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Work Smarter: Margaret Hirsch’s Success Habits

Achieving success and empowering others to do the same.

Tracy Lee Nicol

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Vital Stats

  • Company: Hirsch’s
  • Player: Margaret Hirsch, chief operational executive
  • Contact:  www.hirschs.co.za

 

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Margaret Hirsch, chief operational executive for home appliance retailer Hirsch’s, is living proof that you can start with nothing and work your way to the top of the ladder. But it takes application, hard work, and constantly striving for better.

“Some think it’s rude to admit I’m motivated by success and money. I don’t. I came from a background with very little and I’ve worked to get where I am today. It’s why I teach wealth generation to others. Success doesn’t come by itself.”

Here, Hirsch talks about five habits that you can apply to your own daily work to help climb the success ladder.

Habit 1: Daily brain cleanse

I get up at 4am every morning and meditate. It clears my mind and gets me ready for the day. If you meditate, you clear your mind of and allow space for new thoughts to come in.

If I have a problem, I think about it before going to bed and let my subconscious work on it while I’m asleep. When I wake up and meditate I often find the answer.

Habit 2: Plane time is study time

I’m currently studying through Unisa and use my flight time to study. I fly between Durban, Joburg, Cape Town and outside South Africa during the week and always take an evening flight. This gives me up to two hours of uninterrupted study time per flight.

Furthering your own education isn’t just a benefit to the company, but also serves as a role model for employees.

Habit 3: After-hours talk time

I meet with my suppliers after-hours. I’ll typically finish my day at 6pm and meet with suppliers from 8pm to 10pm

Meeting in-store during trading hours can be distracting for myself, my supplier and my staff. Suppliers can make or break you, so you need to maintain an excellent relationship with them. After-hours I’m able to give them my undivided attention and we’re able to talk shop.

Habit 4: Keeping on top of emails

The best advice I can give an executive is to invest in a digital voice recorder. I get over 1 000 emails a day so when I check email at 10pm in the evening, I record voice replies which then get uploaded to my PAs who type them up. It saves me hours of time. Same goes for meetings. Why worry if the minutes are being taken correctly by an attendee when you can have 100% accurately recorded files?

Habit 5: Keeping old ideas going for new reasons

Hirsch’s has been around since 1979. When the microwave came along and we started stocking it, no one knew how to use it, which affected sales. I learnt how to cook with a microwave and then started microwave cookery classes to promote the business. I believe it’s what took us from nobody to a major player.

In 1995 I closed the five cookery schools in Durban, but took to empowering entrepreneurs and women. I’ve found that husband-wife businesses where I’ve taught women the books are strong businesses. From young girls we’re taught to be sweet, nice and kind, but sometimes you’ve got to be tough and stand up for yourself or people will take advantage of you.

By empowering women, they can overcome challenges because they know and believe they’re good at what they do.

 

Tracy-Lee Nicol is an experienced business writer and magazine editor. She was awarded a Masters degree with distinction from Rhodes university in 2010, and in the time since has honed her business acumen and writing skills profiling some of South Africa's most successful entrepreneurs, CEOs, franchisees and franchisors.Find her on Google+.

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How to Calculate the True Monetary Value of Your Time

As an entrepreneur, your time is precious. To protect it, you must know exactly what it’s worth.

Nathan Resnick

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Do you know the value of your time? Ken Segall, creator of Apple’s famous ‘Think Different’ ad campaign for agency Chiat/Day, said he got thrown out of a meeting once by the founder of his agency, Jay Chiat.

“Why are you here?” he asked Segall and the art director, who’d shown up with everybody else. “We’re just responding to the invitation,” said Segall. Chiat told them to get lost. “Go create something,” he said.

Jay Chiat knew the value of his creative people’s time. He knew it wasn’t worth it for them to go into that meeting when they could be putting together the next big ad campaign. They were more valuable to the company doing the creative work that made it run than attending a meeting.

That’s what knowing the value of your time can do for you; it tells you what’s most important. Time is the one resource all of us have, but it’s also painfully finite in nature. You can’t bank it — all you can do is invest 
it wisely.

As an entrepreneur, if you don’t know the true monetary value of your time, how are you going to prioritise your business and your life? What does it take to find the monetary value of your time?

