Brigadoon Detroit | Salon Dinner = October 11, 2018
Brigadoon Cincinnati | Salon Dinner = November 1, 2018
Brigadoon Scotland 2018 = November 11-13, 2018
Brigadoon Coral Gables | Salon Dinner = January 17, 2019
Brigadoon Sundance 2019 = February 24-26, 2019
More details and ticket information @ thebrigadoon.com
“The most urgent decisions are rarely the most important ones.” -- Dwight Eisenhower
To help with decision making, consider The Eisenhower Matrix.
A simple decision-making tool that you can draw on a napkin and start using today.
The Eisenhower Matrix has four parts, which you use to categorize the work in front of you:
* Important, but not urgent
* Urgent and important
* Urgent but not important
* Not important and not urgent
Stars and weeds
Vision casting is one of my favorite things to do. I like spitballing ideas. You’ve heard the phrase, throw pasta at the wall and see what sticks. I do that too. On a recent conversation with a business partner and mentor, I heard another phrase: some people are stargazers, others are weed whackers. Few manage both well.
We’re talking about the visionary (stargazers) and the integrator (weed whackers). Which one are you? Pick one. You can exhibit aspects of both, but you will always be strongest on one side of the gap or the other.
Me? I’m a visionary. I think my mentor is too. We both lament over the need for a loyal geek, our idyllic version of the quintessential weed whacker. Someone who tucks in a sweatshirt or isn’t bothered by shoelaces that are clearly too long. Perennial finger smudge on the glasses? Check. That’s the guy we’re talking about…very happy in a spreadsheet and willing to take a blueprint and build. Motto: data > people.
The visionary looks up. She looks past the clouds and into the future. She inspires and emboldens. She reads tea leaves. Furtive glances into the future of her chosen sector or line of business are a regular occurrence. A lot of us entrepreneurs are visionaries because we simply can’t help it. Hardwiring has something to do with it, but so does nurture.
An entrepreneur must get up every morning and manufacture a daily dose of irrational optimism. It’s not clear to me how any of us got started on that path, but I don’t question it after nearly two decades of this morning ritual. If you’re smiling right now, you know what I mean. If you don’t see the point, it’s okay. You’re probably an integrator. But we need you more than we need the optimism.
This need to generate some sense of it’s gonna be fine — when there is no cash flow, no real product, no traction, no marketing, no team, nothing — out of nothing is why we visionaries have such a hard time getting into the weeds.
Muster confidence in the face of a daunting market. Try locking eyes with someone who is seriously considering seed investment; if you look away first, you’re not confident enough.
Let’s talk weed whacking for a bit before wrapping up. I lost my integrator in December of 2017; we had worked together for six years. It was a bittersweet departure. He was on to bigger and better. I had poured everything I could into him and was proud to see him go. But he left behind a hole I have been forced to fill.
Integrators are fundamental and necessary for a small business to grow into something more substantial. Visionaries who work hard on integration can only go so far. We can pile up blueprints and gather resources, but an integrator is what it takes to build.
What are you?
- Samuel Logan | Brigadoon Professional
Samuel Logan is a husband, father of three, entrepreneur, traveler, published author, and speaker.
TRENDS + BUZZ
Paying is voluntary at this selfie-friendly store: NYT reports, Drug Store, a new health-drink outlet in New York, is betting that customers will pay by text message after grabbing a bottle.
@adweak: BREAKING: Study finds no one quite sure what the hell “thought leader” means
The Times: Teenagers choose gaming over friends and family
Teenagers spend almost half an hour less each day meeting their friends and talking with their family than a generation ago and have filled the gap by playing computer games, a study has found.
It found that on average 18-year-olds spend 27 minutes less each day visiting pubs or cafés, meeting friends and family and talking on the telephone than they did at the start of the millennium. They also spend about 26 minutes less a day watching television or films or listening to the radio.
AFP: US teens prefer remote chats to face-to-face meeting: study
Some 35 percent of kids aged 13 to 17 years old said they would rather send a text than meet up with people, which received 32 percent.
More than two-thirds of American teens choose remote communication -- including texting, social media, video conversation, and phone conversation -- when they can, according to the study.
Tom Petty And The Heartbreakers - Refugeehttps://goo.gl/vmxc5B