1. Invest in culture as a corporate asset
2. Make listening an enterprisewide (sic) skill
3. Turn innovation into a continuous process
4. Provide a clear and compelling purpose
5. Extend and enhance the digital fabric
6. Practice good social citizenship

Lists like this one are very popular. I have been known to make lists of key practices and the like. But for the practicing manager lists are frequently tough to integrate into day-to-day work. Mr. Temkin’s six imperatives falls into this problem category. Overall, the six imperatives are reasonable enough as they stand. But I want to take a closer look at each and then suggest a more global approach.

Practice good social citizenship

Lets start with the sixth, “Practice good social citizenship”. This defies the laws of capitalism. Capitalism has never been about doing anyone other than the firm good. In fact, there are enormous built-in penalties for firms that attempt to do anything significant in this realm. One only needs to review the history of the last year or so to see that companies act in their own (management not necessarily stockholder) best interests.

Even today we are being treated a new episode in this  debacle in Europe with the near collapse of the common Euro currency under the weight of Greek financial malfeasance. Would not good social citizenship lead Goldman Sachs and the other big banks not enable the bad habits of the Greek government?

One of the primary rules of capitalism is that every individual firm seeks to externalize any and every cost that it can. You can see this all around in day-to-day life. Why do we have environmental laws that attempt to restrict how companies deal with the waste from their processes? Why do we have Workers’ Compensation Laws? How is it that the largest financial institutions in the country drove themselves into insolvency only because they knew that they would be shielded by the American government from failure? You can add you own examples to this list.

The forces of externalizing whatever a firm can and the desire to make profits wherever possible under any conditions, even outright illegal ones, has always overwhelmed calls for “good social citizenship”. Nothing in Mr. Temkin’s recommendations will change this. This imperative is just window dressing.

Invest in culture as a corporate asset

Every manager knows that company culture is important. Mostly, this awareness has grown through learning to manage in environments that are toxic or moderately negative at best. So this imperative makes some intuitive sense. A central problem emerges when you try to develop a strategy and tactics to carry out this imperative. Without an actionable definition of what corporate culture is, it feels like pushing the proverbial string towards an unknown objective.

So, lets step back a moment and ask, “What does ‘corporate culture’ mean?”

Wikipedia suggests some of the complexities in its definition of “organizational culture” in the following quotation from the beginning of its discussion:

This definition continues to explain organizational values also known as “beliefs and ideas about what kinds of goals members of an organization should pursue and ideas about the appropriate kinds or standards of behavior organizational members should use to achieve these goals. From organizational values develop organizational norms, guidelines or expectations that prescribe appropriate kinds of behavior by employees in particular situations and control the behavior of organizational members towards one another.”

Organizational culture is not the same as corporate culture. It is wider and deeper concepts, something that an organization ‘is’ rather than what it ‘has’.

Corporate culture is the total sum of the values, customs, traditions and meanings that make a company unique. Corporate culture is often called “the character of an organization” since it embodies the vision of the company’s founders. The values of a corporate culture influence the ethical standards within a corporation, as well as managerial behavior.

Mr. Temkin suggests tactics for managers to use to “manage their corporate assets”: ^[[2]]

1. Track employee goodwill
2. Develop a Voice of the Employee Program
3. Establish a vocabulary around culture
4. Actively manage it.

There is merit in each of these but without a useful understanding of the existing culture and a definition of the corporate culture you are trying to build. These programs will lead nowhere.

Here are a few references to statements by companies about their culture:

• Google
• Bunker Hill Home Insurance
• Kaplan Real Estate (PDF download)
• CareerBuilder.com
• Altera

As you have discovered there is considerable variability in what is, and is not, included in the actual day-to-day usage of the term “culture”. Nevertheless, there are lots of common threads here. The question then becomes how do you define the culture of your organization, and how do you make changes that respond to the gaps between the future states and the present state? More on how I might respond to this below.

