Productivity Wake-Up Call
Transforming Banks for a Digital Future: The Winners, The Losers, and the Strategies to Beat the Odds
A few years ago I landed a venture capital (VC) firm as a client and I got a huge wake-up call. All of a sudden, I was in close contact with a different industry with a different mindset and different business practices. The biggest difference between the worlds of VCs and IT? Their attitude towards, and handling of, meetings.
For a VC, meetings (with entrepreneurs, investors, analysts, bankers, etc.) are a core competency. They don't have to deliver systems or provide tech support. What they have to do is find, process, oversee and sell companies. And that takes a ton of meetings. Meeting inefficiency isn't just a productivity killer, it has the potential to destroy the firm. They know this and live it deep in their bones. (At least the guys that I worked for did.) The very best illustration I have of this is the seven-minute triage meeting.
The seven-minute triage meeting
Ask any entrepreneur how much time they would like to pitch their company to the VC. They are likely to say 60 minutes to 90 minutes. They are eager to cover all the ins and outs of their company and why it will be a winning investment.
Now, look at things from the perspective of the VC, who needs to meet with lots of entrepreneurs in order to find the one or two they are going to back. The particular firm I worked with funded about one out of every 150 companies that pitched them--two or three new investments per year. Using their numbers, that would require meeting with about 450 entrepreneurs. And if every one of them were given 90 minutes, it would result in 675 hours of initial pitch meeting time. Their solution? The seven-minute triage meeting.
Once a week, several hours were set aside to meet with entrepreneurs. Each entrepreneur was told they had seven minutes to give their pitch to the partners and to answer one or two key questions. Their thinking was pretty simple. If the entrepreneur couldn't make a convincing case for the value proposition of the company in seven minutes, there wasn't much point going any further. The sole purpose for the meeting was to determine whether or not the company merited a closer look. Super focused. Super disciplined.
It didn't stop there
The seven-minute pitch is just one example. This discipline around fixed meeting times extended to a number of other common business processes where they had figured out the appropriate scope and time boundaries for the meeting to keep it focused and to direct follow-up activity.
A personal example. One of my first assignments was to present an overview of the competitive landscape for one of their portfolio companies. I had in mind a detailed analysis and presentation. However, I was told that at this stage all that they wanted was a 20-minute overview of the players with their key strengths and weaknesses.
It focused me. It saved me time. And, it saved them money. I was hooked.
When I first encountered this approach, I figured it would produce a lot of stress and resentment as people (myself included) were forced to fit into a tight time slot. In fact, I observed nearly the exact opposite response.
In place of stress, the highly focused agenda, framework and time constraint produced a sense of calm. People were very clear on what the meeting was about and what they needed to do--before, during and after the meeting. Not only were the attendees well prepared, but there were few complaints about all the meetings.
It's not just a time box
When I first shared my experience with my IT clients and told them that I wanted to implement a similar sort of system for IT, they thought I was crazy. Their immediate response: How could they possibly do anything in seven minutes?
It's a natural response, but it completely misses the point about what it is that makes the seven-minute triage meeting (or others like it) work. It's not just a time box. It's a defined business process expressed in a set of goals, executed in an agenda, and contained within an appropriate time frame.
My IT clients were hearing, "have short meetings." But what I was trying to say was, "get your meetings into a tight, well-focused, framework, like those VC guys do, and your meetings will be productive and brief."
The essential point and the big question
After a bit of trial and error, a winning approach emerged. It's founded on one very basic idea with which nearly every IT professional and manager can agree: Meetings with very focused goals and objectives, controlled by the right agenda, have the potential to be wrapped in a tight time frame. The only remaining question: How to realize that potential across IT without creating some wacky meeting definition project?
Is that it?
No, of course not. But since good articles, like good meetings, need to live within strict parameters, that's exactly where I will pick up later this week with Part II. In the meantime, consider how you might apply the VC approach to your meeting schedule. You'll be shocked at what you will uncover on your own.
About the Author
Marc J. Schiller, author of "The 11 Secrets of Highly Influential IT Leaders," is a speaker, strategic facilitator, and an advisor on the implementation of influential analytics. He splits his time between the front lines of client work and evangelizing to IT leaders and professionals about what it takes to achieve influence, respect and career success. Download a free excerpt of his book at http://11secretsforitleaders.com
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