The Benefits of a "Cheat Day"

The new year is here and it’s everyone’s favorite time of year to dream about what’s to come. Whether you like to call them goals, resolutions, or projects for the coming year, they all have the same thing at heart: growth and development in our lives. Many of us make these resolutions concerning our physical and/or mental health, financial well-being, and professional development. Research shows, however, that many of us abandon these resolutions within the first two months of the year. Before spring has even sprung, we have given up on growth, and slipped back into old habits. Luckily, Marissa A. Sharif, assistant professor of marketing at Wharton, has some insights on how to hold yourself accountable.

Sharif’s research centers around the idea of “emergency reserves”. This is the idea that you may not be able to achieve your goals every single day, week, or month of the coming year due to extenuating circumstances. Simply put, budget in some “cheat days”. For example, if you set a goal to lose 20 pounds, one action steps may be to workout 6 times each week. This is all well and good until a work project comes up and derails all good intentions. All too often this type of unforeseen circumstance results in people abandoning these goals entirely. Instead, says Sharif, factoring in some emergency reserves allows one to keep eyes on the prize while still juggling the demands of life. Instead of a rigid “6 workouts per week” approach, try a flexible “6 workouts per week with 2 emergency reserves”. Then, if a work project or a common cold pop up, no one has to feel guilty about not sticking to their plan.

There is a balance that must be struck, however, when factoring in emergency reserves. Self-control is just as important in maintaining a commitment to goals. Going back to the example of 6 workouts per week, knowing that only 2 of them can be compromised can be a good wakeup call about time management. Say a work project or illness does crop up, it’s great to use a cheat day. If, however, you just didn’t get enough sleep and don’t feel like hitting the gym, maybe it’s not the best time to use your cheat day. Instead, take a good long walk to get your heart rate up, and think about how to do better tomorrow. Check out the full article here for more information on how cutting yourself some slack can make you better in the long run.

The Power of Quitting

“I quit”. These words are generally not a welcome conversation starter. Unless, of course, one is talking about a vice such as cigarettes or alcohol, no one wants to hear it. This applies not just to jobs, but to all components of our lives. Everything from our exercise routines or diets, to our choice of where we live, to risky moves that could help careers grow. All of these are things that need to be re-evaluated from time to time to make sure they are still serving our needs and furthering our goals.

Lucky for us, Wharton’s newest Nano-Tool for Leaders teaches us how and when to re-evaluate to see what may no longer serve us. This fascinating new article was written by Annie Duke, former professional poker player, corporate consultant, co-founder of The Alliance for Decision Education, and best-selling author. Talk about someone who’s been on the front lines of quick decision making! As a former professional poker player, Ms. Duke knows that professionals abandon about 80% their initial hands during the ever-popular games of Texas Hold-em. Amateurs, however, stick with their initial hands over half the time. This kind of experience helps drive what she terms: “optimal quitting”.

So how do we utilize optimal quitting when it comes to furthering our goals? As it turns out, the simple act of setting a goal can be detrimental as it will inspire us to stick with our plans and not give up. Here is where Duke’s expertise comes in. She lays out some action items we can all use immediately to help us ditch what no longer serves us.

First, set intervals to check-in with goals and see what is working. Second, add “kill-criteria” to your goals. And last, acknowledge incremental progress. Check out the full article here for a deeper dive into each of these steps, and to read some real-world examples of how leaders (or anyone) can use these tools right away. For as Cheryl Richardson once said; “If you eliminate what no longer works, you illuminate what does.”

New Year's Resolutions for Your Business

Most of us are used to making New Year’s Resolutions for ourselves this time of year. Whether it be to get more sleep, exercise more, or keep in better touch with our loved ones, these goals are usually personal, not related to our businesses. But while we’re at it, why not make some resolutions on the business side of things?

Just like with our personal goals or resolutions, research shows that small but consistent tasks make them far more achievable in the long run, ultimately turning these actions into habits. Inc.com has come out with a great article to close 2023, with over 20 (yes, over 20!) recommendations on how to manage a business using the “bite-sized” method. Beautifully, if these methods are stuck with, the results will be compounded over the course of the year, leading to even better results within your business. Check it out and see what you can do for your business in 2023. Happy New Year!

How to Get More Hours in a Day

Wouldn’t it be nice to feel like we had enough time to get everything done and still be able to relax? Everyone has wished for more hours in the day, at least at some point. And since we can’t slow the speed of the Earth’s rotation, we have to get creative. This is where Kelly and Marshall Goldsmith come in.

In an article featured in Chief Executive Magazine, the Goldsmiths are on a mission to help everyone achieve their goals by using time management skills more wisely. In this brief article they layout a 3-step process to narrow down what your biggest time drains are, and where your energy would be better spent, along with advice on how to expand this to your team. This technique applies to any level and on any team, and can really spark creative ideas. Give it a try and see how much better your time is spent!

Leadership Goals Achieved

Manager, manage thyself. That’s how that saying goes, right? In all seriousness, though, once someone rises through the ranks into leadership or upper management, busy day to day tasks can interfere with achieving goals. It’s important to take time and active steps to achieving personal goals, as well as helping a team achieve collective goals.

Many in leadership and middle management can find this difficult when any given workday is filled with putting out metaphorical fires and answering questions. HBR’s new article by Diana Kander seeks to remedy this, and offers 3 actionable steps to holding oneself accountable. You know how to set goals, now see how you can change your habits to make them an achievable reality.

The Goal Trap

We all know the quote “Healer, heal thyself.” But what about “Leader, lead thyself”? For those in leadership, managing ourselves and helping those we lead to do likewise is critical for success. Goal setting and achievement is an important part of self-management, but as we all know, the future has a way of getting away from us. 

In short, a focus on goals may be the trap that is an obstacle to their realization.  Maybe if we managed the present a little better our goals would stand a better chance of being achieved.  To that end, if your long term goals are eluding you, some adjustment to the here and now may make all the difference.  Take 5 minutes for an excellent video that explores how to do just that, with some very practical tips, on “How to Make Long-Term Improvements in Your Life.”