Make Listening An Enterprisewide Skill

Listening as an active skill is required at the personal and organizational level. Every good and great manager is, by definition, a great listener. So, this imperative fits into the obvious category. The Web has opened new avenues to practice listening and made it possible for listening to the outside world, to customers, competitors, technologists, and so on, accessible far inside every organization. And, in parallel, the Web has made it possible for employees and managers to listen to each other in ways not possible earlier. Tempkin’s suggestions for how managers can cultivate listening are good:

• Listen in a variety of ways
• Listen by example (senior managers need to demonstrate active listening)
• Listen to employees
• Listen for soft voices
• Listen to online communities
• Actively encourage listening

But, Tempkin’s claim, “The bottom line: enterprise listening allows firms to embrace change”, is not satisfying. Listening is a way of engaging with those around you. It is a methodology for discovering what is going on and why. Listening supports real engagement by employees and stakeholders. Listening opens the social space to the creation of new ideas and connections. Listening provides moments when the brain of listener is taking information in instead of thinking about the next point they want to make. But, the connection between listening and embracing change is not causal nor even necessarily suggestive of a significant link. Embracing change requires an understanding of either the opportunities to be gained or disasters avoided. Listening is simply one of the many activities that might go on while change is considered, put off, avoided, or rushed towards.

Turn Innovation into a Continuous Process

Here is an imperative chock full of key words, innovation, continuous, and process. These are bread and butter for every high performance organization. There have been, and continue to be, significant experimentation worldwide in how to foster and drive innovation. Many of these encompass far more than individual companies. Whole countries are trying to foster innovation through combinations of academic, government, and private sector assets. But, to focus on the company level, there are numerous models of innovation. One thing they all share is a view of innovation as a process, a continuous process. Despite the use of the words “continuous process” in Mr. Temkin’s imperative, there is only a hint that a company has to define its own innovation process^[[3]].

As with other of Mr. Temkin’s imperatives the suggested tactics are good, just lacking a strategic and process based context. And this is why most companies that are serious about innovation answer Temkin’s closing challenge, “The Bottom Line: innovation is too important to leave to chance.”, by building a continuous innovation process into their overall company architecture.

Provide a Clear and Compelling Purpose

Temkin hits squarely on the central issue with Mission, Vision and Strategic Plans and Statements of all varieties.  “Just about every large organization has vision and mission statements floating around their hallways. But when it comes to making decisions on a day-to-day basis, these documents are no where to be found. They play NO Role in how the company is actually run.” Unfortunately. Temkin offers us a less then compelling set of recommendations.

• Rediscover your brand
• Look for alignment
• Market to employees
• Make decisions purposefully

The corporate world has been filled with experiments on how to solve the problem of putting strategy to work. It is clear that bridging the gap between vision and planning and day-to-day tactics requires a structured business process and  a lot of management energy to assure that the process is working continuously. Speaking of decisions, Peter Drucker pointed out in his 1967 book, The Effective Executive^[[4]] “”Unless a decision has ‘degenerated into work’ it is not a decision; it is at best a good intention.” This is still true and points to the fact that visioning and planning are the easy part, the tough work is putting the plans into action and having them become the day-to-day work of the company.

Here are a few names and phrases that you can investigate to learn more about current business processes that address this issue:

• MBO (Management by Objective – one of the original concepts)
• Hoshin Planning
• Balanced Scorecard

“Market to employees” is an unfortunate phrase. The very word ‘marketing’ inspires nothing but cynicism from every person on the face of the planet who has ever been exposed to the dreadnought of corporate pr, advertising, and general corporate manipulation. Management needs to communicate transparently and honestly with its employees and simultaneously try to be honest about the limits of its transparency and honesty. Almost 30 years ago, one of the original high-performance systems management gurus, W. Edwards Deming, in his 14 key management principles wrote:

Eliminate slogans, exhortations, and targets for the work force asking for zero defects and new levels of productivity. Such exhortations only create adversarial relationships, as the bulk of the causes of low quality and low productivity belong to the system and thus lie beyond the power of the work force.

Now, you may object that marketing is not “slogans, exhortations, and targets”. However, there are very few, if any, managements that do not descend to exactly this when addressing their employees. And focusing on this part of Deming’s principle is to miss the perhaps more powerful idea, fact perhaps, that the “causes of low quality and low productivity belong to the system and thus lie beyond the power of the work force.” Management controls the design and deployment of the company’s systems. They set the rules of work, provide training (or not) and guidance to getting the work done. Until management accepts its true responsibilities for the success and failure of the company, marketing to employees will always be seen as the manipulative cynical act it is.

