Lean Startups & Bartering Relationships (Part2)

In a continuing series on business startups and entrepreneurial ventures, we discuss the relevance of Relationships.

B) Bartering Your Way To Results

Bartering may seem like 'old school', yet it is one of the backbones of business success. The 'Law of Exchange' is as old as trading, sales, and reciprocity. 

One of the considerations of bartering is that it can be informal, and kept 'off the books'. Because, it is an 'exchange' of service-for-service, or product-for-product, or service-for-product, or product-for-service, you can be flexible with how you calculate your 'costs'. You can barter your editing services for a new business website for advice on accounting and submitting tax forms. You can barter a workshop on business writing for a participant's spot in a business seminar. You can trade your coaching services as a personal-trainer for accommodation in a residential-apartment overseas (when you are on vacation or a business trip). Write an feature article for a website, and in turn enjoy shared readership.  

Tied in to this process of bartering, is the Law of Reciprocity (as observed by Robert Cialdini, Ph.D.). You can reap massive benefits by leveraging on professional and personal relationships (more on this later). This may also pave the way for co-branding, partnering, co-sponsorship, and alliances.

Leadership Lessons: Bartering is about exchanging, and not taking advantage of anyone. You can trade products, services, and even opportunities to maximise progress of your business and vocation. Consider how you barter sensibly and with sensitivity. Sometimes, paying for the service or product is much 'cleaner' and without attachments and encumbrances.

Alarmed By What You’ve Read?

Will Ironman return to Asia?

Just because it is linked or shared via social media, does it mean that it is reliable? Many links are made with little regard for reading the article and being critical about its contents. Sharing material online still requires a sense of responsibility. Remember: you can still ignore the posting, if it contains drivel and dumbfounding data and descriptions.

Fear drives action. Action drives sales. I am openly annoyed with salespeople who attempt to make sales, by introducing dated literature and anecdotal evidence. Most claims made by the manufacturers (of these over-priced nutritional products) have not been validated by the FDA or similar national body. So, we should not be bamboozled by misleading advertising. Buyer beware, but use your head. Advertorials are also cleverly and thinly disguised reports on advertised products, and heavily tout their benefits. Consider slimming and beauty centres/chains, as well as product launches.

Many consumers have no idea what the numbers means: mg, mcg, and IUs. How do you what is the recommended daily rate? What happens if you are engaged in regular strenuous activities? Are you expected to consume more antioxidants if you engage in regular aerobic activities?

Perhaps, we should insist on more empirical research and less anecdotal reliance? If it is in the news, there is a higher degree of credibility, objectivity and believability if it is based on facts. Opinion pieces are more subjective. For instance, a leading online magazine reported that Macca will not be going to the Olympics, nor is Emma Snowsill who was an Olympian before. Because they were interviewed, and gave their perspectives the news is more worthy of our attention. If it is based on results, you cannot dispute the official results, unless there was a glaring typological error.

If this report was true and accurate, it may upset millions due to the implications and ramifications of secrecy/secret formula. It also suggests that labeling has been deceitful, or national authorities on food & drug control have been careless.

Monday Is The Day To Draw Up The Lists

To list, or not to list – that is the question.

Lists are points of attention, or contention. If you write a Pros/Cons list, you are weighing the benefits/risks or advantages/disadvantages. It gives us a balance sheet of how we can audit our lives for actions to take. As written some time ago, you can design lists for ‘To-Do’, Traveling list, or a Bucket List. Most of our lists revolve around things/tasks to do. We merely tick off (de-list) upon completion of each challenge or mundane activity. Whatever remains on our lists should be completed or we invite procrastination. You can draw lists as a mind map, or a traditional left/right column listing. Just remember to activate it with a dateline and priority of action. As endurance athletes, we also draw up a list of the races we would like to do, then assign a ranking of ‘A-race’ for the most important ones, and regress with a ‘B’ and ‘C’ rating.

Our organised lives revolve around lists, and this is unavoidable. This article from the Harvard Business Review suggests designing two lists to help you operate in your landscape of your lifestyle

*****

I ran hard home for the last three kilometres. Reckon I should buy this photograph? It seems to show off my white-hair well. (Credit: Marathon-Photos.com)

On another note, the official results of my Saturday past-midnight race can best be described in pictures. As my Coach, ‘Fox’ predicted I did earn a sub-1 hour 40 minutes completion time. In fact, my timing for the 10K mark was slightly faster than my tempo run with Fox the day before the race. Despite running on slightly ‘spent’ legs, I was still fit enough to do my trial run/speed training within 30 hours of recovery, and bag a top-1 percent ranking. I assure you that my thighs are now noticeably sore; a remindful testament to Delayed Onset Muscle Soreness (DOMS), or the badge of honour of racing hard. A few more long runs, and tempo sets should give me the legs I need for Ironman Switzerland in July (second and last Ironman on my 2012 list). Dr Kua Harn Wei has offered to guide me through to a 3:50 marathon in Zurich, although I will need to be holistic in my approach within the next six weeks. I was dressed in my two-piece, triathlon race-attire as I always simulate racing in Ironman conditions. Thankfully, this reliable set yielded minimal abrasions.

Charted results of my Sundown Marathon performance.

Results or Efforts Matter More?

Which are you focused on for performance measurement? Results or efforts?

In profit-driven companies, results matter more as part of your performance. Your performance centres round your KPIs, Key Results Areas (KRAs) and goals. Salespeople have to sell as much as they can. Marketers have to deliver on brand communication and brand development. Leaders have to lead the company to higher returns-on-investment (ROI) for their stockholders.