Invest your time

Be aware that your time is likely to appreciate in value. If you’re a founder or running a successful business, your time’s value will increase as your business does. Sooner or later, the monetary value of your time is going to surpass the importance of money. It’ll be more important for you to invest your time in moving the business forward because your time is going to be worth more. So, invest your time on process early, lest you spend it later putting out fires.

Related: 5 Time-Management Tools for Small Businesses to Improve Productivity

Crunch the numbers

James Clear

Entrepreneur James Clear decided to approach this problem systematically — he talked to everyone from poker players to executive coaches to figure out what the optimal method of measuring his time’s value was.

Then, he sat down and tracked every hour for three months. The upshot of that time investment was a very clear process that you can use to lay out what your time is worth.

First, figure out the amount of time you spend to earn money. That’s not just time spent working. Are you commuting? That’s time you’re using towards work that’s not going elsewhere. School? That counts. Drop the kids off at school? Add it on.

If it’s related to the time you spend earning money, add it on. Clear’s estimate guesses that most full-time employees and entrepreneurs spend around 2 500 hours a year on this (his exact estimate for himself came out to 2 742).

Then, figure out how much you earn in take-home pay per year. That calculation should be pretty simple, though if you’re a business owner, it’ll be a little more complex as you figure out taxes and withholding.

Divide your total earnings by the hours you spend to earn it. That’s your time’s value.

Surprised? It’s probably lower than you expected, especially if you calculated the extra hours devoted to things like dropping of kids at school or commuting accurately. We don’t often think of our work value in terms of total hours spent.

Related: 6 Reasons Why Time Management Is Such A Waste Of Time

Create a system of checks and balances

You don’t want to just rely on that, though. Maybe you’re being underpaid (or underpaying yourself, if you’re an entrepreneur — don’t laugh, it’s more common than you think). Maybe another factor is throwing it off, or your math has 
an error.

Consider a few other factors:

  • What do other people make to do your job?
  • What would you pay someone else to do your job?
  • What could you make on the open market if you were to go find another job?

Run those numbers against each other to determine an average. For entrepreneurs, this changes everything. Once you understand this number, it’ll change the way you approach everything in your business and your life.

Know what your own time is worth. Remind yourself of it constantly. If you do, you’ll find yourself more productive, more efficient, more satisfied, and more successful.

So, what are you waiting for? Invest wisely.

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Get Organised

(Infographic) 9 Productivity Mistakes You’re Making In The First 10 Minutes Of Your Day

From setting goals to drinking coffee, these bad morning habits might surprise you.

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There are a number of things you’re probably doing every morning that are actually hindering your productivity.

If you’re an avid coffee drinker, you might be surprised to find out that drinking coffee between 8 and 10 a.m can make you more stressed throughout the day. That’s because caffeine early in the morning interferes with the time that the stress hormone, cortisol, is peaking in your body. It’s best to get your fix between 10 a.m. and 2 p.m.

When you get into the office and try to jump right into the top of your to-do list, you might find yourself confused and not very productive. When you don’t let your brain empty and refresh before starting a project or task, it loses a sense of control, becomes overwhelmed and ultimately, makes you less productive. Something else to avoid is checking email or social media right when you wake up. Typically, after checking your inbox, it takes a person at least 25 minutes to get back into a productive state. If you start your day off reading and responding to email after email, it will take you a long time to get back on track.

Another surprising mistake is setting self-imposed goals. Setting goals and deadlines for yourself might seem like an obvious productivity hack, but it turns out, that’s not the case. Instead, share your deadlines with others and you’ll feel more pressure and responsibility to get things done.

Related: 5 Surprising Elements That Boost Your Productivity (One of Them Is Colour)

Check out resume.io’s infographic below for more productivity mistakes you’re likely making in the first 10 minutes of your day.

1538429589_9-productivity-mistakes-infographics-7934969f76af5ebe1b5b0b84ce9053ec43752717512fb7d9339e84f86afe91d1

This article was originally posted here on Entrepreneur.com.

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Workflow And Business Efficiency – 5 Strategies You Ignore At Your Peril

Emails alone don’t cut it as an efficient way to communicate with team members. You’re not still depending on email, are you?