Extend and Enhance the Digital Fabric

There can be no arguing with the momentum of the pervasive Web. The visible opportunities here are so numerous and the ones yet to be discovered likely to be just as numerous, so the imperative for every organization to engage is obvious. Temkin states four ideas for executives to keep in mind:

• Understand digital economics
• Assume increasing adoption
• Improve usability, a lot
• Connect online with offline

One point concerning Temkin’s view of digital economics is that business model making should never be left to finance people. Managers must take the initiative here because no finance team will reliably understand customer interactions and operations. Without the input from those directly involved at the front lines, finance driven business models almost invariably look good, even very sophisticated, but are usually disconnected from the realities of the business.

Temkin’s comments about connecting online with offline bring to mind again a guiding principle, one that is at the heart of his work. Every effort to design systems must begin with the requirements of customers, whether these are end customers or intermediary internal customers. Only by beginning with the customer view can you sort out the correct balance of system functions and user interfaces, whether online or offline. This process starts with customers, and only then involves others who play a role in creating and refining a company’s operational systems.

Epilogue: It’s Time To Reinvent Management

There is much that could be said about this call for reinvention. One thought stands out. Real change in management comes from two sources, the external realities that impinge on companies and senior management’s attention and approach to how to respond to the external realities. The first, the external realities, are uncontrollable, though at times unknowable, facts. The only controllable factor is senior management’s approaches to their work. Only when senior management brings new, more powerful models of management to bear on their work do matters like what MBAs learn, or how, and to what extent, the company trains staff have meaning to the results.

I have argued for years that the best systematic models of management are to be found in the arena of high-performance business systems. These are now widely known and globally deployed through models like Toyota Production System^[[5]], Baldrige Criteria, EFQM Excellence Model, and ISO9001-2008 Quality Management System. Though they differ in many siginficant ways, there is also substantial overlap, particularly at the top level of guiding principles and practices, All of them are widely used and under continuous improvement by users and experts.

If you would like to begin the journey towards high performance management consider these 14 management principles from The Toyota Way^[[6]] :

I. Having a long-term philosophy that drives a long-term approach to building a learning organization

1. Base your management decisions on a long-term philosophy, even at the expense of short-term financial goals

II. The right process will produce the right results

1. Create a continuous process flow to bring problems to the surface
2. Use “pull” systems to avoid overproduction
3. Level out the workload (heijunka). (Work like the tortoise, not the hare)
4. Build a culture of stopping to fix problems, to get quality right the first time
5. Standardized tasks and processes are the foundation for continuous improvement and employee empowerment
6. Use visual control so no problems are hidden
7. Use only reliable, thoroughly tested technology that serves your people and processes

III. Add value to the organization by developing its people and partners

1. Grow leaders who thoroughly understand the work, live the philosophy, and teach it to others
2. Develop exceptional people and teams who follow your company’s philosophy
3. Respect your extended network of partners and suppliers by challenging them and helping them improve

IV. Continuously solving root problems to drive organizational learning

1. Go and see for yourself to thoroughly understand the situation (Genchi Genbutsu).
2. Make decisions slowly by consensus, thoroughly considering all options; implement decisions rapidly (Nemawashi).
3. Become a learning organization through relentless reflection (hansei) and continuous improvement (Kaizen).

1. experiencematters.wordpress.com
2. I will not provide citations for mentions from Mr. Temkin’s book. It is only 15 pages long and so you can figure out the citations by just downloading and reading it.
3. the hint is in his last suggestion, ‘manage an innovation pipeline’
4. Peter Drucker, The Effective Executive – the definitive guide to getting the right things done, (Harper Collins, NY,  2006) p. 114
5. TPS and further expanded in scope in the Toyota Management System
6. adapted from Liker, Jeffrey. The Toyota Way. 1st ed. McGraw-Hill, 2003.

I recently read 12 The Elements of Great Managing by Rodd Wagner and James K. Harter (Gallup Press, New York 2006) another in this series. Don’t be deceived by the title, this book is really speaking from the perspective of how employees experience high-performance management. So a little translation is required to uncover the implied principles and practices of the 12 elements. Here are the twelve elements as presented in the introduction to the book^[[1]] .