In cost-centres, efforts matter more. How you manage funds and budgets become your Key Performance Indicators (KPIs). The time your staff spends on keeping the house in order validates their performance and, thus, employability. Values like accountability, integrity, transparency, and due diligence are the expectations of a highly-critical public which is trigger-happy on criticism, blame, and hullabaloo.

In triathlons, the journey is as demanding as reaching the destination. How you achieve your athletic goals is contingent to your efforts during training. Certainly, the more scientific the process the more likely you may attain your results. However, you still have to do then time if you are to be faster, stronger and higher. Your results are very much dependent on your fitness, lowered risk of injury, and how well you feed your body on race-day.

Leadership Lessons: Which matters more to you: results or efforts of your staff? Why? What are you doing to bring either up to speed?

Upgrades and Uplifting Moments

Software is ubiquitously upgraded almost everyday; we receive regular updates and patches to be installed to our operating systems. We take great pride when we upgrade our houses, hoping to deliberately bump its perceived value skywards. We relish in the next android phone launched by Apple, opting for an iPhone with an additional alphabet attached to it. Applications-developing companies hope that owners of their shareware games upgrade – by buying at their Appstore – to a paid version, embellished with more bells and whistles than a music store.

Corporations provide recognition and rewards of its performers by way of bonuses, incentives and promotions. High-potentials earn an accelerated career pathway, allowing their ambitions and aspirations to be fulfilled sooner. Beyond pure performance appraisals, peer appraisals can also matter in a 360 Degree Feedback System (360DFS).

It feels nice to be acknowledged. The knowledge that we are positioned higher than our counterparts and colleagues may enhance our confidence. We feel empowered by our sense of achievement and its raises our self-esteem and self-worth. Once a professional athlete earns world championship status, his/her status is upgraded; same goes for amateur athletes who secure a podium spot in the Olympic Games. Your value, credibility and influence rise in tandem to your accomplishments.

I found out today that I was promoted 23 positions above the previously posted results of the Newton 30K run held on Sunday. This now, assuredly, places me in the top-5 percent that I suspected I earned; confusion in the timing and results' layout created significant displeasure with the competitors. My timing stayed the same, validated by my own recording on my Garmin 310XT watch; this data matters more to me than relative ranking. I have observed that as easy as it is to host a sporting event, that irate participants easily disengage from future support. Tribes can downgrade your efforts and good intentions as their results and experiences are emotional issues. It can cost us a bit for an upgrade, yet a downgrade (by others) can cost us so much more.

Leadership Lessons: When was the last time you upgraded some of your beliefs? What have you done to upgrade yourself? How much do you assist in the development and growth of your staff? What have you done to enhance the capability of your staff, so that they might choose to stay relevant and employable?

Post-Race Reflection & Pondering

My individual results for Sunday’s 2XU 12K Compression Run:

Nett Time: 53:41

Gun time: 54:01

Rank: 92 out 5211 (Men’s Competitive - Gun-time)

Good news: top-2 percent of field of male entrants; it should be higher for the entire field of 7,000. Better news: I held an average of 4:29 minute/K pace; and that my plan of action for a 3:15 marathon is, on-track. Coach has been prescribing me my thrice, weekly sessions. However, my progress is still hampered by not doing enough specific, interval training sessions. After IM Lanzarote, I aim to do a few shorter races to brush up my speed. This may include another time trial with Macritchie Runners (MR25), to improve my time over the 5K cross-country route (cutoff time: less than 25 minutes). Do you know that their elite-level for Masters class is less than 19:30!

I was pleased to keep my pace up, and even overtake a few of my inspirations. However, I would rather lead behind them on their best day instead of their worst. It is my need to prove my worth, and do of my best. Mediocrity includes not attempting your best when you need to. Under-achieve, hold back too often, or give up too readily – these are signs of potential trouble, and resignation to resigning. Taking the short flight of steps and few slopes, I experienced some fatigue – it seems that I have been slack in my core workouts. I will need to resume my regular CrossFit sessions, focused on my strengthening work on my legs. I have to step it up, if you know that exercise. 

*****

I will be off for an overseas teaching assignment. I won’t be able to post. Thus, the advance post, dated as per daily uploads.

You Have to Assert Yourself Sometimes To Earn Your Way

Assertiveness is the ability to express, to others, what is important to you. It can reflect your ability to lead. If you help another person amplify their need to be noticed and recognized, then your assertiveness becomes a useful quality. When you assert yourself, you are less likely to be overlooked. Be unassertive, and you may lose out and suffer in silence.

If you wish to express yourself, you will need to communicate aloud and with energy. Flaccid attempts to communicate merely expresses a lack of commitment, lack of clarity and confidence. Lead with energy that is associated with optimism, hope, enthusiasm, passion, consideration, and care. People are attracted to these powerful magnets.

On the other hand, over-assertiveness conveys being over-bearing, domineering, selfish and bossy. Few people respond positively to people who focus mostly on themselves. There are enough personalities who resort to bullying others around to get their way. They fail to realize that they need to sell their ideas, and earn the buy-in. They, eventually fail in their putrid attempts to influence and lead.

Express your wants, needs and desires yet stay mindful and aware of how your energies impacts and affects others. Be respectfully assertive. Be assertive and sensitive to other people’s responses and needs, too, and you will get your results.