Toby Nwazor

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An inefficient business can cost you a lot more than just growth – it can affect your revenue, too. According to a report by IDC, your business runs the risk of losing 20 to 30 percent of your revenue due to inefficient systems.

Unfortunately, many companies still struggle to implement the right systems to improve their workflow. Others have it worse, because they have no systems. In those situations, projects take ages to be completed, more time is spent on menial tasks and teams never seem to get enough done during work hours.

If that describes your company, your company’s profits may start to plummet, too.

Every successful business, then, has clearly defined systems to help the business run like clockwork. Improved workflow, better management and business efficiency save time, increase the bottom line and ensure a higher profit margin.

In fact, in an article on ContractZen, Tim Cummins, president of the International Association for Contract & Commercial Management, wrote that, “The average corporation could boost its bottom line by almost 10 percent if it invested in improving the quality of contracting.

For many companies – especially those in more complex, project-based industries – the prize could be much higher – perhaps as much as 15 percent.”

Related: Become A Life-Hacker

Unfortunately, some companies fail to provide systems that put users first, taking a negative toll on those companies’ workflow and efficiency. The good news is that they’re only five strategies away from turning this around:

1. Automate all you can

automated-emails

From email lists, bookkeeping, invoicing and contract management, to social media posts and payrolls, almost everything can be automated. For a business that aims to be more efficient, automation is a must.

Automation doesn’t just save you time, it can be the one strategy that can guarantee explosive growth and higher conversion rates. According to this Lead Generation Marketing Effectiveness study, 63 percent of companies polled that were outgrowing their competitors said they had automated their marketing.

Automating monotonous tasks that have to be repeated several times during the day helps you be more productive in tasks that require your personal attention.

2. Invest in customer-relationship management software

It’s not uncommon to find businesses that are barely able to keep up with their leads. Some waste hours hunting the low-quality leads instead of focusing their energy on those ready to buy. Here, a customer relationship management (CRM) solution linked to these businesspeople’s network phone system is a great way to enhance customer communications.

Customers value businesses that provide excellent customer service. A CRM solution increases the ability to keep track of customer information, monitor leads and provide efficient delivery. Businesses can provide for their customers’ needs faster and make effective business decisions. With CRM, businesses can also keep their focus on quality leads that will drastically improve conversion rates.

Related: 11 Ways To Maximise Every Part Of Your Day

3. Set up a task-management system

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Emails alone don’t cut it as an efficient way to communicate with team members. Email makes it difficult to carry everyone along. However, setting up task-management software like Slack, Trello or Asana makes it much easier to have everyone’s tasks in one place and ensure that everyone is carried along in the project.

Task-management software helps members of a team track their progress and ensure that everyone is working on their tasks.

4. Sync your calendar with that of everyone else on your team

How many times have you had to reschedule appointments because you didn’t know you had other meetings lined up for the day?

Aside from leaving negative impression in clients’ mind, this error makes you less productive. Having to go back and forth until you have settled on an appropriate date can be cumbersome especially when different time zones are involved. So, do this instead: Sync your personal calendar with your work calendar, and make sure that everyone in your team is synced to the latter, too.

This will ensure sure that everybody is “on the same page” in terms of appointments and deadlines. Google Calendar can help you do just that. Once everyone is synced up, any change in the calendar will be seen by everyone so they can manage their own appointments.

5. Block out chunks of time

time-management

Constant interruptions hamper your workflow. Imagine having to deal with turning over a project on a deadline while you’re stuck in a series of meetings throughout the day. It can get very difficult to focus on completing your most urgent tasks.

Block out chunks of time on your calendar for uninterrupted work. It’s better to schedule a series of meetings in one day than to spread them throughout the week.

If you’re creating content, block out one day to create all the content you’ll use for the week. That way your business will run more efficiently.

Related: 3 Reasons You Should Embrace Change

Wrapping it up

With the right strategies, you can turn your business around to make it efficient and lucrative. Automating your processes, setting up the right software and remaining focused on the tasks at hand will go a long way to help you do this. But just as with every good strategy, you need to remain consistent and give it time to do its magic.

This article was originally posted here on Entrepreneur.com.

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