1. I know what is expected of me at work
2. I have the materials and equipment I need to do my work right.
3. At work, I have the opportunity to do what I do best every day.
4. In the last seven days, I have received recognition or praise for doing good work.
5. My supervisor, or someone at work, seems to care about me as a person.
6. There is someone at work who encourages my development.
7. At work, my opinions seem to count.
8. The mission or purpose of my company makes me feel my job is important.
9. My associates or fellow employees are committed to quality work.
10. I have a best friend at work.
11. In the last six months, someone at work has talked to me about my progress.
12. This last year, I have had opportunities at work to learn and grow.

A footnote at the end of this listing states that “Each of the Q12© statements above represent millions of dollars of investment by Gallup researchers…..”. This is one of the reasons these Gallup books are interesting. There is lots of data embedded in them. It is well worth the time to read through and absorb the anecdotes that flow from the data.

The questions I have about this list are not about the validity of these statements. They seem to jive very well both with anecdotal observation and the findings of many other studies about the attitudes and feelings of people in high performance organizations. The questions facing a manager is how to create the business culture, infrastructure and processes that produces these results in the human resources of the organization?

Without attempting anything exhaustive here, let’s take a look at several of these 12 elements and see how one might convert them into actionable tasks for a manager.

Looking at the first two elements,  applying Lean principles and practices creates an environment in which every person knows what is expected of them, how they are to accomplish the tasks, when the results are required, and what success looks like in terms of detailed deliverables of a product or service.  And, they receive immediate feedback concerning all of these characteristics from those around them in the work flow.

Since good Lean work design involves visual, simple feedback mechanisms, quality is a result of the process and failures are dealt with immediately. Apply Lean principles and practices develops processes that directly connect the work at hand to elements eight and nine. Central to Lean practices is the principle that quality is a outcome of the process and failures are identified in the flow and quality issues are resolved down to the root level.

Lean principles and practices include a focus on the development of every individual in the organization to be fully cross-functional in their skills. Typically this is implemented through specific cross-training requirements so that, over time, every individual learns to be a fully qualified practitioner of multiple skills required by the company’s processes and long-term goals. or

Element seven, “At work, my opinions seem to count.” requires some further comment. High performance organizations require the involvement of every associate’s mind and energies to solve problems and carry out the work at hand. It is not optional in a high performance environment. So, by definition, every person’s engagement counts. The word “seem” needs to be replaced by “does”.  A little further quibble here. Opinions are not very useful without the supporting facts and thought processes behind them. This is the reason that high performance organizations, whether they identify themselves under the banner of Lean^[[2]] , Baldrige^[[3]] , EFQM^[[4]] , or ISO9001-2008^[[5]] , use disciplined problem solving techniques that everyone learns to use. This assures that everyone’s engagement in the problem is represented, but the problem solving is fact-based, gets to the root, and is actionable.

Element 10, “I have a best friend at work.” is clearly beyond the control of management. It is understandably nice, but definitely not a controllable element of any work place.

Some elements are particularly subject to influence by the behaviors of senior management. Elements 3, 4, 5, 6, and 11 are typically elements to be found in high performance human resources management processes. But, making those processes come to life can readily be driven by the example of senior management in how they manage the selection, development and pruning of the people who report to them. If they practice sound high performance human resource practices, those practices will cascade down to everyone in the organization. It goes without saying that a component of that is direct involvement by senior management in oversight and monitoring of the health of the human resources management processes in the organization. A simple example of this is to impose a rule that no manager, even to the CEO level, can receive a pay grade review if they have any outstanding performance reviews for their subordinates. This drives timeliness quite nicely.

To conclude, this list of 12 elements is an interesting starting point to venture into high performance management. The list is really a slice of the results that flow from high performance management practices. The trick here then is to reverse engineer the list to uncover high performance practices from the world of Lean, Baldrige, and other high performance models that can be applied in your particular business environment. Building a high-performance organization is one sure approach to developing an organization that produces great results and solid answers to the 12 elements of great managing as described in 12 The Elements of Great Managing by Rodd Wagner and James K. Harter.

