Just do it!. Is timing important?

“Time is what we want most,but what we use worst.” ~William Penn

A friend of mine used to say that all is about timing. But what it means? Where from entrepreneur or manager will now that timing is right?

Every business decision is complicated process which involves cold analysis and intuition. Mix and weight between analysis and intuition depends on organization culture, manager personality and circumstances  We are just starting to understand mechanisms of taking decisions by individuals. Corporations for many years has built systems to eliminate possibility to take bad decisions, but recent years are showing that still there is a lot of to do on this field.

The common truth in management is that it is better to take any decision than not take one. On the other hand in modern, information oriented business environment, complexity is making a decision process more and more unpredictable. Classic business models techniques need to adapt to dynamics of the markets and easy access to informations by customers. There we have some kind of paradox. Although markets due to cheap and easy access to information are more and more effective, the decision taking process is more and more difficult and complex.

The right timing of taking decision is even more difficult to estimate. Sometimes market and customers are simply not ready for new product or service. Sometimes innovative initial idea cause lack of innovation and development in upcoming years. If we assume that there is almost impossible to tell what is “right timing” is it worth to worry about this?

My answer is yes and no. Yes, as managers we must analyse all available data, consider all for and against. On the other hand, if we have internal feeling that we are doing right thing, do not wait – simply take decision and stick with it. Taking and accepting risk is integral part of decision taking process. Point is that risk must be quantified, agreed and accepted. When this exercise is done properly, then answer is no. Timing is no important as potential risk of not taking decision is much bigger than taking right decision in a wrong time. Taking a decision, even if timing is not perfect (because there is no such a thing like perfect timing) keep momentum in organization, keep buzz and excitement.

So what is my advice if we are unsure if timing is right? Do not bother about this. Just do it!

Related articles:

Timing is Everything by Nicholle L. Torres

Timing in Business: Get your timing right and choose the correct cut-off and cut-in points by Edward de Bono

 

Creativity – Key Factor for Successful Business

Business has to exercise your creative instincts. ~Richard Branson

For centuries creativity was attribute of artists. In last 30 years importance of creativity in a context of business activities increased dramatically. Today creativity is highly required skill not only in marketing department but also in engineering or finance professions. Mentioning creativity in finances I do not mean a Tyco or Enron way of “being creative in finance”.

Today we are knowing, that creativity is rather skill not a gift. Modern theories of creativity are trying to  find and answer to question “Why some people are more creative than others?”. These theories are describing creativity as process. Well, and who better than managers know how to manage, improve and re-engineer processes?

To understand how to support creativity, still rare asset in many companies, let’s have a look what conditions are favourable to allow creativity grow.

One of the myths is telling that people are creative working under stress. The truth is that there is direct relation between emotions and creativity. Positive emotions increasing creativity while negative ones decreasing. What it means for us? Well, we can create an organisation culture which is based on positives, not negatives. Promoting working environment full of positive emotions we get creativity as a bonus. More over, such organisations naturally attracting better workers. It is proven, that people who are realistic optimists are performing much better than pessimists.

Second thing which we as managers can do to support creativity in our organisation is to support cultural variety. This is natural catalyst for creativity. Different people are looking at the same problem from different perspective. It starts creative thinking process in other member of the team.

The next step after employing creative people, support creative environment is to make sure that organisation is able to manage creative teams. To be successful in this tasks organisations must understand benefits from being creative. Among many others I will mention two biggest benefits for every organisation. First of all creative approach (in every aspects of business activities) helps differentiate. Next benefit for promoting creative behavior can be treated like insurance against unexpected. When the crisis situation come (which is only question of time) creative teams will find better ways how to manage crisis.  This will make every organisation stronger – people will believe that what ever future will bring, they have a creative skill to manage this.

Recipe for success will be to integrate creativity in your business models. Create conditions conducive for creativity. Once it is done, you will never regret. Because creativity is a key factor for successful business; and we are all creative.

Related articles:

Getting Down to the Business of Creativity by Julia Hanna

The 6 Myths Of Creativity by Bill Breen

The Role Of Creativity In Business  by Nick Rice

6 Steps to Achieving Creativity in Business, Personal Life by Deborah Kotz

Construction Industry Needs Steve Jobs.

Construction is not sexy. Construction is hard, dirty job full of traps in current financial climate. This is how it is today. And this is how it was a century ago. Construction industry as a whole has not changed significantly in past decades. Sites are much more safer places to work, better organised but at the end of the day, construction process has not changed.
Any progress can be achieved by evolutionary or by revolutionary changes. But why construction industry is not changing? There is simply answer to this question. There is (or rather there was) not a good reason. Through the decades costs of low efficiency, lack of innovations were transferred  to the end client. And client was paying for this knowing, that in long perspective value of  investment will increase. With a financial crisis this times are over.

Construction business model – cash rich, low margin – is not motivating main players on the market to make radical changes. But things must change. Cash reach low profit business model is sustainable only if  turnover can be increase year by year (or worse case keep at the same level). Increasing margins is very difficult in current climate. Of course weakest player disappear from the market giving a breath space for remaining ones. This natural market mechanisms keep industry going. Going on lower gear.

To make a big step forward, the whole industry needs to change. Businesses must evolve from simple brick contractor to customer demand driven manufacturer. To achieve this we need visionary which will do for construction industry this, what Steve Jobs did for IT industry. We need a person, which will have a courage to cross current limitation, re-think the business from beginning, find new values. I think that new potential values are laying in following areas.

• Values can be created on the border of two categories. Using analogy from Apple – introducing new hardware products (ipod) was driving and was driven by introducing new content provider (iTunes store). The same can be done in construction industry. Revenue streams are not generating only from contract job itself (core business) but also by adding maintenance service to the developer (added value to the core business). There is much more possible sources of new business ideas on the border of two categories.
• Much wider and deeper implementation of new technologies into industry. BIM is a great example how relatively simply idea can make a huge improvements in organisation.
• Re-engineering and optimization of current processes in organisation using tools common for manufacturing industry but still exotic to construction.
• Better understanding end user needs. I am using the word end user (not client) intentionally. In most cases client knows exactly what wants to have for money paid. A lot of architects, interior designers etc. representing investors instructing contractors what, how from what material should be done. And this is fine. But without understanding needs not only client, but also end user the industry will not move forward.

So, what must happen to change construction industry? Everybody of us have to focus on evolving business, step by step increase efficiency, lose less material. Let’s implement kaizen philosophy in construction industry. And then we need revolutionist. Who it will be? Have no idea, but can not wait to find out.