1. pages xi and xii
2. Lean is the American name for the Toyota Production System, also more broadly the Toyota Business System. There is no standards organization for lean principles and practices. A good starting point is Womack, James P., and Daniel T. Jones. Lean Thinking: Banish Waste and Create Wealth in Your Corporation, Revised and Updated. 2nd ed. Free Press, 2003 and The Lean Enterprise Institute
3. Baldrige National Quality Program Criteria
4. European Foundation for Quality Management
5. International Organization for Standardization ISO9001-2008 Quality management systems — Requirements

A Revisit to David Allen’s Book, Getting Things Done:

No Significant Differences between Stars and Average in Intelligence, Problem-solving or Technical Skills

So it was with some anticipation that I read through Robert E. Kelley’s  How to Be a Star at Work: 9 Breakthrough Strategies You Need to Succeed (Three Rivers Press, 1999).  This book is based on research at Bell Labs in the 1980s, and 3M a bit later, on the differences between “stars” and average managers.  . Learning to be an effective manager is a multi-disciplinary-multi-modal effort. Clearly an important step is to understand what constitutes the approaches, practices, and skills of an effective manager. Based on work with hundreds of managers, Kelley found that there was no significant difference between “star” and average managers in their raw intelligence, problem solving skills, and technical skill attributes.This may seem surprising until you remember that accomplishing real results in the business world is not a based on individual performance but on the collective efforts of a whole organization. There are almost no significant business problems (or technical ones, too) that can be solved by a single individual. In fact, it is the job of a manager to bring together all of the resources required to achieve real results, focus them on the task and push, pull, inveigle, cajole, lead, or any other verb that describes the persuading that goes on to organize groups in action to achieve real results. Viewed from this perspective it seems less surprising that being a “star” manager has more to do with attributes other than raw intelligence, problem-solving, and technical knowledge.

Better Strategies and Skills in nine areas

What Kelley did find was that the stars has better strategies and skills in nine areas:

1. Initiative – working the white spaces of the organization
2. Networking – knowing who knows what in the company’
3. Self-management – managing your whole life at work
4. Getting the big picture
5. Followership – checking your ego at the door and leading in assists
6. Teamwork
7. Leadership – doing small-”l” leadership in a big”L”world
8. Organizational savvy
9. Show-and-Tell: persuading your audience with the right message

There is some overlap among these nine strategies. For instance Followership, Teamwork, and Small “l” leadership are clearly interdependent ideas. But I do not want to quible here. If you compare this list with the attributes of high performance organizations you will find useful correlations and synergies.

This book is widely available through your local library and from bookstores local and online.

1. see Henry Mintzberg, Managers Not MBAs: A Hard Look at the Soft Practice of Managing and Management Development, 1st ed. (Berrett-Koehler Publishers, 2004) for more on this.

I have used David Allen’s  book, Getting Things Done: the art of stress-free productivity (Penguin: NY 2001)  both personally and with clients for a number of years. Recently I volunteered to lead a discussion of the book’s approach to personal productivity with the Greater Boston Business Network. This provoked me to re-read the book in preparation. Here are a few thoughts following my re-read and the discussion with GBBN.

Underlying Principles and Thoughts

Work and personal are now quite blurred. And so, this book is about everything in your life. There is no boundary between work and personal when it comes to being more productive. And, your mind does not treat them as separate, so a productivity system can not either. There is also a need to incorporate the big picture, strategic view, with the tactical day-to-day,  but the emphasis must be on actionable tasks. Thus, the title, Getting Things Done.

Getting into a “Productive State”, what I might call a state of flow,  when required is both a challenge and an objective of a productivity system.^[[1]])

Allen builds his approach to productivity on a few “principles”.

First principle: Deal Effectively with Internal Commitments

• If it’s on your mind, your mind is not clear. Put this stuff in a trusted storage system
• Clarify what the commitment is, what you have to do to make progress
• Keep reminders in a system you review regularly

A key phrase here is: “trusted storage system”. It is exactly the trusted storage system that both gets all this stuff out of our heads and away from the worrying, fretting machinery of the mind and provides a robust platform for action. In the trusted storage system, we know that nothing is ever lost and we know where to turn to find the next action.

This leads to one of Allen’s key action steps:

Transform “stuff” – “stuff is anything you have allowed into your psychological or physical world that doesn’t belong where it is, but for which you haven’t yet determined the desired outcome and the next action step.”

Allen calls this step “Mind Sweep”.  Allen provides a long list of memory triggers to help you remember all of the “stuff” in your life and get it down on paper and out of your head.

Second Principle: Managing Action is the Prime Challenge

We need to be clear about what the work is about and what the next steps are to get it done. Allen is clearly not a supporter of that oxymoronic concept: time management.^[[2]]

He clearly see that being more productive is all about making choices correctly and taking action, getting things done. Time takes care of itself as it will inevitably. Managing action requires horizontal and vertical action management. The horizontal manages the current environment of tasks while the vertical organizes the longer and more complex projects that frequently also require more complex social involvements with others to get things done. This is where project management fits in.

Five Stages of Mastering Workflow

Allen posits five stages to a solid workflow. These are:

1. Collect things that command our attention
2. Process what they mean and what to do about them
3. Organize the results
4. Review and choose
5. Do

Allen provides the following flow chart:

From My Use of the Book

In my work with Getting Things Done, two practices have proven most valuable.

First, I regularly go back to the “Mind Sweep”. I tend to build up a worrying collection of stuff especially obligations to others. The mind sweep helps me put these down on paper and also reminds me to be more disciplined about making commitments that many times I should not make in the first place.

Second, I have really put in practice Allen’s ruthless passion for filing things away. I have a two part system. First, there is filing of clients in alphabetical order. Then, in separate filing drawers everything else is filed alphabetically. And, following Allen’s office design principles, these file drawers are at easy reach from my desk chair. No need to get up to find anything in this file system. I even own a P-Touch label maker and regularly make labels for my file folders.

My computer files are similarly structured. I have the same folder structure on my computer today as I had two years ago when I last did a major house cleaning. Clients are all in individual

From the GBBN Discussion

One point that came up during the discussion with business people at the Greater Boston Business Network is that the exact shape of your “trusted system” is not so important. If you have a reliable system like Day Timer working for you, keep at it. Though, perhaps you can improve your productivity through applying some of the other tools in Allen’s approach.

Now, six years on from my first read of Getting Things Done, this little book remains a useful tool. If you have not read it, go to your local library or visit the bookstore, physical or virtual. Also, go to David Allen’s website learn more about his personal productivity tools.

1. Here you might compare this with the work on how we work best in a state of “flow” as discussed in  see Mihalyi Csikszentmihalyi’s   Flow: The Psychology of Optimal Experience ( Harper Row, NY: 1990
2. I wrote an earlier musing on this topic in my posting: Time Management – is now the time to get beyond this distracting oxymoron?

This podcast is 7 minutes 24 seconds long.

You can read the text here.

The initial chapters take up the question of humans as multitaskers. For those who need to be reassured that the common sense answer to this question is, in this case, more than common, that it really is the sensical answer, take the time to follow the narrative. Yes, this is one of those business books written as a story. In most regards I have come to think of the first such approach that I know of to writing a business book in a narrative story format, The Goal: a process of ongoing improvement, by Goldratt, wishing it had been the last. But, I digress.

Crenshaw introduces the notion that because we really are capable of only one task at a time, the appearance of multitasking is really a series of “switchtasking” in which we shift our attention back and forth among a number of tasks. This process incurs significant inefficiencies due to the housekeeping overhead of our brain keeping track of where we are starting and stopping with each task.  Significant errors also occur as a result.

The proliferation of information devices over the last decade has multiplied the opportunities for interruption and created environments which are perpetually competing for our attention. Email, cellphones, voicemail, instant messaging, text messaging, faxes, and more clutter our desks, pockets, belts, pocketbooks, backpacks, hands, and, ultimately, our brains.  As Crenshaw aptly states, “The reality, though, is that these things will make us productive only if we learn to take control of them….If you and I don’t set up a schedule and protect our time, we allow ourselves to be run over by the traffic of information.” (page 61).

Crenshaw goes on to suggest a strategy for doing just that, establishing a schedule. I have written earlier about the need to avoid Too Much Information.

In Crenshaw’s approach to meetings which calls for establishing “recurring meetings” where people regularly need to meet with you, I think that an opportunity for a deeper understanding of what is happening is missed. The first step with meetings is to examine the reasons for the meetings. Altogether too often meetings are symptoms of poor underlying business processes, especially decision making. Many meetings turn out to be about how a decision is to be made, what information applies, what are the boundary conditions and parameters, and so on. These meetings should be replaced by sound business processes that make the decision making faster, closer to the end user, and more reliable. Other meetings will turn out to be program or process status meetings. These too should be replaced with better business processes and visual status reports. In general a manager should view every meeting where they do not add significant, singular value as a symptom of opportunities to improve processes.

Crenshaw’s approach to developing a time budget seems to me just a re-run of the age old time management gurus’ spreadsheets in which we keep track of all activities for a number of weeks and then analyze them for waste. In my experiences personally, and with clients, this approach does not work well. A significant number of people simply will not maintain a log of their activities in sufficient detail and at enough length to really be useful. More troubling, very few are able to act on the results of the analysis.

I have come to relie on a Seize Your Time approach which I have written and spoken about frequently. Basically, this works as follows:

Take out your schedule for the next week. Block out two hours during which you will post on your door a sign saying, “Do Not Disturb”, turn off all communication devices including your beloved Blackberry (iPhones, too) and work without interruption on some valuable project that will move your organization forward.

You can read more about this in my Time Management postings and podcasts.

One area in which Crenshaw strikes on a rich vein of truth is his discussion of “business systems” and “personal systems”. Here he points out the fact that the “personal system” of the business leader becomes de facto the “business system” of the company.

Many business managers and owners act as though magically their behavior is disconnected from the behavior of their company. They engage in the delusional notion that people throughout their company do not notice how they behave, how they make decisions, what their priorities are, what their values in dealing with people and other companies are, in fact, almost everything they do or say (mostly do).

Fortunately, this is not true. Why “fortunately” you might ask. The answer is that the behavior of the leader of small and medium size businesses has dramatic and reliable impacts on the performance of the company. And, since we do know what constitutes high-performance in business leaders, the leader can learn the appropriate behaviors, actively model them in their own performance, and see the results cascade through their firm.

I applaud Crenshaw for taking on a popular buzzword and small-scale plague not only in business life, but also our day-to-day world. Multitasking is indeed a myth. I would be tempted to be more vigorous in my rhetoric and say that multitasking is a fraud and a thief.

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Manias, Panics, and Crashes: a history of financial crises, fourth edition by Charles P. Kindleberger (New York: Wiley 2000)

A recent Wall St Journal article described this book as a “must read” classic for anyone involved in financial markets. I have been involved directly in financial markets in two ways recently. First, I spent a year chasing around chasing angel investors and venture capitalists during the DotCom boom to fund Valuedge (the software company I co-founded in 1999 and left in 2004, though I still hold a large ownership interest).  Second, I receive quarterly statements for my 401K retirement investments. Primarily driven by my experiences with Valuedge and the phenomenal boom time of the DotCom era, I read through Kindleberger’s durable book (originally published in 1978 and never out of print since).

Although I have come to refer to the year 2000 as the Tulip Phase of Valuedge after the well-known Dutch tulipmania in the 1630s. Little did I know that financial bubbles, booms, and the inevitable crashes and depressions are a very common feature of capitalism. The first couple of chapters describe or mention dozens of bubbles and booms located around an amazing array of geopolitical centers. These have been focused on anything and everything: the well-known tulips in the 1630s; railroads; copper; English country houses; agricultural land; private companies going public (Britain 1888, US 1928 and IPOs 1998-2000); and many others.

The first lesson, then, is that booms and speculative bubbles are a commonplace feature of the capitalist world.

So, why do these bubbles and speculative manias occur? The answers are complex, involving human psychology, malfeasance, regulation (or lack), banks, and government. Read Kindleberger .

An important explicit message from Kindleberger is that economists’ models of “homo economicus” and “the market” are far from a useful mirror of what actually goes on. People are not even vaguely rational in their economic behavior and markets never constructively approach the model of a market found in Econ 101 or for that matter anywhere else that I have ever heard of.

This is not just an academic concern. In recent years our politics has displayed a dominant rhetoric that calls for the application of “market solutions” to almost every area of our lives, particularly those where traditionally we expect government to provide services, regulations, etc. Instead, we now reflexively think that “market solutions” are inherently more efficient and effective than government services. Liberals, trapped in their abandonment of even the moderate criticism of capitalism that the Catholic Church, for instance, engages, have provided no useful critique of “market solutions” as a universal policy approach.

At a practical level, this public policy fixation on “market solutions” combined with a generalized attack on all government spending, is driving a generalized impoverishment of the public infrastructure of our civil society and not coincidentally an enrichment of the wealthy and particularly the super-rich.

I recommend this book to anyone with an interest in the day-to-day political and economic life of the world.